Venker Eric 4

What Happened
Eric Venker, CEO of Immunovant (IMVT), had 92,188 capped value appreciation rights (CVARs) settle into common stock on July 1, 2026. The settlement is reported as an acquisition valued at $14.46 per share (total $1,333,038). To satisfy tax withholding, Venker sold 86,629 shares back to the issuer on July 1, 2026 for $38.14 each ($3,304,030) and sold an additional 3,092 shares in the open market on July 2, 2026 at $38.48 ($118,980). Net retained from the settlement: 92,188 − 89,721 = 2,467 shares.

Key Details

• Transaction dates and prices:
  • July 1, 2026 — CVARs settled into 92,188 shares (reported acquisition basis $14.46/share; $1,333,038).
  • July 1, 2026 — 86,629 shares disposed to issuer at $38.14/share ($3,304,030) (sell-to-cover).
  • July 2, 2026 — 3,092 shares sold in open market at $38.48/share ($118,980).
• Approximate proceeds from sales: $3,423,010.
• Shares retained from this settlement: ~2,467 shares.
• Footnotes: These CVARs were granted July 28, 2025, had a $14.46 hurdle and a $16.76 cap, vested after service, performance and a stock-price “knock‑in” test; settlement calculation used the July 1, 2026 closing price. The large disposal to the issuer was a mandatory sell-to-cover to satisfy tax withholding (not a discretionary sale).
• Filing timeliness: Reported July 6, 2026 for transactions on July 1–2, 2026 (no late filing indicated).

Context
This was a settlement of performance-linked CVARs (a cash‑settling appreciation award that converted into shares based on a formula) followed by sell‑to‑cover tax withholding — effectively a cashless settlement. Such mandated sell-to-cover transactions are routine and do not by themselves indicate the insider’s discretionary view on the stock.