Maha Katabi - Jan 3, 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role: Director, 10%+ Owner
Signature: /s/ George A. Eldridge, Attorney-in-Fact
Stock symbol: AVTE
Transactions as of: Jan 3, 2023
Transactions value $: $47,496
Form type: 4
Date filed: 1/5/2023, 04:00 PM
Previous filing: Jun 22, 2022
Next filing: May 12, 2023

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	AVTE	Stock Option (Right to Buy)	Award	$47.5K	+2.63K		$18.08	2.63K	Jan 3, 2023	Common Stock	2.63K	$27.03	Direct	F1

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

Explanation of Responses:

Id	Content
F1	This option was awarded in lieu of cash compensation pursuant to the Issuer's Non-Employee Director Compensation Policy. The shares underlying such option shall vest and become exercisable in four equal installments, with the first installment vesting on March 31, 2023, the second installment vesting on June 30, 2023, the third installment vesting on September 30, 2023, and the fourth installment vesting on December 31, 2023.

Content

This option was awarded in lieu of cash compensation pursuant to the Issuer's Non-Employee Director Compensation Policy. The shares underlying such option shall vest and become exercisable in four equal installments, with the first installment vesting on March 31, 2023, the second installment vesting on June 30, 2023, the third installment vesting on September 30, 2023, and the fourth installment vesting on December 31, 2023.