Steven I. Marks - May 10, 2023 Form 4 Insider Report for FIRST ADVANTAGE CORP (FA)

Role
Chief Accounting Officer
Signature
/s/ Steven I. Marks
Stock symbol
FA
Transactions as of
May 10, 2023
Transactions value $
$0
Form type
4
Date filed
5/12/2023, 04:41 PM
Previous filing
Mar 3, 2023
Next filing
Mar 1, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding FA Common Stock 11K May 10, 2023 Direct F1

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 FA Stock Options (Right to Buy) Award $0 +64.6K +66.21% $0.00 162K May 10, 2023 Common Stock 64.6K $6.61 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes shares acquired under the Employee Stock Purchase Plan of First Advantage Corporation.
F2 The reporting person currently owns 64,608 previously unreported stock options, subject to time- and performance-based vesting criteria. Effective as of May 10, 2023, the Company's Board of Directors approved a modification of the vesting terms of unvested and unearned performance-based awards (the "Modification"). The Modification adds incremental vesting criteria to such stock options, which allows the following number of such stock options to vest, based solely on time, as follows, subject to continued service through such date: 12,921 options on January 31, 2024, 25,843 options on January 31, 2025, and 25,844 options on January 31, 2026, while preserving the eligibility to vest earlier upon a future "Realization Event" (as that term is defined in the relevant award agreement). As a result, 100% of such stock options will be vested on January 31, 2026 even if no Realization Event occurs prior to such date.
F3 Includes 97,598 previously reported time-based stock options, with the 32,438 remaining unvested time-based stock options scheduled to vest in equal installments on January 31, 2024 and 2025.