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

Role
Chief Operating Officer and Chief Legal Officer
Signature
Peter Soparkar, 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, 09:24 PM
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 +220K +2057.61% $0.00 231K 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 +160K $0.00 160K Aug 6, 2021 Common Stock 160K $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.

Remarks:

Chief Operating Officer and Chief Legal Officer