Matthew Gline - Aug 29, 2023 Form 4 Insider Report for Roivant Sciences Ltd. (ROIV)

Signature
By: /s/ Jo Chen, as Attorney-in-Fact for Matthew Gline
Stock symbol
ROIV
Transactions as of
Aug 29, 2023
Transactions value $
-$258,144
Form type
4
Date filed
8/29/2023, 09:31 PM
Previous filing
Aug 24, 2023
Next filing
Sep 26, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ROIV Common Shares Options Exercise +12.1K +1.16% 1.05M Aug 27, 2023 Direct F1
transaction ROIV Common Shares Other -$76.3K -6.78K -0.65% $11.25 1.04M Aug 28, 2023 Direct F2, F3

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 ROIV Capped Value Appreciation Rights Options Exercise -$182K -28.4K -2.33% $6.40 1.19M May 27, 2023 Common Shares 12.1K Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reflects the conversion of 28,410 capped value appreciation rights ("CVARs") that entitle the reporting person, following the achievement of specified vesting and other conditions, to an amount equal to the product of (i) the number of vested CVARs multiplied by (ii) the excess (if any) of (A) the fair market value of a Common Share (capped at $12.68 per share) as of the relevant date of determination over (B) the hurdle price of $6.40 per share (such excess, the "CVAR Amount"). On August 27, 2023, the "knock-in" condition (as defined below) and hurdle price applicable to these vested CVARs have been satisfied and, accordingly, the CVARs were settled into 12,088 Common Shares, determined by dividing (i) the CVAR Amount by (ii) the closing price of a Common Share on August 25, 2023.
F2 Represents the sale of Common Shares pursuant to a "sell-to-cover" transaction in order to satisfy applicable tax withholding obligations in connection with the vesting and settlement of the CVARs. This sale was effected pursuant to the issuer's "sell to cover" policy and does not represent a discretionary sale by the reporting person.
F3 The price reported in this column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.08 to $11.36, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Shares sold at each separate price within the range set forth in this footnote (3) to this Form 4.
F4 This award of CVARs vests (i) 25% on the first anniversary of the vesting commencement date and (ii) in 36 equal monthly installments thereafter, subject to the reporting person's continuous service through each vesting date, with a vesting commencement date of December 27, 2019. In the event the fair market value of a Common Share is less than $9.20 per share as of the relevant date of determination (the "knock-in condition"), this award of CVARs will remain outstanding unless and until the knock-in condition is satisfied as of any applicable measurement date thereafter before the expiration date of the CVARs.