Hunter Gillies - May 17, 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
CHIEF MEDICAL OFFICER
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Stock symbol
AVTE
Transactions as of
May 17, 2023
Transactions value $
-$19,459
Form type
4
Date filed
5/19/2023, 06:00 PM
Previous filing
Apr 25, 2023
Next filing
May 23, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $1.9K +1.09K +33.53% $1.74* 4.34K May 17, 2023 Direct F1, F2
transaction AVTE Common Stock Sale -$21.4K -1.09K -25.11% $19.59 3.25K May 17, 2023 Direct F1, F3

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) Options Exercise $0 -1.09K -5.42% $0.00 19K May 17, 2023 Common Stock 1.09K $1.74 Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 19, 2023.
F2 Includes 1,291 shares purchased under the Issuer's 2021 Employee Stock Purchase Plan on April 30, 2023 in a transaction that is exempt under Rule 16b-3(c) and 16b3(d).
F3 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.50 to $19.665, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F4 A total of 24,108 shares subject to an employee stock option were granted on September 4, 2020, with 25% of the shares vested on August 1, 2021, and the remainder vesting in 36 substantially equal monthly installments thereafter.