Glass Geoffrey Michael 4

What Happened
Geoffrey M. Glass, a director of Avadel Pharmaceuticals plc, had his Avadel holdings converted and paid out at the Effective Time of Alkermes plc’s acquisition (Feb 12, 2026). Glass disposed 166,984 ordinary shares for $21.00 per share (cash proceeds of $3,506,664). In addition, 241,000 shares tied to derivative awards/options were canceled or converted pursuant to the transaction, resulting in additional cash consideration (amounts not disclosed) and contingent value rights (CVRs).

Key Details

• Transaction date: February 12, 2026 (Effective Time of the scheme of arrangement). Disposition type: to issuer in connection with the acquisition.
• Ordinary shares converted at $21.00 per share; cash received for reported ordinary-share line items = $3,506,664.
• Derivative/option-related positions covering 241,000 underlying shares were canceled/exchanged for cash (spread value not shown) and CVRs. Total shares affected ≈ 407,984.
• Each former ordinary share also received a non-transferable CVR for up to $1.50 per share contingent on milestone achievement.
• Some disposed shares were previously restricted stock awards that vested and were treated the same at the Effective Time.
• Certain shares were held in trusts of which Glass is trustee/co-trustee and beneficiary.
• Filing date: February 12, 2026 (same day as Effective Time); no late filing indicated in the report.

Context
These were not open-market sales but disposals to the issuer as part of a corporate acquisition (Alkermes’ scheme of arrangement). Options were canceled and exchanged per the transaction terms for cash equal to the option spread and one CVR per underlying share. Such M&A-driven conversions are routine and reflect deal consideration rather than an independent trading signal by the insider.