Teresa Covington - May 6, 2021 Form 4 Insider Report for Lightning eMotors, Inc. (ZEV)

Role: Chief Financial Officer
Signature: /s/ Teresa Covington
Stock symbol: ZEV
Transactions as of: May 6, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/10/2021, 09:45 PM
Next filing: Jul 15, 2021

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	ZEV	Options to receive Common Stock	Other		+122K			122K	May 6, 2021	Common Stock	122K	$6.57	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	121,760 shares of New Lightning eMotors Common Stock are issuable upon the exercise of New Lightning eMotors options issued in exchange of pre-merger Lightning Systems options at a price of $6.57 per share, pursuant to the Business Combination Agreement, dated as of December 10, 2020, by and among GigCapital3, Inc., Project Power Merger Sub, Inc., a direct, wholly-owned subsidiary of GigCapital3, Inc., and Lightning Systems, Inc. pursuant to which Lightning Systems, Inc. became a direct, wholly-owned subsidiary of GigCapital3, Inc., which subsequently changed its name to Lightning eMotors, Inc. Such options will vest in ratable installments on February 24, 2022, 2023 and 2024, subject to continued employment. The pre-merger Lightning Systems options were converted into New Lightning eMotors options to purchase shares of New Lightning eMotors Common Stock at the exchange ratio of 0.940591804.

Content

121,760 shares of New Lightning eMotors Common Stock are issuable upon the exercise of New Lightning eMotors options issued in exchange of pre-merger Lightning Systems options at a price of $6.57 per share, pursuant to the Business Combination Agreement, dated as of December 10, 2020, by and among GigCapital3, Inc., Project Power Merger Sub, Inc., a direct, wholly-owned subsidiary of GigCapital3, Inc., and Lightning Systems, Inc. pursuant to which Lightning Systems, Inc. became a direct, wholly-owned subsidiary of GigCapital3, Inc., which subsequently changed its name to Lightning eMotors, Inc. Such options will vest in ratable installments on February 24, 2022, 2023 and 2024, subject to continued employment. The pre-merger Lightning Systems options were converted into New Lightning eMotors options to purchase shares of New Lightning eMotors Common Stock at the exchange ratio of 0.940591804.