Lev Peker - Oct 21, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role
CEO, Director
Signature
/s/ Lev Peker
Stock symbol
LOTZ
Transactions as of
Oct 21, 2022
Transactions value $
-$1,279
Form type
4
Date filed
10/25/2022, 05:46 PM
Previous filing
Sep 30, 2022
Next filing
Nov 30, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOTZ Class A Common Stock Sale -$1.28K -5.06K -0.16% $0.25 3.21M Oct 21, 2022 Direct F1, F2

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 3.5M Oct 21, 2022 Class A Common Stock 3.5M Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The sale reported in the Form 4 was effected pursuant to a Rule 10b5-1 instruction solely with the intent to cover withholding taxes in connection with the settlement of restricted stock.
F2 The total reported in Column 5 includes 2,917,028 shares of restricted stock that resulted the amendment of 3,123,584 restricted stock units previously reported on Table II of Form 4 by the Reporting Person. The total reported in Column 5 includes 2,917,028 shares of restricted stock previously reported as restricted stock units in Table II and 289,521 shares of Class A common stock. As such, there are no new or incremental awards being made the Reporting Person.
F3 Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A common stock, subject to the Reporting Person's continued employment with the Issuer through the applicable vesting date. Each restricted stock unit is convertible into a share of Class A common stock on a 1-for-1 basis.
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 employment with the Issuer through the relevant vesting dates.