Gary A. Hobart - Mar 25, 2022 Form 3 Insider Report for Terran Orbital Corp (LLAP)

Role: Chief Financial Officer and Executive Vice President Exhibit List: See Exhibit 24.1 - Power of Attorney
Signature: /s/ Gary A. Hobart
Stock symbol: LLAP
Transactions as of: Mar 25, 2022
Transactions value $: $0
Form type: 3
Date filed: 4/4/2022, 09:59 PM
Next filing: Oct 11, 2022

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	LLAP	Restricted Stock Units							Mar 25, 2022	Common Stock	965K		Direct	F1, F2
holding	LLAP	$11 Retention Restricted Stock Units							Mar 25, 2022	Common Stock	75K		Direct	F3
holding	LLAP	$13 Retention Restricted Stock Units							Mar 25, 2022	Common Stock	63.5K		Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The restricted stock units vest in four equal annual installments on the anniversary of the vesting start date. Vesting start date is March 15, 2021.
F2	Each restricted stock unit represents a contingent right to receive one share of LLAP common stock subject to a time-based vesting condition, which is summarized herein, and a Liquidity Event vesting condition. The Liquidity Event vesting condition was satisfied on March 25, 2022 upon the closing of LLAP's business combination.
F3	Each retention restricted stock unit represents a contingent right to receive one share of LLAP common stock. Such restricted stock will vest upon satisfying two remaining conditions: (i) Reporting Person must be in continuous employment with the Issuer or its subsidiaries for one year starting on March 25, 2022 and (ii) the market price of LLAP common stock being at or greater than $11/share in 20 out of 30 trading days during a five year period starting March 25, 2022.
F4	Each retention restricted stock unit represents a contingent right to receive one share of LLAP common stock. Such restricted stock will vest upon satisfying two remaining conditions: (i) Reporting Person must be in continuous employment with the Issuer or its subsidiaries for one year starting on March 25, 2022 and (ii) the market price of LLAP common stock being at or greater than $13/share in 20 out of 30 trading days during a five year period starting March 25, 2022.

Remarks:

Chief Financial Officer and Executive Vice President Exhibit List: See Exhibit 24.1 - Power of Attorney