Benjamin T. Dake - Apr 2, 2021 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: Apr 2, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/1/2021, 06:28 PM
Next filing: Jun 29, 2021
SEC: View on sec.gov

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)	Award	$0	+48.9K		$0.00	48.9K	Apr 2, 2021	Common Stock	48.9K	$2.14	Direct	F1, F2, F3
transaction	AVTE	Stock Option (Right to Buy)	Award	$0	+329K		$0.00	329K	Apr 2, 2021	Common Stock	329K	$2.14	Direct	F1, F2, F4
transaction	AVTE	Stock Option (Right to Buy)	Award	$0	+181K		$0.00	181K	Jun 29, 2021	Common Stock	181K	$14.00	Direct	F5

Showing 1 to 3 of 3 entries

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On June 22, 2021, the Issuer completed a one-for-3.1060103 reverse stock split of the Issuer's Common Stock (the "Reverse Split"). This amount has been adjusted to give effect to the Reverse Split.
F2	This transaction occurred prior to the Issuer's initial public offering, and is being reported on Form 4 solely for purposes of compliance with Rule 16a-2(a) under the Securities Exchange Act of 1934, as amended. The securities covered by such transaction were previously included on the Reporting Person's Form 3.
F3	This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vested on May 2, 2021.
F4	This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting on July 4, 2021.
F5	This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting on July 29, 2021.

Remarks:

Officer Title: President, Chief Operating Officer and Secretary