Hilary Hageman - May 28, 2022 Form 4 Insider Report for Terran Orbital Corp (LLAP)

Role
Executive Vice President, General Counsel and Corporate Secretary
Signature
/s/ Hageman Hilary
Stock symbol
LLAP
Transactions as of
May 28, 2022
Transactions value $
$0
Form type
4
Date filed
6/1/2022, 09:12 PM
Previous filing
Apr 5, 2022
Next filing
Jul 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
transaction LLAP Restricted Stock Units Disposed to Issuer $0 -276K -100% $0.00* 0 May 28, 2022 Common Stock 276K Direct F1, F2, F3
transaction LLAP $11 Retention Restricted Stock Units Disposed to Issuer $0 -47.1K -100% $0.00* 0 May 28, 2022 Common Stock 47.1K Direct F2, F4
transaction LLAP $13 Retention Restricted Stock Units Disposed to Issuer $0 -39.8K -100% $0.00* 0 May 28, 2022 Common Stock 39.8K Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit represented 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.
F2 The restricted stock units were canceled by LLAP effective May 28, 2022.
F3 The restricted stock units were to vest in four equal annual installments on the anniversary of the vesting start date. Vesting start date was August 23, 2021.
F4 Each retention restricted stock unit represented a contingent right to receive one share of LLAP common stock. Such restricted stock was to 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.
F5 Each retention restricted stock unit represented a contingent right to receive one share of LLAP common stock. Such restricted stock was to 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:

Executive Vice President, General Counsel and Corporate Secretary