Justin Lagasse - 23 Dec 2024 Form 4 Insider Report for Avangrid, Inc.

Signature
/s/ Elizabeth K. Riotte by Power of Attorney
Issuer symbol
N/A
Transactions as of
23 Dec 2024
Net transactions value
-$69,426
Form type
4
Filing time
23 Dec 2024, 17:19:22 UTC
Previous filing
13 Mar 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AGR Common Stock Disposed to Issuer $69,426 -1,942 -100% $35.75 0 23 Dec 2024 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 AGR Performance Stock Units Disposed to Issuer $0 -1,428 -100% $0.000000 0 23 Dec 2024 Common Stock 1,428 Direct F2, F3
transaction AGR Performance Stock Units Disposed to Issuer $0 -35,296 -100% $0.000000 0 23 Dec 2024 Common Stock 35,296 Direct F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Justin Lagasse is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Disposed of pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 17, 2024, by and among the Issuer, Iberdrola, S.A., and Arizona Merger Sub, Inc., pursuant to which Arizona Merger Sub, Inc. merged with and into the Issuer with the Issuer continuing as the surviving corporation and a wholly-owned subsidiary of Iberdrola, S.A. in exchange for $35.75 (the per share merger consideration set forth in the Merger Agreement).
F2 Each performance stock unit represents one contingent right to receive one share of common stock.
F3 These performance stock units, which provided for vesting and delivery in three equal installments based on the achievement of certain performance objectives on or before June 30, 2023, March 31, 2024 and March 31, 2025, were cancelled pursuant to the Merger Agreement in exchange for the right to receive a cash payment on or before March 31, 2025 equal to $35.75 multiplied by the number performance stock units.
F4 These performance stock units, which provided for vesting and delivery in three equal installments based on the achievement of certain performance objectives on or before March 31, 2026, March 1, 2027 and February 28, 2028, were cancelled pursuant to the Merger Agreement in exchange for performance units that will vest and be settled in cash as follows: (a) the first installment will vest on March 31, 2026 and be paid by May 1, 2026, (b) the second installment will vest on March 1, 2027 and be paid by April 2, 2027, and (c) the third installment will vest on February 28, 2028 and be paid by March 31, 2028. Each cash installment payment will be equal to $35.75 multiplied by the number of performance units the reporting person actually earns based on the level of achievement of the performance goals.

Remarks:

Senior Vice President - Chief Financial Officer and Controller