Laurent Fischer - Aug 6, 2021 Form 4 Insider Report for Adverum Biotechnologies, Inc. (ADVM)

Role: CEO, President and Director, Director
Signature: Laurent D. Fischer, by /s/ Ron A. Metzger, Attorney-in-Fact
Stock symbol: ADVM
Transactions as of: Aug 6, 2021
Transactions value $: $0
Form type: 4
Date filed: 8/10/2021, 09:23 PM
Previous filing: Jun 8, 2021
Next filing: Dec 10, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADVM	Common Stock	Award	$0	+680K	+2586.34%	$0.00	706K	Aug 6, 2021	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ADVM	Stock Option (Right to Buy)	Award	$0	+455K		$0.00	455K	Aug 6, 2021	Common Stock	455K	$2.48	Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects the grants of performance stock units, pursuant to which: (a) 1/3 of the shares will vest upon dosing of the first subject in a Phase 2 clinical trial of ADVM-022 in wet age-related macular degeneration; (b) 1/3 of the shares will vest upon dosing of the first subject in a potentially registrational clinical trial of ADVM-022 or another product candidate owned or being developed by Adverum in wet age-related macular degeneration or another indication determined by the Compensation Committee to represent a significant unmet medical need; and (c) 1/3 of the shares will vest upon consummation of a strategic corporate transaction, not constituting a change in control, that is determined by the Compensation Committee to be transformative for Adverum, in each case contingent upon certification by the Compensation Committee of the achievement of such milestone and subject to the Reporting Person's continued service with the Issuer on each such vesting date. See Footnote 2.
F2	Non-exclusive examples of a strategic corporate transaction are (i) a collaboration with another company for the development and commercialization of a major asset, (ii) a substantial royalty-based or other structured financing, and (iii) the acquisition or in-license of a significant asset for development and commercialization.
F3	The options will vest in equal monthly installments over three years, such that all of the shares subject to the option shall become vested and exercisable as of the third anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service with the Issuer on each such vesting date.