Edward E. Olkkola - 18 May 2021 Form 4 Insider Report for Hyliion Holdings Corp. (HYLN)

Role: Director
Signature: /s/ Edward E. Olkkola
Issuer symbol: HYLN
Transactions as of: 18 May 2021
Net transactions value: +$8,600
Form type: 4
Filing time: 20 May 2021, 18:06:00 UTC
Next filing: 21 May 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HYLN	Common Stock	Options Exercise	$8,600	+100,000	+12%	$0.0860^*	931,610	18 May 2021	Direct
holding	HYLN	Common Stock						166,560	18 May 2021	By Spouse

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	HYLN	Stock Option (Right to Buy)	Options Exercise		-100,000	-9.1%		992,901	18 May 2021	Common Stock	100,000	$0.0860	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The option became exercisable in equal quarterly installments over 4 years beginning on August 29, 2016.
F2	The option was received in exchange for an option to purchase 750,000 shares of Hyliion Inc. ("Legacy Hyliion") common stock pursuant to the Business Combination Agreement and Plan of Reorganization, dated as of June 18, 2020, by and among Tortoise Acquisition Corp. ("Tortoise"), Legacy Hyliion and SHLL Merger Sub Inc., a wholly-owned subsidiary of Tortoise ("Merger Sub"), pursuant to which Merger Sub merged with and into Legacy Hyliion, with Legacy Hyliion surviving the merger as a wholly-owned subsidiary of Tortoise (which subsequently changed its name to "Hyliion Holdings Corp.").

Content

The option became exercisable in equal quarterly installments over 4 years beginning on August 29, 2016.

The option was received in exchange for an option to purchase 750,000 shares of Hyliion Inc. ("Legacy Hyliion") common stock pursuant to the Business Combination Agreement and Plan of Reorganization, dated as of June 18, 2020, by and among Tortoise Acquisition Corp. ("Tortoise"), Legacy Hyliion and SHLL Merger Sub Inc., a wholly-owned subsidiary of Tortoise ("Merger Sub"), pursuant to which Merger Sub merged with and into Legacy Hyliion, with Legacy Hyliion surviving the merger as a wholly-owned subsidiary of Tortoise (which subsequently changed its name to "Hyliion Holdings Corp.").