Brett Adcock - May 9, 2023 Form 4 Insider Report for Archer Aviation Inc. (ACHR)

Role
10%+ Owner
Signature
/s/ Brett Adcock
Stock symbol
ACHR
Transactions as of
May 9, 2023
Transactions value $
$0
Form type
4
Date filed
5/17/2023, 04:24 PM
Previous filing
Jan 31, 2023
Next filing
May 24, 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 +4.16M 4.16M May 9, 2023 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 ACHR Class B Common Stock Conversion of derivative security $0 -4.16M -100% $0.00* 0 May 9, 2023 Class A Common Stock 4.16M Direct F1
holding ACHR Class B Common Stock 23.1M May 9, 2023 Class A Common Stock 23.1M See Footnote F1, F3
* 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. Shares of the Issuer's Class B common stock held by Brett Adcock automatically converted into shares of Class A common stock on the date that was 12 months following the date that Mr. Adcock ceased to provide services to the Issuer as an executive officer and member of the board of directors.
F2 On May 9, 2023, 4,159,347 shares of the Issuer's Class B common stock held by Mr. Adcock automatically converted into 4,159,347 shares of the Issuer's Class A common stock.
F3 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.