Brandon Moak - 10 Nov 2021 Form 3 Insider Report for Embark Technology, Inc.

Role
Chief Tech Officer/Co-Founder, Director
Signature
/s/ Siddhartha Venkatesan, Attorney-in-fact for Brandon Moak
Issuer symbol
N/A
Transactions as of
10 Nov 2021
Net transactions value
$0
Form type
3
Filing time
18 Nov 2021, 17:03:33 UTC
Next filing
04 Aug 2023
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
holding EMBK Class B Common Stock 10 Nov 2021 Class A Common Stock 37,044,649 By Brandon Moak Living Trust F1
holding EMBK Restricted Stock Units 10 Nov 2021 Class A Common Stock 15,650,321 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares of the Class B Common Stock may be converted into shares of Class A common stock, on a one-to-one basis, at the option of the holder at any time and have no expiration date.
F2 Restricted Stock Units ("RSUs") vest based on the Issuer's stock price performance over a performance period beginning on the first anniversary of the business combination of NGA and Embark Trucks, and ending on the tenth anniversary of the grant date, subject to satisfying certain service-based conditions. The award will vest, if at all, in six equal tranches based on the Issuer's stock price exceeding certain thresholds. Any portion of the award that has not been earned by the tenth anniversary of the award grant date will be forfeited.
F3 Each RSU represents a contingent right to receive a Class A Common Stock of the Issuer.

Remarks:

Exhibit 24 - Power of Attorney.