Christopher Olsen - May 17, 2021 Form 4 Insider Report for Root, Inc. (ROOT)

Role
Director, 10%+ Owner
Signature
/s/ Christopher Olsen
Stock symbol
ROOT
Transactions as of
May 17, 2021
Transactions value $
$0
Form type
4
Date filed
6/9/2021, 01:18 PM
Next filing
Jun 14, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ROOT Class A Common Stock Conversion of derivative security +5.12M 5.12M May 17, 2021 See Footnote F1, F2
transaction ROOT Class A Common Stock Award $0 +15.3K $0.00 15.3K Jun 8, 2021 Direct 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 ROOT Class B Common Stock Conversion of derivative security $0 -5.12M -10% $0.00 46.1M May 17, 2021 Class A Common Stock 5.12M See Footnote F2, F4
holding ROOT Class B Common Stock 2.02M May 17, 2021 Class A Common Stock 2.02M See Footnote F4, F5
holding ROOT Class B Common Stock 979K May 17, 2021 Class A Common Stock 979K See Footnote F4, F6
holding ROOT Class B Common Stock 28.7K May 17, 2021 Class A Common Stock 28.7K See Footnote F4, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These shares were converted from Class B Common Stock into Class A Common Stock on a one-for-one basis for no consideration.
F2 The shares are held of record by DC I Investment LLC ("DC I Investment"). Christopher Olsen is the Managing Director of DC I Investment and has sole voting and dispositive power with respect to the shares held of record by DC I Investment.
F3 Represents the grant of restricted stock units ("RSUs") to the Reporting Person for no consideration. The shares subject to the RSUs vest on the date of the Issuer's 2022 annual meeting.
F4 Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.
F5 The shares are held of record by Drive Capital Overdrive Fund I, L.P. ("Overdrive I"). Drive Capital Overdrive Fund I (GP), LLC ("Overdrive GP I") is the General Partner of Overdrive I. Christopher Olsen ("Olsen") and Mark Kvamme ("Kvamme") are the managing members of Overdrive GP I and share voting and dispositive power with respect to the shares held of record by Overdrive I. Overdrive GP I, Olsen and Kvamme disclaim beneficial ownership of such shares except to the extent of their pecuniary interests therein.
F6 The shares are held of record by Drive Capital Overdrive Fund I (TE), L.P. ("Overdrive TE I"). Drive Capital Overdrive Fund I (GP), LLC ("Overdrive GP I") is the General Partner of Overdrive TE I. Christopher Olsen ("Olsen") and Mark Kvamme ("Kvamme") are the managing members of Overdrive GP I and share voting and dispositive power with respect to the shares held of record by Overdrive TE I. Overdrive GP I, Olsen and Kvamme disclaim beneficial ownership of such shares except to the extent of their pecuniary interests therein.
F7 The shares are held of record by Drive Capital Overdrive Ignition Fund I, L.P. ("Overdrive Ignition I"). Drive Capital Overdrive Fund I (GP), LLC ("Overdrive GP I") is the General Partner of Overdrive Ignition I. Christopher Olsen ("Olsen") and Mark Kvamme ("Kvamme") are the managing members of Overdrive GP I and share voting and dispositive power with respect to the shares held of record by Overdrive Ignition I. Overdrive GP I, Olsen and Kvamme disclaim beneficial ownership of such shares except to the extent of their pecuniary interests therein.

Remarks:

This Form 4 is one of two Form 4s filed on the date hereof with respect to the conversion of the Class B Common Stock to Class A Common Stock. The Reporting Person for the other Form 4 is Drive Capital Overdrive Fund I, L.P.