Amir Moftakhar - 08 Oct 2021 Form 3 Insider Report for ESS Tech, Inc. (GWH)

Role
Chief Financial Officer
Signature
/s/ Amir Moftakhar
Issuer symbol
GWH
Transactions as of
08 Oct 2021
Net transactions value
$0
Form type
3
Filing time
18 Oct 2021, 20:26:12 UTC
Next filing
12 Nov 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding GWH Common Stock 272,372 08 Oct 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding GWH Employee Stock Option (right to buy) 08 Oct 2021 Common Stock 296,057 $0.3305 Direct F2
holding GWH Employee Stock Option (right to buy) 08 Oct 2021 Common Stock 183,887 $0.3331 Direct F3
holding GWH Restricted Stock Units 08 Oct 2021 Common Stock 101,026 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Pursuant to an "earnout" provision of the Agreement and Plan of Merger, dated as of May 6, 2021 (the "Merger Agreement"), by and among ACON S2 Acquisition Corp, SCharge Merger Sub, Inc., and ESS Tech, Inc., the reporting person is entitled to receive additional shares of common stock, for no additional consideration, if the volume weighted average price of the common stock over twenty trading days within any thirty trading day period exceeds certain thresholds (the "Earnout Rights"). Of these Earnout Rights, one half will be issued if the volume weighted average price of the common stock over twenty trading days within any thirty trading day period is greater than or equal to $12.50, and one half will be issued if the volume weighted average price of the common stock over twenty trading days within any thirty trading day period is greater than or equal to $15.00.
F2 One-fourth of the shares subject to the option vested on February 18, 2020 and 1/48th vest monthly thereafter.
F3 The shares subject to the option vest in 48 equal monthly installments beginning on November 23, 2020.
F4 Each restricted stock unit, or RSU, represents a contingent right to receive one share of common stock. The RSUs vest if the common stock exceeds the same thresholds as the Earnout Rights described in footnote (1).

Remarks:

Exhibit 24 - Power of Attorney