Richard Beckman - Sep 14, 2022 Form 4/A - Amendment Insider Report for Adverum Biotechnologies, Inc. (ADVM)

Role: Chief Medical Officer
Signature: Richard Beckman, by /s/ Ron A. Metzger, Attorney-in-Fact
Stock symbol: ADVM
Transactions as of: Sep 14, 2022
Transactions value $: $0
Form type: 4/A - Amendment
Date filed: 9/21/2022, 07:55 PM
Date Of Original Report: Sep 16, 2022
Previous filing: May 19, 2022
Next filing: Sep 21, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADVM	Common Stock	Award	$0	+33.3K	+333.33%	$0.00	43.3K	Sep 14, 2022	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Reflects the meeting of a portion (1/3) of the performance conditions of performance stock units previously granted, pursuant to which: (a) 1/3 of the shares met a performance condition on September 14, 2022 (of which 50% of these shares vested immediately and 50% of these shares will vest in six months), (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 (see footnote 2)
F2	(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. 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.

Content

Reflects the meeting of a portion (1/3) of the performance conditions of performance stock units previously granted, pursuant to which: (a) 1/3 of the shares met a performance condition on September 14, 2022 (of which 50% of these shares vested immediately and 50% of these shares will vest in six months), (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 (see footnote 2)

(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. 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.

Remarks:

This amendment to Form 4 is being filed solely to reflect the correct number of shares released upon achievement of a performance goal. The Form 4 filed on September 16, 2022 inadvertently reflected 25,000 shares and should have reflected 33,333 shares.