Timothy P. Noyes - Jul 17, 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
CHIEF EXECUTIVE OFFICER, Director
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Stock symbol
AVTE
Transactions as of
Jul 17, 2023
Transactions value $
-$72,219
Form type
4
Date filed
7/19/2023, 06:00 PM
Previous filing
Jul 5, 2023
Next filing
Aug 1, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $9.68K +4.52K $2.14* 4.52K Jul 17, 2023 Direct F1
transaction AVTE Common Stock Sale -$81.9K -4.52K -100% $18.11 0 Jul 17, 2023 Direct F1, F2

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 -4.52K -1.15% $0.00 389K Jul 17, 2023 Common Stock 4.52K $2.14 Direct F1, F3
* 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 The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 24, 2023.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.525, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F3 A total of 493,381 shares subject to an employee stock option were granted on April 2, 2021, with 25% vested on June 4, 2022, with the remainder vesting in 36 substantially equal monthly installments thereafter.