Milun K. Patel - 05 Oct 2021 Form 4 Insider Report for Andover National Corp

Role: Chief Financial Officer
Signature: /s/ Daniel Bagliebter, Power of Attorney For: Milun K. Patel
Issuer symbol: N/A
Transactions as of: 05 Oct 2021
Net transactions value: $0
Form type: 4
Filing time: 05 Oct 2021, 16:21:52 UTC
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction		Class A Common Stock	Disposed to Issuer		-47,538	-56%		37,544	05 Oct 2021	Direct	F1
transaction		Class A Common Stock	Award		+59,424	+158%		96,968	05 Oct 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, Issuer cancelled 47,538 unvested restricted stock units ("RSUs") previously granted under the Andover National Corporation 2019 Equity Incentive Plan ("Plan") in exchange for 59,424 performance RSUs ("PSUs"). Each PSU represents a contingent right to receive one share of Issuer's Class A common stock. In addition to time-based vesting, PSUs are also subject to performance vesting that is only satisfied upon the occurrence of a "Liquidity Event" (defined in the PSU Agreement to include the listing of a class of Issuer's equity security on a national securities exchange or the occurrence of a Change of Control (defined in Plan)) and continued service with Issuer through the applicable vesting date. For the time-based vesting component, beginning on October 29, 2021, 31,251 PSUs vest in ten equal quarterly installments, and beginning on November 14, 2021, 13,021 PSUs vest in five equal quarterly installments and 15,152 PSUs vest in eight equal quarterly installments.

Content

On October 5, 2021, Issuer cancelled 47,538 unvested restricted stock units ("RSUs") previously granted under the Andover National Corporation 2019 Equity Incentive Plan ("Plan") in exchange for 59,424 performance RSUs ("PSUs"). Each PSU represents a contingent right to receive one share of Issuer's Class A common stock. In addition to time-based vesting, PSUs are also subject to performance vesting that is only satisfied upon the occurrence of a "Liquidity Event" (defined in the PSU Agreement to include the listing of a class of Issuer's equity security on a national securities exchange or the occurrence of a Change of Control (defined in Plan)) and continued service with Issuer through the applicable vesting date. For the time-based vesting component, beginning on October 29, 2021, 31,251 PSUs vest in ten equal quarterly installments, and beginning on November 14, 2021, 13,021 PSUs vest in five equal quarterly installments and 15,152 PSUs vest in eight equal quarterly installments.