Marinus Verwijs - 14 Jun 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Signature
/s/ George A Eldridge, Attorney-in-Fact
Issuer symbol
AVTE
Transactions as of
14 Jun 2024
Net transactions value
-$110,346
Form type
4
Filing time
14 Jun 2024, 18:00:07 UTC
Previous filing
03 May 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $154,654 +10,600 $14.59 10,600 14 Jun 2024 Direct F1
transaction AVTE Common Stock Sale $265,000 -10,600 -100% $25.00 0 14 Jun 2024 Direct F1

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 -10,600 -13% $0.000000 68,800 14 Jun 2024 Common Stock 10,600 $14.59 Direct F1, F2
* 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 17, 2023.
F2 25% of this option vested and became exercisable on March 21, 2023, with the remainder vesting in 36 substantially equal monthly installments thereafter.