Siddhartha Venkatesan - Nov 10, 2021 Form 4 Insider Report for Embark Technology, Inc. (EMBK)

Role
Chief Legal Officer
Signature
Siddhartha Venkatesan
Stock symbol
EMBK
Transactions as of
Nov 10, 2021
Transactions value $
$0
Form type
4
Date filed
11/15/2021, 05:24 PM
Next filing
Jun 29, 2022

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 EMBK Restricted Stock Units Award +1.34M 1.34M Nov 10, 2021 Class A Common Stock 1.34M Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Restricted Stock Unit ("RSU") represents a contingent right to receive a Class A Common Stock of the Issuer.
F2 RSUs will vest with respect to 25% of the underlying shares on April 5, 2022, and with respect to the rest of the units in 36 monthly increments thereafter, subject to continued employment through each applicable vesting date. RSUs have no expiration date.
F3 Pursuant to the business combination of Northern Genesis Acquisition Corp. II and Embark Trucks Inc. ("Embark Trucks"), as contemplated by an agreement and plan of merger, dated June 22, 2021, (the "Merger Agreement") each share of common stock of Embark Trucks outstanding immediately prior to the effective time of the business combination was converted into approximately 2.9830 shares of the Class A Common Stock of the Issuer (the "Conversion Ratio"). The equity awards disclosed herein were granted to the Reporting Person by Embark Trucks in connection with employment and were converted into new equity awards of the Issuer using the Conversion Ratio.