Sullivan Christopher Ryan 4

What Happened

• Christopher Ryan Sullivan, Chief Financial Officer of Avalo Therapeutics (AVTX), had 24,200 restricted stock units (RSUs) convert into common stock on March 28, 2026. Of those shares, 8,241 were surrendered to cover tax withholding at $13.89 per share (total value $114,467), leaving a net 15,959 shares issued to him.
• This was not an open-market purchase or sale but a vesting/conversion of equity compensation (derivative conversion), a typical non-cash event for executives.

Key Details

• Transaction date: 2026-03-28. Filing date (Form 4): 2026-03-31.
• Conversion: 24,200 RSUs converted into 24,200 common shares (transaction code M = exercise/conversion).
• Tax withholding: 8,241 shares surrendered (transaction code F) at $13.89/share, totaling $114,467.
• Net shares delivered to insider: 24,200 − 8,241 = 15,959 shares.
• Shares owned after transaction: Not stated in the filing.
• Footnotes: F1 — RSUs convert one-for-one into common stock. F2 — These 24,200 vested shares are one-third of a 72,600 RSU grant made Aug 13, 2024 (vests in thirds on Mar 28, 2025/2026/2027).
• Filing timeliness: The Form 4 was filed three days after the reported vesting date; the filing does not indicate a late-report flag.

Context

• This was a standard RSU vesting event with shares withheld to satisfy tax obligations (a common practice that is neither a market buy nor a voluntary sale).
• For retail investors, such vesting events reflect compensation realization by insiders but do not by themselves signal buying or selling intent in the open market.