Michael C. Chapman - Dec 7, 2021 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role: Chief Marketing Officer
Signature: /s/ Rebecca C. Polak as attorney-in-fact for Mr. Chapman
Stock symbol: LOTZ
Transactions as of: Dec 7, 2021
Transactions value $: -$7,764
Form type: 4
Date filed: 12/9/2021, 04:05 PM
Next filing: Mar 21, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOTZ	Class A Common Stock	Options Exercise	$0	+8.54K		$0.00	8.54K	Dec 7, 2021	Direct	F1
transaction	LOTZ	Class A Common Stock	Tax liability	-$7.76K	-2.57K	-30.1%	$3.02^*	5.97K	Dec 7, 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	-8.54K	-25%	$0.00	25.6K	Dec 7, 2021	Class A Common Stock	8.54K		Direct	F4, F5
holding	LOTZ	Stock Option (right to buy)						253K	Dec 7, 2021	Class A Common Stock	253K	$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 December 7, 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. 63,271 of these options are currently exercisable and the remaining 189,813 become exercisable in three equal annual installments beginning on December 7, 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 schedule to vest and settle in Class A common stock as followed: one-fourth of these restricted stock units vested on December 7, 2021, one-fourth of these restricted stock units vest on December 7, 2022, one-fourth of these restricted stock units vest on December 7, 2023 and one-fourth of these restricted stock units vest on December 7, 2024, assuming continued employment through the applicable vesting date.