Conlee Cecil D - Dec 7, 2021 Form 4 Insider Report for NATIONAL BEVERAGE CORP (FIZZ)

Role: Director
Signature: /s/ Cecil D. Conlee
Stock symbol: FIZZ
Transactions as of: Dec 7, 2021
Transactions value $: $60
Form type: 4
Date filed: 12/9/2021, 04:06 PM
Previous filing: Jun 10, 2021
Next filing: Jul 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FIZZ	Common Stock	Exercise of in-the-money or at-the-money derivative security	$44.00	+4.4K	+5.66%	$0.01^*	82.1K	Dec 7, 2021	Direct	F1
transaction	FIZZ	Common Stock	Exercise of in-the-money or at-the-money derivative security	$16.00	+1.6K	+1.95%	$0.01^*	83.7K	Dec 7, 2021	Direct	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	FIZZ	KEEP STOCK OPTION	Exercise of in-the-money or at-the-money derivative security		-4.4K	-9.17%		43.6K	Dec 7, 2021	Common Stock	4.4K	$0.01	Direct	F1
transaction	FIZZ	KEEP STOCK OPTION	Exercise of in-the-money or at-the-money derivative security		-1.6K	-3.67%		42K	Dec 7, 2021	Common Stock	1.6K	$0.01	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Reflects exercise of options granted to Mr. Conlee under the Company's Key Employee Equity Partnership Program ("KEEP") on June 10, 2015. KEEP participants receive a grant equal to 50% of the number of shares of the Company's common stock purchased on the open market. KEEP options are granted at an initial exercise price of 60% of the purchase price of the shares acquired and such price is reduced to the par value of the Company's common stock over a six-year vesting period. Reference is made to Exhibit 10.8 of the Company's Form 10-K for the year ended May 1, 2021.
F2	Reflects exercise of options granted to Mr. Conlee under the Company's Key Employee Equity Partnership Program ("KEEP") on September 24, 2015. KEEP participants receive a grant equal to 50% of the number of shares of the Company's common stock purchased on the open market. KEEP options are granted at an initial exercise price of 60% of the purchase price of the shares acquired and such price is reduced to the par value of the Company's common stock over a six-year vesting period. Reference is made to Exhibit 10.8 of the Company's Form 10-K for the year ended May 1, 2021.

Content

Reflects exercise of options granted to Mr. Conlee under the Company's Key Employee Equity Partnership Program ("KEEP") on June 10, 2015. KEEP participants receive a grant equal to 50% of the number of shares of the Company's common stock purchased on the open market. KEEP options are granted at an initial exercise price of 60% of the purchase price of the shares acquired and such price is reduced to the par value of the Company's common stock over a six-year vesting period. Reference is made to Exhibit 10.8 of the Company's Form 10-K for the year ended May 1, 2021.

Reflects exercise of options granted to Mr. Conlee under the Company's Key Employee Equity Partnership Program ("KEEP") on September 24, 2015. KEEP participants receive a grant equal to 50% of the number of shares of the Company's common stock purchased on the open market. KEEP options are granted at an initial exercise price of 60% of the purchase price of the shares acquired and such price is reduced to the par value of the Company's common stock over a six-year vesting period. Reference is made to Exhibit 10.8 of the Company's Form 10-K for the year ended May 1, 2021.