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

Role
CEO, Director
Signature
/s/ Rebecca C. Polak as attorney-in-fact for Mr. Peker
Stock symbol
LOTZ
Transactions as of
May 16, 2022
Transactions value $
$0
Form type
4
Date filed
5/18/2022, 04:06 PM
Previous filing
Apr 25, 2022
Next filing
May 20, 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 +2.82M $0.00 2.82M May 16, 2022 Class A Common Stock 2.82M Direct F1, F2
transaction LOTZ Restricted Stock Units Award $0 +3.5M $0.00 3.5M May 16, 2022 Class A Common Stock 3.5M Direct F1, F3
transaction LOTZ Restricted Stock Units Award $0 +680K $0.00 680K May 16, 2022 Class A Common Stock 680K Direct F1, F4
* 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: (i) 1,311,892 restricted stock units will vest in substantially equal installments on the first thirty (30) monthly anniversaries of April 18, 2022; (ii) 631,087 restricted stock units will vest in substantially equal installments on the first four (4) quarterly anniversaries of April 18, 2022; (iii) 329,781 restricted stock units will vest on each of January 13, 2023 and January 13, 2024; and (iv) 217,459 restricted stock units will vest on January 13, 2025.
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.
F4 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 18, 2023, one-fourth of these restricted stock units vest on April 18, 2024, one-fourth of these restricted stock units vest on April 18, 2025 and one-fourth of these restricted stock units vest on April 18, 2026, assuming continued employment through the applicable vesting date.