Venker Eric 4

What Happened

• Eric Venker, CEO of Immunovant (IMVT), had 368,750 vested capped value appreciation rights (CVARs) settle into common shares on April 1, 2026. He paid $14.46 per share on the exercise (total cash outlay reported $5,332,125) and received 368,750 shares.
• Following the settlement, Venker sold 334,960 shares back to the issuer at $25.10 per share (proceeds $8,407,496) and separately sold 12,820 shares at a $24.04 weighted-average ($308,193) and 1,409 shares at a $24.60 weighted-average ($34,661) on April 2, 2026. Total reported sale proceeds ≈ $8,750,350.
• Net effect from these transactions: +19,561 shares retained (368,750 acquired − 349,189 sold).

Key Details

• Transaction dates: April 1–2, 2026. Form filed April 3, 2026 (timely).
• Exercise cost / reported acquisition: 368,750 shares at $14.46 = $5,332,125.
• Sales: 334,960 @ $25.10 (to issuer), 12,820 @ $24.04 (weighted avg; range $23.50–$24.49), 1,409 @ $24.60 (weighted avg; range $24.51–$24.70). Total proceeds ≈ $8.75M.
• Net shares added: +19,561 shares after sell-to-cover.
• Footnotes: CVARs were granted July 28, 2025 and vested/settled after meeting service, performance, and “knock-in” price conditions. The issuer mandated a sell-to-cover to satisfy tax-withholding obligations (sale was not discretionary by the reporting person).
• Filing timeliness: Reported promptly (not late).

Context

• These were derivative settlements (CVARs) that converted into common stock; a large portion of the resulting shares were sold immediately to cover taxes (a cashless/sell-to-cover outcome). Such mandatory sell-to-cover transactions are routine and do not necessarily indicate the insider’s discretionary view of the stock.