Arrowroot Acquisition Llc - May 8, 2023 Form 4 Insider Report for Arrowroot Acquisition Corp. (AILE)

Role: 10%+ Owner
Signature: /s/ Peter Byrne, Attorney-in-Fact
Stock symbol: AILE
Transactions as of: May 8, 2023
Transactions value $: $4,603,672
Form type: 4
Date filed: 4/18/2024, 09:45 PM
Previous filing: Feb 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AILE	Common Stock	Conversion of derivative security		+7.03M			7.03M	Apr 16, 2024	Direct	F1, F2
transaction	AILE	Common Stock	Disposed to Issuer	$0	-400K	-5.69%	$0.00	6.63M	Apr 16, 2024	Direct	F2, F3
transaction	AILE	Common Stock	Award	$4.6M	+460K	+6.95%	$10.00	7.09M	Apr 16, 2024	Direct	F2, F4

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	AILE	Class B Common Stock	Sale	-$168	-40K	-0.57%	$0.00^*	7.03M	May 8, 2023	Common Stock	40K		Direct	F1, F2
transaction	AILE	Class B Common Stock	Conversion of derivative security		-7.03M	-100%		0	Apr 16, 2024	Common Stock	7.03M		Direct	F1, F2

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

Arrowroot Acquisition Llc is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	On April 16, 2024 pursuant to the Agreement and Plan of Merger and Reorganization, dated as of April 27, 2023 (the "Merger Agreement"), by and among the Issuer, ARAC Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub") and iLearningEngines Holdings, Inc. ("Legacy iLearningEngines"), Merger Sub merged with and into Legacy iLearningEngines with the separate corporate existence of Merger Sub ceasing and Legacy iLearningEngines continuing as the surviving corporation and a wholly-owned subsidiary of Issuer (the "Merger"). Prior to the effective time of the Merger, pursuant to the Issuer's amended and restated certificate of incorporation, each outstanding share of the Issuer's Class A Common Stock and Class B Common Stock was reclassified as a single share of the Issuer's Common Stock.
F2	Matthew Safaii and Thomas Olivier control the Reporting Person, and as such have voting and investment discretion with respect to the securities held by the Reporting Person and may be deemed to have beneficial ownership of the securities held directly by the Reporting Person.
F3	Immediately prior to the closing of the Merger, pursuant to a Sponsor Forfeiture Agreement dated March 27, 2024, 400,000 shares of Common Stock were forfeited to the Issuer for no consideration.
F4	Shares issued at the effective time of the Merger upon conversion of principal amount of, and accrued interest on, working capital loans provided to the Issuer by the Reporting Person, at the conversion price of $10.00 per share.