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

Signature
/s/ Daniel Bagliebter, Power of Attorney For: Milun K. Patel
Stock symbol
NONE
Transactions as of
Oct 5, 2021
Transactions value $
$0
Form type
4
Date filed
10/5/2021, 04:21 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 -47.5K -55.87% 37.5K Oct 5, 2021 Direct F1
transaction NONE Class A Common Stock Award +59.4K +158.28% 97K 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, 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.