Donald J. Santel - 19 Jan 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (JBIO)

Role: Director
Signature: /s/ George A. Eldridge, Attorney-in-Fact
Issuer symbol: JBIO
Transactions as of: 19 Jan 2023
Net transactions value: +$38,994
Form type: 4
Filing time: 23 Jan 2023, 17:02:49 UTC
Previous filing: 04 Jan 2023
Next filing: 08 Jun 2023
SEC: View on sec.gov

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	$0	+25,000		$0.000000	25,000	19 Jan 2023	Common Stock	25,000	$23.44	Direct	F1
transaction	AVTE	Stock Option (Right to Buy)	Award	$38,994	+2,519		$15.48	2,519	19 Jan 2023	Common Stock	2,519	$23.44	Direct	F2

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

Explanation of Responses:

Id	Content
F1	This option shall vest in 36 substantially equal monthly installments, with the first installment vesting on February 19, 2023.
F2	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 shall vest in 36 substantially equal monthly installments, with the first installment vesting on February 19, 2023.

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.