George A. Eldridge - Apr 1, 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
Officer Title: Chief Financial Officer and Treasurer
Signature
/s/ George A. Eldridge
Stock symbol
AVTE
Transactions as of
Apr 1, 2024
Transactions value $
-$363,468
Form type
4
Date filed
4/3/2024, 06:00 PM
Previous filing
Mar 14, 2024
Next filing
Apr 12, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $26.7K +12.5K +637.5% $2.14 14.5K Apr 1, 2024 Direct F1
transaction AVTE Common Stock Sale -$390K -12.5K -86.44% $31.23 1.96K Apr 1, 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 -12.5K -44.21% $0.00 15.8K Apr 1, 2024 Common Stock 12.5K $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 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 17, 2023.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $31.00 to $31.75, 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 50,850 shares subject to an employee stock option were granted on April 2, 2021, with 25% of this option vested on March 22, 2022, and the remainder vesting in 36 substantially equal monthly installments thereafter.

Remarks:

Officer Title: Chief Financial Officer and Treasurer