AVADEL PHARMACEUTICALS PLC 4

COO Susan Rodriguez had 300,000 Avadel stock options with a $9.59 strike canceled in the Alkermes acquisition and converted into roughly $3.4 million of cash consideration plus contingent value rights.

On February 12, 2026, Chief Operating Officer Susan Rodriguez had 300,000 stock options on Avadel Pharmaceuticals plc ordinary shares, each with a $9.59 exercise price, automatically canceled in connection with the acquisition of Avadel by Alkermes plc pursuant to a scheme of arrangement. Under the transaction agreement, each canceled option was converted into the right to receive cash equal to the intrinsic value based on a $21.00 per-share deal price (less withholding), plus a non-transferable contingent value right for up to an additional $1.50 per underlying share if specified milestones are achieved. This is a non-open-market, change-in-control–related option disposition rather than a discretionary sale or purchase. Assuming the $21.00 consideration, the intrinsic cash value of the canceled options is approximately $3.43 million, with up to an additional $0.45 million potential from the contingent value rights, and the Form 4 shows her derivative holdings going to zero post-transaction, implying her equity exposure in the issuer’s listed securities is effectively cashed out.

Filing Facts

CIK

1012477

Ticker

AVDL

Form

4

Source Type

sec

Accession

0001104659-26-014449

Alert Tier

6