Peter H. Woodward - 19 Jul 2022 Form 4 Insider Report for TSS, Inc. (TSSI)

Role: Director, 10%+ Owner
Signature: /s/ Christopher R. Johnson, Attorney-in-Fact
Issuer symbol: TSSI
Transactions as of: 19 Jul 2022
Net transactions value: $0
Form type: 4
Filing time: 21 Jul 2022, 17:21:56 UTC
Previous filing: 06 Jan 2022
Next filing: 29 Dec 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TSSI	Common Stock	Conversion of derivative security		+767,500	+71%		1,852,524	19 Jul 2022	Shares held through MHW Partners, L.P.	F1, F2
transaction	TSSI	Common Stock	Conversion of derivative security		+1,115,826	+392%		1,400,826	19 Jul 2022	Shares held through MHW SPV II, LLC	F3, F4
holding	TSSI	Common Stock						885,714	19 Jul 2022	Shares subject to performance related fee	F5
holding	TSSI	Common Stock						475,000	19 Jul 2022	Shares subject to performance related fee	F6

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	TSSI	Warrant	Conversion of derivative security		-767,500	-100%		0	29 Apr 2022	Common stock	767,500		Shares held through MHW Partners, L.P.	F1, F2
transaction	TSSI	Warrant	Conversion of derivative security		-1,115,826	-100%		0	29 Apr 2022	Common stock	1,115,826		Shares held through MHW SPV II, LLC	F3, F4

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

Explanation of Responses:

Id	Content
F1	Warrant exercise price of $0.10 for the first 268,625 shares, $0.20 for the next 268,625 shares and $0.30 for the final 230,250 shares.
F2	The shares are owned by MHW Partners, L.P. The reporting person is the General Partner of MHW Partners, L.P. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest in the shares.
F3	Warrant exercise price of $0.10 for the first 390,539 shares, $0.20 for the next 390,539 shares and $0.30 for the final 334,748 shares.
F4	The shares are owned by MHW SPV II, LLC. The reporting person is the Manager of MHW SPV II, LLC. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest in the shares.
F5	The shares are owned by unaffiliated third persons, and the reporting person has a right to a performance-related fee upon the disposition of such shares. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest in the shares.
F6	The shares are owned by SOAM Azul II, LLC. The reporting person is the Manager of SOAM Azul II, LLC. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest in the shares.