[Form 4] Aptevo Therapeutics Inc Insider Trading Activity

Rhea-AI Filing Summary

Cushman & Wakefield plc (NYSE: CWK) filed an 8-K dated 21 July 2025 announcing an Amendment No. 11 to its October 2024 Term Loan Credit Agreement.

• The ~$948 million term loan maturing January 2030 was repriced 50 bps lower, cutting the margin from Term SOFR + 3.25% to Term SOFR + 2.75%.
• No other changes were made to covenants, representations, warranties, or events of default.
• The amendment triggers disclosure under Item 1.01 (material definitive agreement) and Item 2.03 (direct financial obligation).
• Exhibit 10.1 contains the full amendment; Exhibit 99.1 furnishes the related press release.

The lower spread should decrease cash interest expense on the existing debt, modestly enhancing liquidity without altering the loan’s 2030 maturity profile.

Insights

Credit Analyst

TL;DR—50 bps spread cut reduces CWK’s debt cost; liquidity benefit, covenant-neutral.

The repricing of the $948 million term loan from SOFR + 3.25 % to SOFR + 2.75 % trims financing costs without adding restrictions. The unchanged covenants limit downside risk, and maintaining the January 2030 maturity preserves duration. While savings are modest relative to total company leverage, the action signals proactive capital-structure management and should marginally support free cash flow. I view the filing as impactful and credit-positive.

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^*

White Marvin L

(Last) (First) (Middle)

2401 4TH AVENUE

1,050

(Street)

SEATTLE WA 98121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aptevo Therapeutics Inc. [ APVO ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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
Common Stock	07/17/2025		M		10	A	(1)	12	D

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
Restricted Stock Unit	(1)	07/17/2025		M			10	(2)	(2)	Common Stock	30	$0	20	D

Explanation of Responses:

1. Restricted Stock Units ("RSUs") convert into common stock, $0.001 par value per share, of the Issuer on a one-for-one basis.

2. On July 17, 2024, the reporting person was granted 22,325 (30 post-splits) RSUs, vesting in three approximately equal annual installments beginning on July 17, 2025.

	/s/ SoYoung Kwon, Attorney-In-Fact	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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