Michael Kaswan - Apr 12, 2023 Form 4 Insider Report for Orchestra BioMed Holdings, Inc. (OBIO)

Role: Chief Financial Officer
Signature: /s/ Matthew R. Schob, Attorney-in-Fact
Stock symbol: OBIO
Transactions as of: Apr 12, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/5/2023, 08:17 PM
Previous filing: Jan 30, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	OBIO	Common Stock, par value $0.0001 per share ("Common Stock")	Options Exercise		+29K	+21.74%		163K	Apr 12, 2023	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	OBIO	Right to Receive Earnout Shares	Options Exercise		-29K	-50%		29K	Apr 12, 2023	Common Stock	29K		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Pursuant to the Agreement and Plan of Merger, dated as of July 4, 2022 (and as subsequently amended) by and among the Issuer and certain other parties named therein (the "Merger Agreement"), the Reporting Person has the contingent right to receive, for no additional consideration, the Reporting Person's Pro Rata Portion (as such term is defined in the Merger Agreement ) of 8,000,000 shares of common stock of the Issuer (the "Earnout Shares") if, at any time from January 26, 2023 until January 26, 2028, the volume-weighted average price of the common stock of the Issuer is greater than or equal to (i) with respect to 4,000,000 Earnout Shares, $15.00 per share over any 20 trading days within any 30-trading day period (the "Initial Milestone Event") and (ii) with respect to 4,000,000 Earnout Shares, $20.00 per share over any 20 trading days within any 30-trading day period.
F2	The Initial Milestone Event occurred on April 12, 2023 and 29,029 shares of Common Stock were issued to the Reporting Person on April 19, 2023 in accordance with the Merger Agreement.

Content

Pursuant to the Agreement and Plan of Merger, dated as of July 4, 2022 (and as subsequently amended) by and among the Issuer and certain other parties named therein (the "Merger Agreement"), the Reporting Person has the contingent right to receive, for no additional consideration, the Reporting Person's Pro Rata Portion (as such term is defined in the Merger Agreement ) of 8,000,000 shares of common stock of the Issuer (the "Earnout Shares") if, at any time from January 26, 2023 until January 26, 2028, the volume-weighted average price of the common stock of the Issuer is greater than or equal to (i) with respect to 4,000,000 Earnout Shares, $15.00 per share over any 20 trading days within any 30-trading day period (the "Initial Milestone Event") and (ii) with respect to 4,000,000 Earnout Shares, $20.00 per share over any 20 trading days within any 30-trading day period.

The Initial Milestone Event occurred on April 12, 2023 and 29,029 shares of Common Stock were issued to the Reporting Person on April 19, 2023 in accordance with the Merger Agreement.