John Rakow - Sep 14, 2022 Form 4 Insider Report for Adverum Biotechnologies, Inc. (ADVM)

Role: SVP, Genl Counsel, Acting CFO
Signature: John Rakow, by /s/ Ron A. Metzger, Attorney-in-Fact
Stock symbol: ADVM
Transactions as of: Sep 14, 2022
Transactions value $: $0
Form type: 4
Date filed: 9/16/2022, 07:00 PM
Previous filing: Jun 10, 2022

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	+42.8K		$0.00	42.8K	Sep 14, 2022	Common Stock	42.8K	$1.09	Direct	F1
transaction	ADVM	Performance Based Stock Option (Right to Buy)	Award	$0	+75.3K		$0.00	75.3K	Sep 14, 2022	Common Stock	75.3K	$1.09	Direct	F2

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

Explanation of Responses:

Id	Content
F1	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 September 14, 2022, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.
F2	All of the shares subject to the Performance Based Stock Option shall vest and become exercisable upon certification by the Compensation Committee of the Board of Directors of the Issuer that one full Nasdaq trading session has elapsed since the Issuer's public disclosure of final topline results from the LUNA Phase 2 clinical trial of ADVM-022 in wet age-related macular degeneration (the "Performance Based Stock Option Vesting Date"), provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) from September 14, 2022 through the Performance Based Stock Option Vesting Date.

Content

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 September 14, 2022, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.

All of the shares subject to the Performance Based Stock Option shall vest and become exercisable upon certification by the Compensation Committee of the Board of Directors of the Issuer that one full Nasdaq trading session has elapsed since the Issuer's public disclosure of final topline results from the LUNA Phase 2 clinical trial of ADVM-022 in wet age-related macular degeneration (the "Performance Based Stock Option Vesting Date"), provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) from September 14, 2022 through the Performance Based Stock Option Vesting Date.