James A. Eliasberg - May 7, 2021 Form 4 Insider Report for CITIZENS, INC. (CIA)

Role
Former VP, Chief Legal Officer
Signature
/s/ Jeffery P. Conklin, Attorney-in-Fact
Stock symbol
CIA
Transactions as of
May 7, 2021
Transactions value $
-$25,513
Form type
4
Date filed
5/11/2021, 03:38 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CIA Citizens, Inc. Class A Common Stock Options Exercise +7.88K +23.85% 40.9K May 7, 2021 Direct F1, F2
transaction CIA Citizens, Inc. Class A Common Stock Tax liability -$10.9K -1.92K -4.69% $5.70 39K May 7, 2021 Direct
transaction CIA Citizens, Inc. Class A Common Stock Options Exercise +10.5K +26.88% 49.5K May 7, 2021 Direct F1, F2
transaction CIA Citizens, Inc. Class A Common Stock Tax liability -$14.6K -2.56K -5.16% $5.70 46.9K May 7, 2021 Direct

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 CIA Restricted Stock Units Options Exercise $0 -10.5K -100% $0.00* 0 May 7, 2021 Class A Common Stock 10.5K Direct F2, F3
transaction CIA Restricted Stock Units Options Exercise $0 -7.88K -100% $0.00* 0 May 7, 2021 Class A Common Stock 7.88K Direct F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of Citizens, Inc. Class A Common Stock issued upon accelerated vesting of Restricted Stock Units (RSUs) pursuant to the terms of the Separation and Release Agreement by and between the Reporting Person and Citizens, Inc. dated April 29, 2021 (the "Separation Agreement").
F2 Each restricted stock unit represents a contingent right to receive one share of Citizens, Inc. Class A common stock.
F3 The RSUs were granted on January 29, 2021. The RSUs were scheduled to vest annually at a rate of 1/3 on each anniversary of the grant date. All of the unvested RSUs were accelerated on the Transaction Date pursuant to the terms of the Separation Agreement.
F4 The RSUs were granted on April 15, 2020. 1/2 of the RSUs previously vested on April 15, 2021 and the remaining 1/2 were scheduled to vest on April 15, 2022. All of the unvested RSUs were accelerated on the Transaction Date pursuant to the terms of the Separation Agreement.

Remarks:

The Reporting Person resigned from Citizens Inc. effective April 30, 2021. As a result, the Reporting Person is no longer subject to Section 16 in connection with his transactions in the equity securities of Citizens, Inc. and, therefore, will no longer report any such transactions on Form 4 or Form 5.