Lev Peker - May 18, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Signature
/s/ Rebecca C. Polak as attorney-in-fact for Mr. Peker
Stock symbol
LOTZ
Transactions as of
May 18, 2022
Transactions value $
$19,515
Form type
4
Date filed
5/20/2022, 04:05 PM
Previous filing
May 18, 2022
Next filing
Jun 6, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOTZ Class A Common Stock Purchase $19.5K +32.5K $0.60 32.5K May 18, 2022 Direct F1

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
holding LOTZ Restricted Stock Units 2.82M May 18, 2022 Class A Common Stock 2.82M Direct F2, F3
holding LOTZ Restricted Stock Units 3.5M May 18, 2022 Class A Common Stock 3.5M Direct F2, F4
holding LOTZ Restricted Stock Units 680K May 18, 2022 Class A Common Stock 680K Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.59 to $0.60, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.
F2 Each restricted stock unit is convertible into a share of Class A common stock on a 1-for-1 basis.
F3 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.
F4 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.
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-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.