DRIVE CAPITAL OVERDRIVE FUND I, L.P. - 31 Aug 2022 Form 4 Insider Report for Root, Inc. (ROOT)

Role
10%+ Owner
Signature
Drive Capital Overdrive Fund I, L.P., by: Drive Capital Overdrive Fund I (GP), LLC, its: General Partner, by: /s/ Christopher Olsen, Managing Member
Issuer symbol
ROOT
Transactions as of
31 Aug 2022
Net transactions value
$0
Form type
4
Filing time
02 Sep 2022, 19:56:53 UTC
Previous filing
04 Jan 2022
Next filing
23 May 2025
SEC
View on sec.gov

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 +112,469 112,469 31 Aug 2022 See Footnote F1, F2, F3
transaction ROOT Class A Common Stock Conversion of derivative security +54,382 54,382 31 Aug 2022 See Footnote F1, F2, F4
transaction ROOT Class A Common Stock Conversion of derivative security +1,593 1,593 31 Aug 2022 See Footnote F1, F2, F5
holding ROOT Class A Common Stock 25,151 31 Aug 2022 See Footnote F2, F6

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 -112,469 -100% $0.000000* 0 31 Aug 2022 Class A Common Stock 112,469 See Footnote F2, F3, F7
transaction ROOT Class B Common Stock Conversion of derivative security $0 -54,382 -100% $0.000000* 0 31 Aug 2022 Class A Common Stock 54,382 See Footnote F2, F4, F7
transaction ROOT Class B Common Stock Conversion of derivative security $0 -1,593 -100% $0.000000* 0 31 Aug 2022 Class A Common Stock 1,593 See Footnote F2, F5, F7
holding ROOT Class B Common Stock 1,443,376 31 Aug 2022 Class A Common Stock 1,443,376 See Footnote F2, F7, F8
* 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 issuer effected a 1-for-18 reverse stock split of its Class A Common Stock and Class B Common Stock on August 12, 2022. The number of securities reported on this Form 4 has been adjusted to reflect the reverse stock split.
F3 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") is the managing member of Overdrive GP I and has voting and dispositive power with respect to the shares held of record by Overdrive I. Overdrive GP I and Olsen disclaim beneficial ownership of such shares except to the extent of their pecuniary interests therein.
F4 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") is the managing member of Overdrive GP I and has voting and dispositive power with respect to the shares held of record by Overdrive TE I. Overdrive GP I and Olsen disclaim beneficial ownership of such shares except to the extent of their pecuniary interests therein.
F5 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") is the managing member of Overdrive GP I and has voting and dispositive power with respect to the shares held of record by Overdrive Ignition I. Overdrive GP I and Olsen 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 I (GP), LLC ("GP I"). Christopher Olsen ("Olsen") is the managing member of GP I and has voting and dispositive power with respect to the shares held of record by GP I. Olsen disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
F7 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.
F8 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.

Remarks:

This Form 4 is one of two Form 4s filed on the date hereof with respect to the conversion of these shares. The Reporting Person for the other Form 4 is Christopher Olsen. Mark Kvamme, a Reporting Person on Drive Capital's prior Section 16 filings with respect to the issuer, is no longer a managing member of Drive Capital I (GP), LLC or Drive Capital Overdrive Fund I (GP), LLC, and accordingly, is not a Reporting Person on this Form 4.