Leonard R. Chang - Dec 7, 2022 Form 4 Insider Report for Focus Financial Partners Inc. (FOCS)

Role
Sr. Managing Dir/Head of M&A
Signature
/s/ J. Russell McGranahan as Attorney-in-Fact
Stock symbol
FOCS
Transactions as of
Dec 7, 2022
Transactions value $
-$21,425
Form type
4
Date filed
12/9/2022, 03:18 PM
Previous filing
Dec 27, 2021
Next filing
Dec 14, 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 FOCS Common Units in Focus Financial Partners, LLC Tax liability -$21.4K -583 -9.47% $36.75 5.57K Dec 7, 2022 Class A Common Stock 583 Direct F1, F2, F3
holding FOCS Common Units in Focus Financial Partners, LLC 15.5K Dec 7, 2022 Class A Common Stock 15.5K Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 As previously reported, on December 7, 2020, the Reporting Person acquired 6,738 unvested common units that vest in four equal installments on each anniversary of December 7, 2020. Vested common units are exchangeable (together with an equal number of shares of Class B common stock), subject to certain restrictions in the Fourth Amended and Restated Operating Agreement of Focus Financial Partners, LLC ("Focus LLC"), for (i) an equal number of shares of the Issuer's Class A common stock or, (ii) at the election of the Issuer, cash.
F2 On December 7, 2021, 1,684 of the Reporting Person's unvested common units vested and 583 of such common units were withheld by the Issuer to satisfy the tax obligations upon vesting. The number of common units withheld was based on the closing price of the Issuer's Class A common stock on December 6, 2022.
F3 As of the date of this report, 2,203 of these common units are vested and 3,369 of these common units are unvested.
F4 Vested common units are exchangeable (together with an equal number of shares of Class B common stock), subject to certain restrictions in the Fourth Amended and Restated Operating Agreement of Focus LLC, for (i) an equal number of shares of the Issuer's Class A common stock or, (ii) at the election of the Issuer, cash.
F5 These common units will vest in four equal installments on each anniversary of December 22, 2021.