Yanzhuan Zheng - Jul 23, 2021 Form 4 Insider Report for Microvast Holdings, Inc. (MVST)

Role
CFO, Director, Director
Signature
/s/ Sarah Alexander, Attorney-in-Fact
Stock symbol
MVST
Transactions as of
Jul 23, 2021
Transactions value $
$0
Form type
4
Date filed
7/26/2021, 09:14 PM
Next filing
Apr 18, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MVST Class A Common Stock Award +313K 313K Jul 23, 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
transaction MVST Employee Stock Option (right to buy) Award +1.12M 1.12M Jul 23, 2021 Class A Common Stock 1.12M $6.28 Direct F2, F3
transaction MVST Capped Restricted Stock Unit Award +2.86M 2.86M Jul 23, 2021 Class A Common Stock 2.86M $6.28 Direct F4, F5
transaction MVST Earnout Rights Award +32.5K 32.5K Jul 23, 2021 Class A Common Stock 32.5K Direct F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Received in exchange for 1,953 shares of common stock of Microvast, Inc. ("Microvast") in connection with the closing of the transactions contemplated by the Agreement and Plan of Merger by and between Tuscan Holdings Corp. ("Tuscan Holdings"), TSCN Merger Sub Inc. and Microvast, dated February 1, 2021 (the "Merger Agreement"), including the renaming of Tuscan Holdings to the Issuer (the "Merger"). On the effective date of the Merger, the closing price of Issuer's Class A Common Stock was $10.00.
F2 The shares underlying this option vest one-third on each of the first, second and third anniversaries of the Merger.
F3 Received in the Merger in exchange for an employee stock option to acquire 7,000 shares of common stock of Microvast for $1,005.85 per share.
F4 The Capped Restricted Stock Units convert into one share of Class A Common Stock on vesting and are subject to the same conditions and vesting schedule as stock options.
F5 Received in the Merger in exchange for the right to receive 17,846 shares of common stock of Microvast for $1005.85 per share.
F6 Pursuant to the earnout provisions in the Merger Agreement, the Reporting Person is entitled to receive shares of Class A Common Stock if the daily volume weighted average price of the common stock is greater than or equal to $18.00 for any 20 trading days within a 30 trading day period (or a change of control occurs that results in the holders of common stock receiving a per share price equal to or in excess of $18.00), during the period commencing on the closing date of the Merger and ending on the third anniversary of the closing date of the Merger.
F7 Received in connection with the Merger and pursuant to the terms of the Merger Agreement.