Michael Wager - Mar 23, 2022 Form 4 Insider Report for Byrna Technologies Inc. (BYRN)

Role
Chief Strategy Officer
Signature
/s/ Lisa Wager by Power of Attorney
Stock symbol
BYRN
Transactions as of
Mar 23, 2022
Transactions value $
$0
Form type
4
Date filed
3/25/2022, 08:09 PM
Previous filing
Feb 22, 2022
Next filing
Jul 13, 2022

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 BYRN Restricted Stock Unit Disposed to Issuer $0 -45K -50% $0.00 45K Mar 23, 2022 Common Stock 45K Direct F1, F2
transaction BYRN Option (right to buy) Award $0 +45K $0.00 45K Mar 23, 2022 Common Stock 45K $9.23 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit represents the right to receive one share of common stock.
F2 The original grants of restricted stock units ("Units") consisted of a total of 30,000 Units with no performance trigger, 30,000 Units with a $30 20-day VWAP performance trigger ("$30 Trigger"), and 30,000 Units with a $40 20-day VWAP performance trigger ("$40 Trigger"). The Reporting Person must remain in service to the Company through August 31, 2023 for any Units to vest. The Reporting Person has agreed to an amendment of the original Restricted Stock Unit Agreement, approved by the Board, to provide for cancellation of half the Units, consisting of all Units with a $40 Trigger and 25,000 Units with a $30 Trigger, in exchange for a grant of an equal number of options as described herein.
F3 One third of the grant (the "Option Shares") will vest and become exercisable on 3/23/23 (the "Year Anniversary"); the balance of the Option Shares will vest in eight (8) quarterly, consecutive, and equal installments thereafter, beginning on the first calendar day of the fiscal quarter immediately following the Year Anniversary, until all Option Shares are fully vested.