Ozan Kaya - Dec 9, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role
President
Signature
/s/ Ozan Kaya
Stock symbol
LOTZ
Transactions as of
Dec 9, 2022
Transactions value $
$0
Form type
4
Date filed
12/12/2022, 08:45 PM
Previous filing
Nov 28, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOTZ Class A Common Stock Disposed to Issuer -970K -100% 0 Dec 9, 2022 Direct F1, F2

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 LOTZ Restricted Stock Units Disposed to Issuer $0 -1.1M -100% $0.00* 0 Dec 9, 2022 Class A Common Stock 1.1M Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Ozan Kaya is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Disposed of in accordance with the terms of the Agreement and Plan of Merger, dated as of August 9, 2022 (the "Merger Agreement"), by and among the Issuer, Shift Technologies, Inc. ("Shift") and Shift Remarketing Operations, Inc. ("Merger Sub"), pursuant to which, on December 9, 2022 (the "Effective Time"), among other things, Merger Sub merged with and into the Issuer, with the Issuer continuing as the surviving corporation and a wholly owned subsidiary of Shift (the "Merger").
F2 (Continued from Footnote 1) In accordance with the terms of the Merger Agreement, at the Effective Time of the Merger, each issued and outstanding share of Class A Common Stock of the Issuer (other than shares of Issuer Common Stock held in treasury by the Issuer and not on behalf of a third party) (the "CarLotz Common Stock") was converted automatically into the right to receive 0.705241 (the "Exchange Ratio") of a duly authorized, validly issued, fully paid and nonassessable share of Class A common stock of Shift (the "Shift Common Stock"), rounded up to the nearest whole share for any fractional share of Shift Common Stock that would be issued to any holder of CarLotz Common Stock after aggregating all fractional shares of Shift Common Stock that would otherwise be received by such holder resulting from the calculation.
F3 In accordance with the terms of a letter agreed to and signed by the Reporting Person, each performance-based restricted stock unit that was outstanding immediately prior to the Effective Time was forfeited without any consideration payable therefor.