Rehana Farrell - Oct 5, 2021 Form 4 Insider Report for Andover National Corp (NONE)

Role: Director
Signature: /s/ Daniel Bagliebter, Power of Attorney For: Rehana Farrell
Stock symbol: NONE
Transactions as of: Oct 5, 2021
Transactions value $: $0
Form type: 4
Date filed: 10/5/2021, 04:10 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Class A Common Stock	Disposed to Issuer		-4.38K	-43.75%		5.63K	Oct 5, 2021	Direct	F1
transaction	NONE	Class A Common Stock	Award		+5.47K	+97.24%		11.1K	Oct 5, 2021	Direct	F1

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

Explanation of Responses:

Id	Content
F1	On October 5, 2021, the Issuer cancelled 4,375 unvested restricted stock units ("RSUs") previously granted under the Andover National Corporation 2019 Equity Incentive Plan (the "Plan") in exchange for 5,470 performance RSUs ("PSUs"). Each PSU represents a contingent right to receive one share of the Issuer's Class A common stock. In addition to time-based vesting, the PSUs are also subject to performance vesting that is only satisfied upon the occurrence of a "Liquidity Event" (as defined in the PSU Agreement to include the listing of a class of the Issuer's equity security on a national securities exchange or the occurrence of a Change of Control (as defined in the Plan)) and continued service with the Issuer through the applicable vesting date. For the time-based vesting component, beginning on October 29, 2021, 4,688 PSUs vest in (6) six equal quarterly installments. 782 PSUs fully vest on November 14, 2021.

Content

On October 5, 2021, the Issuer cancelled 4,375 unvested restricted stock units ("RSUs") previously granted under the Andover National Corporation 2019 Equity Incentive Plan (the "Plan") in exchange for 5,470 performance RSUs ("PSUs"). Each PSU represents a contingent right to receive one share of the Issuer's Class A common stock. In addition to time-based vesting, the PSUs are also subject to performance vesting that is only satisfied upon the occurrence of a "Liquidity Event" (as defined in the PSU Agreement to include the listing of a class of the Issuer's equity security on a national securities exchange or the occurrence of a Change of Control (as defined in the Plan)) and continued service with the Issuer through the applicable vesting date. For the time-based vesting component, beginning on October 29, 2021, 4,688 PSUs vest in (6) six equal quarterly installments. 782 PSUs fully vest on November 14, 2021.