Brian Bair - Jun 8, 2023 Form 4 Insider Report for Offerpad Solutions Inc. (OPAD)

Signature
/s/ Adam Martinez, as Attorney-in-Fact for Brian Bair
Stock symbol
OPAD
Transactions as of
Jun 8, 2023
Transactions value $
$0
Form type
4
Date filed
6/9/2023, 05:01 PM
Previous filing
Mar 31, 2023
Next filing
Sep 7, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OPAD Class A Common Stock Conversion of derivative security $0 +11.9M +3466.92% $0.00 12.2M Jun 8, 2023 Direct
transaction OPAD Class A Common Stock Conversion of derivative security $0 +2.96M $0.00 2.96M Jun 8, 2023 By The BBAB 2021 Irrevocable Trust
holding OPAD Class A Common Stock 893K Jun 8, 2023 By The BBAB Living Trust

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 OPAD Class B Common Stock Conversion of derivative security $0 -11.9M -100% $0.00* 0 Jun 8, 2023 Class A Common Stock 11.9M Direct F1, F2
transaction OPAD Class B Common Stock Conversion of derivative security $0 -2.96M -100% $0.00* 0 Jun 8, 2023 Class A Common Stock 2.96M By The BBAB 2021 Irrevocable Trust F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of Class B common stock representes a contingent right to receive one share of the Issuer's Class A common stock.
F2 Each share of Class B common stock is convertible at any time at the option of the holder into one share of the Issuer's Class A common stock or upon the earliest to occur of (a) the date that is nine months following the date on which Mr. Bair (x) is no longer providing services, whether upon death, resignation, removal or otherwise, to Offerpad Solutions as a member of the senior leadership team, officer or director and (y) has not provided any such services for the duration of such nine-month period; and (b) the date as of which the Mr. Bair or his permitted transferees have transferred, in the aggregate, more than seventy-five (75%) of the shares of Class B common stock that were held by Mr. Bair and his permitted transferees as of September 1, 2021.