Richard Hawwa - 10 Nov 2021 Form 4 Insider Report for Embark Technology, Inc.

Role
Chief Financial Officer
Signature
Siddhartha Venkatesan, Attorney-in-fact for Richard Hawwa
Issuer symbol
N/A
Transactions as of
10 Nov 2021
Net transactions value
$0
Form type
4
Filing time
15 Nov 2021, 17:25:36 UTC
Next filing
29 Jun 2022
SEC
View on sec.gov

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 +4,474,510 4,474,510 10 Nov 2021 Class A Common Stock 4,474,510 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 May 1, 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.