Matthew Emmert - May 13, 2021 Form 4 Insider Report for U.S. CONCRETE, INC. (USCR)

Signature
/s/ CiCi S. Sepehri, as Attorney-in-Fact for Matthew Emmert
Stock symbol
USCR
Transactions as of
May 13, 2021
Transactions value $
-$112,332
Form type
4
Date filed
5/17/2021, 06:56 PM
Next filing
Jun 29, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction USCR Common stock Options Exercise $0 +4.09K +39.31% $0.00 14.5K May 13, 2021 Direct
transaction USCR Common stock Tax liability -$112K -2.02K -13.9% $55.72 12.5K May 13, 2021 Direct

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 USCR Restricted stock units Options Exercise $0 -4.09K -28.57% $0.00 10.2K May 13, 2021 Common stock 4.09K Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Restricted Stock Unit was granted from the U.S. Concrete, Inc. Long Term Incentive Plan and represents the right to receive one share of common stock upon vesting, or, as set forth in footnote 2, two shares of common stock in the aggregate.
F2 The Performance-Based portion of the March 1, 2021 Restricted Stock Units would result in vesting into additional shares (effectively making each Performance-Based RSU represent two shares) if the average of the daily VWAP of the Company's stock over any period of 20 consecutive trading days attains (i) $69.23 per share (resulting in the vesting into an additional 2,046 shares) and (ii) $74.95 per share (resulting in the vesting into a further additional 2,046 shares) within the three-year period from the date of grant.
F3 The Restricted Stock Units were granted on March 1, 2021 and will vest as follows: (i) 60% of the total number of the awarded shares are Time-Based and will become vested over three years in equal annual installments from the date of grant, and (ii) the remaining 40% of the awarded shares are Performance-Based, half (or 50%) of which achieved their 20-day VWAP performance hurdle of $58.69 per share on March 19, 2021, and the remaining half of which achieved their 20-day VWAP performance hurdle of $63.82 per share on April 1, 2021. Because the March 1, 2021 RSU awards were granted contingent upon the approval by the Company's shareholders of a proposed LTIP amendment to reload shares at its May 13, 2021 Annual Meeting, the earliest date on which these RSUs could vest was May 13, 2021.
F4 The Restricted Stock Units are reported as still existing after vesting because they could, as set forth in footnote 2 above, result in vesting into additional shares.