Christopher Clark - Jun 16, 2022 Form 4 Insider Report for Grove Collaborative Holdings, Inc. (GROV)

Role
Chief Technology Officer, Director
Signature
/s/ Barbara Wallace, Attorney-in-Fact for Christopher Clark
Stock symbol
GROV
Transactions as of
Jun 16, 2022
Transactions value $
$0
Form type
4
Date filed
6/21/2022, 09:40 PM
Next filing
Oct 31, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GROV Class A Common Stock Conversion of derivative security +100 100 Jun 16, 2022 Direct F3, F11

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 GROV Class B Common Stock Award $0 +518K $0.00 518K Jun 16, 2022 Class A Common Stock 518K Direct F1, F2, F3, F4, F5
transaction GROV Class B Common Stock Conversion of derivative security $0 -100 -0.02% $0.00 518K Jun 16, 2022 Class A Common Stock 100 Direct F3, F4, F5, F11
transaction GROV Stock Option (Right to Buy) Award $0 +69.1K $0.00 69.1K Jun 16, 2022 Class B Common Stock 69.1K $0.38 Direct F1, F2, F6
transaction GROV Stock Option (Right to Buy) Award $0 +128K $0.00 128K Jun 16, 2022 Class B Common Stock 128K $0.22 Direct F1, F2, F6
transaction GROV Stock Option (Right to Buy) Award $0 +169K $0.00 169K Jun 16, 2022 Class B Common Stock 169K $0.38 Direct F1, F2, F6
transaction GROV Stock Option (Right to Buy) Award $0 +400K $0.00 400K Jun 16, 2022 Class B Common Stock 400K $0.76 Direct F1, F2, F7
transaction GROV Stock Option (Right to Buy) Award $0 +588K $0.00 588K Jun 16, 2022 Class B Common Stock 588K $1.92 Direct F1, F2, F8
transaction GROV Stock Option (Right to Buy) Award $0 +265K $0.00 265K Jun 16, 2022 Class B Common Stock 265K $3.77 Direct F1, F2, F9
transaction GROV Restricted Stock Units Award $0 +175K $0.00 175K Jun 16, 2022 Class B Common Stock 175K Direct F1, F2, F12
transaction GROV Warrant (Right to Acquire) Award $0 +588 $0.00 588 Jun 16, 2022 Class B Common Stock 588 $8.51 Direct F1, F2, F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These securities were issued upon closing of the mergers (the "Business Combination") contemplated by the Agreement and Plan of Merger, dated December 7, 2021, as amended and restated on March 31, 2022, (the "Merger Agreement") by and among Virgin Group Acquisition Corp. II, a Cayman Islands exempted company ("VGAC II"), Treehouse Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary of VGAC II ("VGAC II Merger Sub I"), Treehouse Merger Sub II, LLC, a Delaware limited liability company and wholly owned direct subsidiary of VGAC II ("VGAC II Merger Sub II"), and Grove Collaborative, Inc., a Delaware public benefit corporation ("Grove"), in exchange for Grove securities.
F2 Upon closing of the Business Combination, VGAC II was renamed Grove Collaborative Holdings, Inc. (the "Issuer"), and each share of Grove common stock and preferred stock (on an as-converted-to-common-stock basis) and each restricted stock unit ("RSU"), option and warrant to acquire Grove common stock was converted into the right to receive a share of the Issuer's Class B common stock ("Class B Common Stock") and an RSU, option and warrant to acquire Class B Common Stock, respectively, based on an exchange ratio set forth in the Merger Agreement ("Exchange Ratio"), plus a number of Earnout Shares (defined in footnote 5 below) calculated pursuant to the terms of the Merger Agreement. The Exchange Ratio calculates to approximately 1.176 shares of Class B Common Stock per share of Grove common stock.
F3 Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at any time, and will be automatically converted into an equal number of Class A Common Stock upon any transfer.
F4 This amount includes an additional 190,006 restricted shares of Class B Common Stock that the Reporting Person received in connection with the Business Combination that will vest upon the achievement of certain earnout thresholds ("Milestones") prior to the tenth anniversary of the closing of the Business Combination (the "Earnout Shares"). The Milestones are described in footnote 5 below.
F5 The Milestones are defined in the Merger Agreement as follows: (i) 50% of the Earnout Shares automatically vest if the daily volume weighted average price ("VWAP") of the shares of Class A Common Stock is greater than or equal to $12.50 per share for any 20 trading days within any 30-trading-day period; and (ii) 50% of the Earnout Shares automatically vest if the daily VWAP of the shares of Class A Common Stock is greater than or equal to $15.00 per share for any 20 trading days within any 30-trading-day period, each subject to certain change-of-control provisions. In addition, any Earnout Shares issued in exchange for Grove RSUs or options are subject to the same vesting terms as the underlying RSUs and options and, if the underlying RSU or option is forfeited, the corresponding Earnout Shares will also be forfeited and distributed to the other holder of Grove securities as if immediately prior to the closing of the Business Combination on a pro rata basis.
F6 This option is fully vested and is currently exercisable at any time.
F7 This option vested 25% on November 9, 2019, and then vests quarterly for the next 36 months, subject to the Reporting Person's continuous service through each applicable vesting date, with accelerated vesting following a change in control if the Reporting Person's services are terminated by the Issuer without cause or he resigns for good reason. The unvested portions of these options may be early exercised for restricted stock, subject to the Issuer's right of repurchase.
F8 This option vested 25% on January 1, 2021, and then vests quarterly for the next 36 months, subject to the Reporting Person's continuous service through each applicable vesting date, with accelerated vesting following a change in control if the Reporting Person's services are terminated by the Issuer without cause or he resigns for good reason. The unvested portions of these options may be early exercised for restricted stock, subject to the Issuer's right of repurchase.
F9 This option vests quarterly for 48 months starting with the first quarter following January 1, 2021, subject to the Reporting Person's continuous service through each applicable vesting date, with accelerated vesting following a change in control if the Reporting Person's services are terminated by the Issuer without cause or he resigns for good reason.
F10 These warrants are currently exercisable.
F11 In connection with closing of the Business Combination, the Reporting Person elected to convert these securities from Class B Common Stock to Class A Common Stock.
F12 These RSUs vest in four quarterly installments starting on May 15, 2022, with accelerated vesting following a change in control if the Reporting Person's services are terminated by the Issuer without cause or he resigns for good reason. The RSUs have no expiration date.