Brett Adcock - Jan 25, 2023 Form 4 Insider Report for Archer Aviation Inc. (ACHR)

Role: 10%+ Owner
Signature: /s/ Brett Adcock
Stock symbol: ACHR
Transactions as of: Jan 25, 2023
Transactions value $: -$514,060
Form type: 4
Date filed: 1/27/2023, 04:12 PM
Previous filing: Jan 25, 2023
Next filing: Jan 31, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ACHR	Class A Common Stock	Conversion of derivative security		+200K			200K	Jan 25, 2023	See footnote	F2, F4
transaction	ACHR	Class A Common Stock	Sale	-$514K	-200K	-100%	$2.57	0	Jan 25, 2023	See footnote	F3, F4

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	ACHR	Class B Common Stock	Conversion of derivative security	$0	-200K	-0.85%	$0.00	23.2M	Jan 25, 2023	Class A Common Stock	200K		See footnote	F1, F4
holding	ACHR	Class B Common Stock						4.16M	Jan 25, 2023	Class A Common Stock	4.16M		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of the Issuer's Class B common stock is convertible into one share of the Issuer's Class A common stock at any time and will convert automatically upon certain transfers, whether or not for value, or upon the earliest to occur of: (i) September 16, 2031; (ii) the date specified in writing by the holders of two-thirds of the then outstanding shares of Class B common stock; and (iii) the date as of which the number of outstanding shares of Class B common stock represents less than 10.0% of the aggregate number of shares of Class B common stock and Class A common stock outstanding.
F2	On January 25, 2023, the reporting persons directed the sale of 200,000 shares of the Issuer's Class B common stock, resulting in the automatic conversion of the shares into 200,000 shares of the Issuer's Class A common stock.
F3	Weighted average price. These shares were sold in multiple transactions at prices ranging from $2.5500 to $2.6050 inclusive. The reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities Exchange Commission, upon request, full information regarding the shares sold at each separate price within the range set forth in this footnote (3) to this Form 4.
F4	The shares are held by Hight Drive Growth LLC ("Hight Drive"). Mr. Adcock is the sole managing member of Hight Drive and, as such, has voting and investment discretion with respect to the securities held directly by it.