Patrick Cook - 17 Aug 2022 Form 4 Insider Report for FTC Solar, Inc. (FTCI)

Reporting relationship: Chief Commercial Officer
Issuer ticker: FTCI
Reported as of: 17 Aug 2022
Net transaction value: -$1,824,232
SEC form: 4
Accepted by SEC: 19 Aug 2022, 19:56:24 UTC
Prior SEC filing: 12 Aug 2022
Next SEC filing: 21 Dec 2022
Source filing: View source filing
Reporting owner signature: /s/ Jacob D. Wolf, as Attorney-in-Fact

Key filing fact

Patrick Cook filed Form 4 for FTC Solar, Inc. (FTCI) on 19 Aug 2022.

Key facts

This page summarizes Patrick Cook's Form 4 filing for FTC Solar, Inc. (FTCI).
10 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 19 Aug 2022, 19:56.

Change

Previous filing in this sequence was filed on 12 Aug 2022.
Current net transaction value: -$1,824,232.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

FTCI transaction

Common Stock

Award

Transaction value: $61,675
Shares: +13,555
Change %: +5.5%
Price: $4.55
Shares after: 258,398
Date: 17 Aug 2022
Ownership: Direct
Footnotes: F1

FTCI transaction

Common Stock

Options Exercise

Transaction value: $95,000
Shares: +200,000
Change %: +77%
Price: $0.4750^*
Shares after: 458,398
Date: 17 Aug 2022
Ownership: Direct
Footnotes: F2

FTCI transaction

Common Stock

Sale

Transaction value: $930,000
Shares: -200,000
Change %: -44%
Price: $4.65
Shares after: 258,398
Date: 17 Aug 2022
Ownership: Direct
Footnotes: F3

FTCI transaction

Common Stock

Options Exercise

Transaction value: $83,125
Shares: +175,000
Change %: +68%
Price: $0.4750^*
Shares after: 433,398
Date: 18 Aug 2022
Ownership: Direct
Footnotes: F2

FTCI transaction

Common Stock

Sale

Transaction value: $798,000
Shares: -175,000
Change %: -40%
Price: $4.56
Shares after: 258,398
Date: 18 Aug 2022
Ownership: Direct
Footnotes: F4

FTCI transaction

Common Stock

Options Exercise

Transaction value: $41,405
Shares: +87,168
Change %: +34%
Price: $0.4750^*
Shares after: 345,566
Date: 19 Aug 2022
Ownership: Direct
Footnotes: F2

FTCI transaction

Common Stock

Sale

Transaction value: $377,437
Shares: -87,168
Change %: -25%
Price: $4.33
Shares after: 258,398
Date: 19 Aug 2022
Ownership: Direct
Footnotes: F5

FTCI holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 94,295
Date: 17 Aug 2022
Ownership: By Trust
Footnotes: F6

FTCI holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 94,295
Date: 17 Aug 2022
Ownership: By Trust
Footnotes: F7

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

FTCI transaction Derivative

Employee Stock Options (right to buy)

Options Exercise

Transaction value: $0
Shares: -200,000
Change %: -16%
Price: $0.000000
Shares after: 1,037,000
Date: 17 Aug 2022
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 200,000
Exercise price: $0.4750
Footnotes: F8, F9

FTCI transaction Derivative

Employee Stock Options (right to buy)

Options Exercise

Transaction value: $0
Shares: -175,000
Change %: -17%
Price: $0.000000
Shares after: 862,000
Date: 18 Aug 2022
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 175,000
Exercise price: $0.4750
Footnotes: F8, F9

FTCI transaction Derivative

Employee Stock Options (right to buy)

Options Exercise

Transaction value: $0
Shares: -87,168
Change %: -10%
Price: $0.000000
Shares after: 774,832
Date: 19 Aug 2022
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 87,168
Exercise price: $0.4750
Footnotes: F8, F9

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 footnotes

Footnote F1

Reflects a grant of restricted stock units, which vested in full upon grant, pursuant to the Issuer's 2021 Stock Incentive Plan made to the Reporting Person in exchange for the Reporting Person's agreement with the Issuer to forego his cash bonus earned for the second quarter of 2022.

Footnote F2

The common stock reported on this line of this Form 4 was issued as a result of the exercise of employee stock options.

Footnote F3

Represents a weighted average sales price per share for these shares, which were sold in multiple transactions at prices ranging from $$4.53 to $4.75. The Reporting Person has provided to the Issuer, and undertakes to provide to the staff of the Commission or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

Footnote F4

Represents a weighted average sales price per share for these shares, which were sold in multiple transactions at prices ranging from $4.50 to $4.71. The Reporting Person has provided to the Issuer, and undertakes to provide to the staff of the Commission or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

Footnote F5

Represents a weighted average sales price per share for these shares, which were sold in multiple transactions at prices ranging from $4.30 to $4.55. The Reporting Person has provided to the Issuer, and undertakes to provide to the staff of the Commission or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

Footnote F6

These shares are owned directly by the Patrick Cook 2021 Trust for the benefit of the Reporting Person. The Reporting Person (a) is the sole trustee of the trust and (b) has sole voting and dispositive power with respect to the shares held by the trust. The Reporting Person's spouse has sole power to acquire for herself any assets held in the trust, including the shares, by substituting other property of equivalent value. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that he is the beneficial owner of such securities for Section 16 or any other purpose.

Footnote F7

These shares are owned directly by the Cook 2021 Family Trust for the benefit of the Reporting Person's children. The Reporting Person (a) is the sole investment adviser of the trust, (b) has sole power to direct the trustee as to the voting and disposition of the shares held by the trust, and (c) has sole power to acquire for himself any asset held in the trust, including the shares, by substituting other property of equivalent value. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that he is the beneficial owner of such securities for Section 16 or any other purpose.

Footnote F8

Reflects an adjustment for an approximately 8.25-for-1 forward split that was effectuated on April 28, 2021.

Footnote F9

927,750 of the options are fully vested and exercisable as of August 19, 2022, and the remaining 309,250 options will vest in monthly installments until July 29, 2023.