Elizabeth Sanders - Mar 17, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role
Chief Administrative Officer
Signature
/s/ Rebecca C. Polak as attorney-in-fact for Ms. Sanders
Stock symbol
LOTZ
Transactions as of
Mar 17, 2022
Transactions value $
$0
Form type
4
Date filed
3/21/2022, 04:06 PM
Previous filing
Feb 2, 2022
Next filing
Dec 12, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding LOTZ Class A Common Stock 969 Mar 17, 2022 Direct

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 Stock Option (right to buy) Award $0 +146K $0.00 146K Mar 17, 2022 Class A Common Stock 146K $1.68 Direct F6
transaction LOTZ Restricted Stock Units Award $0 +101K $0.00 101K Mar 17, 2022 Class A Common Stock 101K Direct F4, F7
holding LOTZ Stock Option (right to buy) 10.2K Mar 17, 2022 Class A Common Stock 10.2K $0.64 Direct F1
holding LOTZ Stock Option (right to buy) 408K Mar 17, 2022 Class A Common Stock 408K $0.92 Direct F1
holding LOTZ Stock Option (right to buy) 8.01K Mar 17, 2022 Class A Common Stock 8.01K $11.35 Direct F2
holding LOTZ Restricted Stock Units 41.9K Mar 17, 2022 Class A Common Stock 41.9K Direct F3, F4
holding LOTZ Restricted Stock Units 4.13K Mar 17, 2022 Class A Common Stock 4.13K Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These options are fully vested and exercisable.
F2 These options are service options that vest based on the passage of time and the Reporting Person's continued service with the Issuer. 2,003 of these options are currently exercisable and the remaining 6,011 become exercisable in three equal annual installments beginning on January 21, 2023.
F3 These restricted stock units will vest if, prior to January 21, 2026, the closing share price of the Class A common stock exceeds the following thresholds. One-half will vest if the closing share price of the Class A common stock exceeds $12.50 for any 20 trading days within any 30 trading day period and one-half will vest if the closing share price of the Class A common stock exceeds $15.00 for any 20 trading days within any 30 trading day period.
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-third of these restricted stock units vest on January 21, 2023, one-third of these restricted stock units vest on January 21, 2024 and one-third of these restricted stock units vest on January 21, 2025, assuming continued employment through the applicable vesting date.
F6 The options will vest and become exercisable in three equal annual installments commencing on March 17, 2023, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.
F7 The restricted stock units will vest in three equal annual installments commencing on March 17, 2023, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.