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

Role
President
Signature
/s/ Rebecca C. Polak as attorney-in-fact for Mr. Kaya
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
May 4, 2022
Next filing
Nov 28, 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 +1.1M $0.00 1.1M May 16, 2022 Class A Common Stock 1.1M Direct F1, F2
transaction LOTZ Restricted Stock Units Award $0 +1.1M $0.00 1.1M May 16, 2022 Class A Common Stock 1.1M 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 25, 2023, one-fourth of these restricted stock units vest on April 25, 2024, one-fourth of these restricted stock units vest on April 25, 2025 and one-fourth of these restricted stock units vest on April 25, 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.