Benjamin T. Dake - Mar 25, 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
Officer Title: President, Chief Operating Officer and Secretary
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Stock symbol
AVTE
Transactions as of
Mar 25, 2024
Transactions value $
-$59,706
Form type
4
Date filed
3/27/2024, 06:00 PM
Previous filing
Mar 20, 2024
Next filing
Mar 28, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $36.4K +3.43K +265.84% $10.61 4.72K Mar 25, 2024 Direct F1
transaction AVTE Common Stock Sale -$96.1K -3.43K -72.67% $28.01 1.29K Mar 25, 2024 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 -3.43K -7.89% $0.00 40.1K Mar 25, 2024 Common Stock 3.43K $10.61 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 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 16, 2023.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $27.95 to $28.385, 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 58,000 shares subject to an employee stock option were granted on December 14, 2021, with the first installment vested on January 14, 2022, and with shares vesting in 48 substantially equal monthly installments.

Remarks:

Officer Title: President, Chief Operating Officer and Secretary