ALT Form 4: Chief Commercial Officer awarded 278k options, 96k RSUs

Rhea-AI Filing Summary

Altimmune insider grant summary: Linda M. Richardson, listed as Chief Commercial Officer and a director, reported equity awards on 09/16/2025. She was awarded stock options to purchase 278,000 shares with an exercise price of $3.63 and restricted stock units representing 96,000 shares. Both awards vest over four years, with 25% vesting on September 16, 2026, and the remainder vesting in installments thereafter; the options expire September 16, 2035. Following the transaction, Richardson beneficially owns 278,000 option shares and 96,000 RSUs as reported. The filing was signed by an attorney-in-fact on 09/17/2025.

Positive

• Clear alignment with shareholders via mix of stock options and RSUs that vest over four years
• Substantial retention incentive with a one-year cliff (25% vesting) and multi-year vesting thereafter
• Full disclosure of exercise price, number of options, RSUs, vesting schedule, and option expiration

Negative

• Potential dilution from 374,000 newly reported equity awards (278,000 options + 96,000 RSUs)
• Materiality unclear without contemporaneous market price or company-wide share count to quantify dilution percentage

Insights

Corporate Governance Expert

TL;DR: Routine executive equity grants designed for retention and alignment with shareholders; no adverse governance flags in the filing.

The filing documents standard long-term incentive awards to a senior officer who is also a director. Vesting schedules with a one-year cliff (25% at year one) and multi-year remainder are typical for retention and alignment. The awards are direct ownership and are fully described, including exercise price and expiration for the options. There are no disclosures of accelerated vesting, related-party conflicts, or transfers that would raise governance concerns based on the information provided.

Executive Compensation Analyst

TL;DR: The grant combines options and RSUs in material amounts to balance upside and guaranteed equity; expected to motivate multi-year service.

The compensation mix—278,000 options at a specified exercise price and 96,000 RSUs—provides both performance/upside exposure and time-based retention value. The option term through 2035 and a four-year vesting profile are consistent with long-term incentive practices. The filing quantifies the exact award sizes and vesting mechanics, enabling calculation of potential dilution and accounting treatment by analysts once market price and grant-date fair value are known.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Richardson Linda M

(Last) (First) (Middle)

C/O ALTIMMUNE, INC.

910 CLOPPER ROAD, SUITE 201S

(Street)

GAITHERSBURG MD 20878

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Altimmune, Inc. [ ALT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (option to buy)	$3.63	09/16/2025		A		278,000		(1)	09/16/2035	Common Stock, par value $0.0001	278,000	$0.00	278,000	D
Restricted Stock Units	(2)	09/16/2025		A		96,000		(3)	(3)	Common Stock, par value $0.0001	96,000	$0.00	96,000	D

Explanation of Responses:

1. The shares underlying the option become vested and exercisable over four (4) years with 25% of the shares vesting on September 16, 2026, with the remainder vesting in equal monthly installments for the following thirty-six (36) months, subject to the reporting person's continued service on each applicable vesting date.

2. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of Common Stock, par value $0.0001, when vested

3. The RSUs become vested over four (4) years with 25% of the shares vesting September 16, 2026, with the remainder vesting in equal annual installments for the following three (3) years, subject to the reporting person's continued service through the applicable vesting date, and have no expiration date.

	/s/ Gregory Weaver, as Attorney-in-Fact	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What equity awards did Linda M. Richardson receive in the Altimmune (ALT) Form 4?

The filing reports 278,000 stock options with an exercise price of $3.63 and 96,000 restricted stock units (RSUs), both granted on 09/16/2025.

What are the vesting terms for the options and RSUs reported for ALT?

Both the options and RSUs vest over four years with 25% vesting on September 16, 2026; the options then vest monthly over 36 months and the RSUs vest in equal annual installments for three years, subject to continued service.

How long are the options exercisable for according to the Form 4?

The reported stock options have an expiration date of September 16, 2035.

Did the filing indicate whether the ownership is direct or indirect?

The filing lists the ownership form as Direct (D) for both the options and the RSUs.

Who signed the Form 4 for the reporting person and when?

The Form 4 was executed by Gregory Weaver, as Attorney-in-Fact, and dated 09/17/2025.