Brett Adcock - 09 May 2023 Form 4 Insider Report for Archer Aviation Inc. (ACHR)

Role: 10%+ Owner
Signature: /s/ Brett Adcock
Issuer symbol: ACHR
Transactions as of: 09 May 2023
Net transactions value: $0
Form type: 4
Filing time: 17 May 2023, 16:24:36 UTC
Previous filing: 31 Jan 2023
Next filing: 24 May 2023
SEC: View on sec.gov

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		+4,159,347			4,159,347	09 May 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	-4,159,347	-100%	$0.000000^*	0	09 May 2023	Class A Common Stock	4,159,347		Direct	F1
holding	ACHR	Class B Common Stock						23,056,278	09 May 2023	Class A Common Stock	23,056,278		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.