Michael F. MacLean - Jan 20, 2024 Form 4 Insider Report for Avidity Biosciences, Inc. (RNA)

Role
Chief Financial Officer
Signature
/s/ John W. Wallen III, Ph.D., J.D., Attorney-in-Fact
Stock symbol
RNA
Transactions as of
Jan 20, 2024
Transactions value $
-$16,370
Form type
4
Date filed
1/23/2024, 03:11 PM
Previous filing
Sep 12, 2023
Next filing
Mar 15, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction RNA Common Stock Award $0 +22.5K +477.81% $0.00 27.2K Jan 20, 2024 Direct F1, F2
transaction RNA Common Stock Sale -$16.4K -1.62K -8.74% $10.13 16.9K Jan 22, 2024 Direct 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 RNA Stock Option (Right to Buy) Award $0 +106K $0.00 106K Jan 20, 2024 Common Stock 106K $10.16 Direct 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 Represents restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest in four equal installments on the first four anniversaries of January 20, 2024, subject to the Reporting Person's continuous service to the Issuer on each such vesting date.
F2 Includes 4,709 shares previously acquired by the Reporting Person under the Avidity Biosciences, Inc. 2020 Employee Stock Purchase Plan.
F3 Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs on January 20, 2024. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell-to-cover" transaction and does not represent a discretionary trade by the Reporting Person. The Reporting Person has executed an instruction letter for the automatic sale of such "sell-to-cover" shares, intended to satisfy the affirmative defense conditions of Rule 10b5-1.
F4 1/48th of the total number of shares subject to the options shall vest on each monthly anniversary of January 20, 2024 (the "Vesting Commencement Date"), subject to the Reporting Person's continuous service to the Issuer on each such vesting date, so that the options shall be fully vested on the fourth anniversary of the Vesting Commencement Date.