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

Role: Chief Technology 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, 06:56 PM
Next filing: Dec 6, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VLTA	Class A Common Stock	Award		+334K			334K	Aug 26, 2021	Direct	F1

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		+18.2K			18.2K	Aug 26, 2021	Class A Common Stock	18.2K	$0.83	Direct	F2, F3
transaction	VLTA	Stock Option (right to buy)	Award		+140K			140K	Aug 26, 2021	Class A Common Stock	140K	$1.59	Direct	F4, F5
transaction	VLTA	Stock Option (right to buy)	Award		+30.3K			30.3K	Aug 26, 2021	Class A Common Stock	30.3K	$1.59	Direct	F6, F7
transaction	VLTA	Stock Option (right to buy)	Award		+103K			103K	Aug 26, 2021	Class A Common Stock	103K	$1.58	Direct	F8, F9
transaction	VLTA	Stock Option (right to buy)	Award		+243K			243K	Aug 26, 2021	Class A Common Stock	243K	$3.71	Direct	F10, F11

* 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, 275,547 shares of Class B Common Stock of Legacy Volta held by the Reporting Person were converted into 334,377 shares of Class A Common Stock of the Issuer. The issuance of the shares was approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
F2	In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 15,000 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 18,202 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.
F3	The option is immediately exercisable in full. The option vests in equal monthly installments over 48 months beginning on May 2, 2019.
F4	In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 115,000 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 139,552 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.
F5	The option is immediately exercisable in full. The option vests as to 1/4th of the total number of shares on October 29, 2020 and thereafter as to 1/48th of the total number of shares in equal monthly installments.
F6	In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 25,000 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 30,337 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.
F7	The option is immediately exercisable in full. The option vests as to 1/4th of the total number of shares on February 1, 2021 and thereafter as to 1/48th of the total number of shares in equal monthly installments.
F8	In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 85,000 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 103,148 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.
F9	The option is immediately exercisable in full. The option vests as to 1/4th of the total number of shares on October 3, 2021 and thereafter as to 1/48th of the total number of shares in equal monthly installments.
F10	In connection with the Business Combination and in accordance with the Business Combination Agreement, an option to purchase 200,000 shares of Class B Common Stock of Legacy Volta held by the Reporting Person was converted into an option to purchase 242,701 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.
F11	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.