Rebecca Orcutt - Aug 31, 2023 Form 4 Insider Report for ModivCare Inc (MODV)

Role: SVP, Chief Accounting Officer
Signature: /s/ Jonathan Bush by Power of Attorney
Stock symbol: MODV
Transactions as of: Aug 31, 2023
Transactions value $: $0
Form type: 4
Date filed: 9/5/2023, 04:42 PM
Previous filing: Aug 14, 2023
Next filing: Oct 19, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MODV	Common Stock	Award	$0	+1.9K	+168.29%	$0.00	3.03K	Aug 31, 2023	Direct	F1

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	MODV	Performance Restricted Stock Units	Award	$0	+1.9K		$0.00	1.9K	Aug 31, 2023	Common Stock	1.9K		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Represents restricted stock units scheduled to vest as follows: (i) 633 shares will vest on August 31, 2024, (ii) 634 shares will vest on August 31, 2025 and (iii) 633 shares will vest on August 31, 2026, in each case, subject to the reporting person's continued employment.
F2	Represents the contingent right to receive a number of shares of issuer common stock determined by multiplying the number of performance units by a percentage from 50% to 200% that corresponds to specified revenue and Adjusted EBITDA thresholds measured by reference to the issuer's audited financial statements for its fiscal year ending December 31, 2025, subject to the reporting person's continued employment through the vesting date of August 31, 2026. The number of shares of common stock reported assumes a revenue and Adjusted EBITDA performance target achieved that corresponds to a 100% payout level.

Content

Represents restricted stock units scheduled to vest as follows: (i) 633 shares will vest on August 31, 2024, (ii) 634 shares will vest on August 31, 2025 and (iii) 633 shares will vest on August 31, 2026, in each case, subject to the reporting person's continued employment.

Represents the contingent right to receive a number of shares of issuer common stock determined by multiplying the number of performance units by a percentage from 50% to 200% that corresponds to specified revenue and Adjusted EBITDA thresholds measured by reference to the issuer's audited financial statements for its fiscal year ending December 31, 2025, subject to the reporting person's continued employment through the vesting date of August 31, 2026. The number of shares of common stock reported assumes a revenue and Adjusted EBITDA performance target achieved that corresponds to a 100% payout level.