Brigit Riley - Sep 2, 2021 Form 3 Insider Report for Adverum Biotechnologies, Inc. (ADVM)

Role: Chief Scientific Officer
Signature: Brigit Riley, by /s/ Ron A. Metzger, Attorney-in-Fact
Stock symbol: ADVM
Transactions as of: Sep 2, 2021
Transactions value $: $0
Form type: 3
Date filed: 9/14/2021, 04:50 PM
Next filing: Mar 17, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ADVM	Common Stock						120K	Sep 2, 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
holding	ADVM	Stock Option (Right to Buy)							Sep 2, 2021	Common Stock	40K	$10.34	Direct	F3
holding	ADVM	Stock Option (Right to Buy)							Sep 2, 2021	Common Stock	450K	$3.51	Direct	F4

* 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	Fully vested and exercisable.
F4	Twenty-five percent (25%) of the total number of shares subject to the option vest and become exercisable on the first anniversary of June 1, 2021 (the "Vesting Commencement Date"), and 1/48 of the total number of shares subject to the option vest and become exercisable each month thereafter, such that all of the shares subject to the option shall become vested and exercisable as of the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service with the Issuer on each such vesting date.