Adverum stockholders approve repricing of underwater options for executives to $10.14/share

Adverum Biotechnologies, Inc.

• Stockholders approved amendment of outstanding stock options held by named executive officers; exercise price reduced to $10.14 (prior 52-week intraday high).
• CEO Laurent Fischer holds 564,418 eligible options with original exercise prices ranging from $10.90 to $237.00; other named officers also covered.
• Repricing applies to options with exercise price >$10.14; retention period of 24 months required to exercise at reduced price, else original exercise price applies.
• Stockholders also approved amendment and restatement of the 2024 Equity Incentive Award Plan, increasing share reserve and updating terms.
• All Class II director nominees elected, Ernst & Young ratified as auditor, and advisory vote on executive compensation passed.