Eugene Kovshilovsky - May 16, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role
Chief Technology Officer
Signature
/s/ Rebecca C. Polak as attorney-in-fact for Mr. Kovshilovsky
Stock symbol
LOTZ
Transactions as of
May 16, 2022
Transactions value $
$0
Form type
4
Date filed
5/18/2022, 04:11 PM
Previous filing
Apr 25, 2022
Next filing
Dec 12, 2022

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 Award $0 +600K $0.00 600K May 16, 2022 Class A Common Stock 600K Direct F1, F2
transaction LOTZ Restricted Stock Units Award $0 +500K $0.00 500K May 16, 2022 Class A Common Stock 500K Direct F1, 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.
F2 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 vest on April 17, 2023, one-fourth of these restricted stock units vest on April 17, 2024, one-fourth of these restricted stock units vest on April 17, 2025 and one-fourth of these restricted stock units vest on April 17, 2026, assuming continued employment through the applicable vesting date.
F3 These restricted stock units will vest if the following provisions are met: (i) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $4.00; (ii) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $8.00; and (iii) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $12.00, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.