Thomas W. Stoltz - 30 Nov 2021 Form 4 Insider Report for CarLotz, Inc.

Role: Chief Financial Officer
Signature: /s/ Rebecca C. Polak as attorney-infact for Mr. Stoltz Rebecca C. Polak
Issuer symbol: N/A
Transactions as of: 30 Nov 2021
Net transactions value: -$15,220
Form type: 4
Filing time: 02 Dec 2021, 16:03:16 UTC
Next filing: 21 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOTZ	Class A Common Stock	Options Exercise	$0	+17,083		$0.000000	17,083	30 Nov 2021	Direct	F1
transaction	LOTZ	Class A Common Stock	Tax liability	$15,220	-5,142	-30%	$2.96	11,941	30 Nov 2021	Direct	F2

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	LOTZ	Restricted Stock Units	Options Exercise	$0	-17,083	-25%	$0.000000	51,250	30 Nov 2021	Class A Common Stock	17,083		Direct	F4, F5
holding	LOTZ	Stock Option (right to buy)						506,167	30 Nov 2021	Class A Common Stock	506,167	$11.35	Direct	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 is convertible into a share of Class A common stock on a 1-for-1 basis. The restricted stock units vested in Class A common stock on November 30, 2021.
F2	Shares withheld by the Company to satisfy tax withholding requirements.
F3	These options are service options that vest based on the passage of time and the reporting person's continued service with the Company. 126,541 of these options are currently exercisable and the remaining 379,626 become exercisable in three equal annual installments beginning on November 30, 2022.
F4	Each restricted stock unit is convertible into a share of Class A common stock on a 1-for-1 basis.
F5	These restricted stock units remain subject to a time-vesting requirement and are scheduled to vest and settle in Class A common stock as follows: one-fourth of these restricted stock units vested on November 30, 2021, one-fourth of these restricted stock units vest on November 30, 2022, one-fourth of these restricted stock units vest on November 30, 2023 and one-fourth of these restricted stock units vest on November 30, 2024, assuming continued employment through the applicable vesting date.