Brandt Hastings - Aug 26, 2021 Form 4 Insider Report for Volta Inc. (VLTA)

Role: Chief Revenue Officer
Signature: /s/ James DeGraw, as Attorney-in-Fact
Stock symbol: VLTA
Transactions as of: Aug 26, 2021
Transactions value $: $0
Form type: 4
Date filed: 8/30/2021, 06:53 PM
Next filing: Dec 6, 2021

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	VLTA	Stock Option (right to buy)	Award		+140K			140K	Aug 26, 2021	Class A Common Stock	140K	$3.71	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On August 26, 2021, pursuant to that certain Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021 (the " Business Combination Agreement"), by and among Tortoise Acquisition Corp. II (the "Issuer"), Volta Industries, Inc., a Delaware corporation ("Legacy Volta") and the other parties thereto, the Issuer completed its initial business combination (the "Business Combination"). As a result of the Business Combination, the Issuer changed its name to Volta Inc. In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 115,740 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 140,450 shares of Class A Common Stock of the Issuer. The issuance of the option was approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Exchange Act.
F2	The option vests and becomes exercisable as to 1/4th of the total number of shares on January 22, 2022, and thereafter vests and becomes exercisable as to 1/48th of the total number of shares in equal monthly installments.

Content

On August 26, 2021, pursuant to that certain Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021 (the " Business Combination Agreement"), by and among Tortoise Acquisition Corp. II (the "Issuer"), Volta Industries, Inc., a Delaware corporation ("Legacy Volta") and the other parties thereto, the Issuer completed its initial business combination (the "Business Combination"). As a result of the Business Combination, the Issuer changed its name to Volta Inc. In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 115,740 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 140,450 shares of Class A Common Stock of the Issuer. The issuance of the option was approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Exchange Act.

The option vests and becomes exercisable as to 1/4th of the total number of shares on January 22, 2022, and thereafter vests and becomes exercisable as to 1/48th of the total number of shares in equal monthly installments.