Padraic L. Spence - Feb 10, 2022 Form 4 Insider Report for Zevia PBC (ZVIA)

Role: Chair, Chief Executive Officer, Director
Signature: /s/ Lorna R. Simms, Attorney-in-Fact for Padraic L. Spence
Stock symbol: ZVIA
Transactions as of: Feb 10, 2022
Transactions value $: -$416,273
Form type: 4
Date filed: 2/14/2022, 08:32 PM
Previous filing: Jul 28, 2021
Next filing: Mar 11, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ZVIA	Class A Common Stock	Options Exercise	$1.2K	+120K	+5%	$0.01^*	2.52M	Feb 10, 2022	Direct	F1
transaction	ZVIA	Class A Common Stock	Disposed to Issuer	-$1.21K	-158	-0.01%	$7.64	2.52M	Feb 10, 2022	Direct	F1
transaction	ZVIA	Class A Common Stock	Tax liability	-$416K	-44.4K	-1.76%	$9.38	2.48M	Feb 10, 2022	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	ZVIA	Restricted Phantom Units	Options Exercise	$0	-120K	-100%	$0.00^*	0	Feb 10, 2022	Class A Common Stock	120K	$0.01	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Represents 120,000 restricted phantom units that vested on January 21, 2022 and were settled on February 10, 2022. Each restricted phantom unit represented the right to receive a number of shares of Class A Common Stock of the Issuer with a fair market value equal to (i) the total number of restricted phantom units, multiplied by (ii) the difference between (x) the fair market value of a share of Class A Common Stock of the Issuer on the vesting date and (y) the exercise price per unit.
F2	The transaction reported reflects the withholding of shares of Class A Common Stock in satisfaction of the Reporting Person's tax liability in connection with the settlement of the restricted phantom units.
F3	Includes 2,400,000 restricted stock units ("RSUs"). Each RSU represents the right to receive one share of Class A Common Stock of the Issuer. 2,200,000 RSUs will vest as follows: (i) 100% on the consummation of a change of control or (ii) in equal monthly installments over the 36-month period following January 17, 2022, and 200,000 RSUs are vested in full, subject to deferred settlement in one-third increments on each of January 17, 2023, January 17, 2024, and January 17, 2025.