Thomas W. Stoltz - Nov 30, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role: Chief Financial Officer
Signature: /s/ Thomas Stoltz
Stock symbol: LOTZ
Transactions as of: Nov 30, 2022
Transactions value $: -$862
Form type: 4
Date filed: 12/7/2022, 03:22 PM
Previous filing: Mar 21, 2022
Next filing: Dec 12, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOTZ	Class A Common Stock	Options Exercise	$0	+17.1K	+143.06%	$0.00	29K	Nov 30, 2022	Direct	F1
transaction	LOTZ	Class A Common Stock	Tax liability	-$862	-5.04K	-17.38%	$0.17	24K	Dec 5, 2022	Direct	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
transaction	LOTZ	Restricted Stock Units	Options Exercise	$0	-17.1K	-33.33%	$0.00	34.2K	Nov 30, 2022	Class A Common Stock	17.1K		Direct	F4, F5
holding	LOTZ	Stock Option (right to buy)						506K	Nov 30, 2022	Class A Common Stock	506K	$11.35	Direct	F3
holding	LOTZ	Stock Option (right to buy)						199K	Nov 30, 2022	Class A Common Stock	199K	$1.68	Direct	F6
holding	LOTZ	Restricted Stock Units						138K	Nov 30, 2022	Class A Common Stock	138K		Direct	F4, F7

* 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. The restricted stock units vested in Class A common stock on November 30, 2022.
F2	Shares withheld by the Company to satisfy tax withholding requirements.
F3	These options are service options that vest based on the passage of time and the reporting person's continued service with the Company. 253,083 of these options are currently exercisable and the remaining 253,084 become exercisable in two equal annual installments beginning on November 30, 2023.
F4	Each restricted stock unit is convertible into a share of Class A common stock on a 1-for-1 basis.
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-half of the remaining restricted stock units vest on November 30, 2023 and one-half of the remaining restricted stock units vest on November 30, 2024, assuming continued employment through the applicable vesting date.
F6	The option will vest and become exercisable in three equal annual installments commencing on March 17, 2023, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.
F7	The restricted stock units will vest in three equal annual installments commencing on March 17, 2023, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.