Stella Roy - Oct 7, 2021 Form 4 Insider Report for Switch, Inc. (SWCH)

Role
10%+ Owner
Signature
/s/ Stella Roy
Stock symbol
SWCH
Transactions as of
Oct 7, 2021
Transactions value $
-$12,551,451
Form type
4
Date filed
10/12/2021, 07:38 PM
Previous filing
Jul 13, 2021
Next filing
Oct 15, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SWCH Class B Common Stock Other -2M -53.33% 1.75M Oct 7, 2021 Direct F1, F2
transaction SWCH Class A Common Stock Conversion of derivative security +2M +1958.48% 2.1M Oct 7, 2021 Direct F3
transaction SWCH Class A Common Stock Sale -$5.12M -200K -9.51% $25.62 1.9M Oct 7, 2021 Direct F3, F4
transaction SWCH Class A Common Stock Sale -$2.5M -100K -5.26% $24.95 1.8M Oct 8, 2021 Direct F3, F5
transaction SWCH Class A Common Stock Sale -$3.25M -132K -7.31% $24.65 1.67M Oct 11, 2021 Direct F6
transaction SWCH Class A Common Stock Award $615 +25 +0% $24.59 1.67M Oct 11, 2021 Direct F7
transaction SWCH Class A Common Stock Tax liability -$7.77K -316 -0.02% $24.59 1.67M Oct 11, 2021 Direct F8
transaction SWCH Class A Common Stock Sale -$1.68M -68.3K -4.09% $24.58 1.6M Oct 12, 2021 Direct F3, F9
holding SWCH Class B Common Stock 11.8M Oct 7, 2021 By revocable grantor trust 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 SWCH Common Units Conversion of derivative security -2M -53.33% 1.75M Oct 7, 2021 Class A Common Stock 2M Direct F2, F3, F10
holding SWCH Common Units 11.8M Oct 7, 2021 Class A Common Stock 11.8M By revocable grantor trust F3, F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the forfeiture and cancellation of one share of Class B common stock for each share of Class A common stock acquired upon (a) the redemption and conversion of membership units in Switch, Ltd. ("Common Units") into Class A common stock, on a one-for-one basis pursuant to the Amended and Restated Certificate of Incorporation of the Issuer. The shares of Class B common stock (i) confer only voting rights (one vote per share) and do not confer any incidents of economic ownership to the holders thereof; and (ii) are forfeited and cancelled, on a one-for-one basis, without consideration, upon the redemption of Common Units for shares of Class A common stock, or cash, at the Issuer's election. See Footnote 3. (2) 13,552,108 Common Units and associated shares of Class B common stock are currently vested with187,500 Common Units and associated shares of Class B common stock will vest on October 11, 2021.
F2 13,552,108 Common Units and associated shares of Class B common stock are currently vested with187,500 Common Units and associated shares of Class B common stock will vest on October 11, 2021.
F3 Represents the redemption and conversion of Common Units on a one-for-one basis for shares of Class A Common Stock.
F4 The price reported in Column 4 is a weighted average price for shares sold in multiple transactions. The sale prices range from $25.455 to $25.94 per share. The Reporting Person undertakes to provide to the Issuer, and undertakes to provide to the Commission staff or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
F5 The price reported in Column 4 is a weighted average price for shares sold in multiple transactions. The sale prices range from $24.75 to $25.47 per share. The Reporting Person undertakes to provide to the Issuer, and undertakes to provide to the Commission staff or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
F6 The price reported in Column 4 is a weighted average price for shares sold in multiple transactions. The sale prices range from $24.50 to $24.77 per share. The Reporting Person undertakes to provide to the Issuer, and undertakes to provide to the Commission staff or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
F7 Represents shares of Class A Common Stock delivered in settlement of dividend equivalent rights awarded in connection with restricted stock units owned by the Reporting Person (previously reported) that accrue in cash and are settled in shares, proportionately, upon the vesting of the restricted stock units.
F8 Represents shares withheld to satisfy the Reporting Person's tax withholding obligation upon the vesting of restricted stock units.
F9 The price reported in Column 4 is a weighted average price for shares sold in multiple transactions. The sale prices range from $24.37 to $24.795 per share. The Reporting Person undertakes to provide to the Issuer, and undertakes to provide to the Commission staff or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
F10 The Common Units are redeemable on a one-for-one basis for shares of Class A common stock, or, at the election of the Issuer, cash equal to a volume weighted average market price of a shares of Class A common stock. The Common Units have no expiration date. Upon any redemption of Common Units, one share of Class B common stock is automatically forfeited and cancelled for each Common Unit so redeemed.