Rudolph V. Renda - Mar 22, 2023 Form 4 Insider Report for Southland Holdings, Inc. (SLND)

Signature
/s/ Rudolph V. Renda
Stock symbol
SLND
Transactions as of
Mar 22, 2023
Transactions value $
$6,398,437
Form type
4
Date filed
5/22/2023, 09:50 PM
Previous filing
Feb 22, 2023
Next filing
Apr 4, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SLND Common Stock Other $3.5M +345K +9.8% $10.15 3.86M Mar 22, 2023 Direct F1
transaction SLND Common Stock Other $1.4M +138K +10.19% $10.15 1.49M Mar 22, 2023 Rudolph V. Renda, Jr., 2015 Irrevocable Trust F1, F6, F10
transaction SLND Common Stock Other $700K +69K +10.2% $10.15 745K Mar 22, 2023 Angelo Joseph Renda Trust F1, F7, F10
transaction SLND Common Stock Other $700K +69K +10.2% $10.15 745K Mar 22, 2023 Lola Sofia Renda Trust F1, F8, F10
transaction SLND Common Stock Purchase $38.4K +4.67K +0.12% $8.23 3.87M May 18, 2023 Direct F2, F5
transaction SLND Common Stock Purchase $16.5K +2K +0.05% $8.27 3.87M May 19, 2023 Direct F3, F5
transaction SLND Common Stock Purchase $43.5K +5.05K +0.13% $8.60 3.87M May 22, 2023 Direct F4, F5
holding SLND Common Stock 1.5K Mar 22, 2023 Christy Lee Renda 2015 Irrevocable Trust F9, F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares reported were issued pursuant to an earnout right in connection with that certain Merger Agreement, dated May 25, 2022 (the "Merger Agreement"), by and among the Issuer, Legato Merger Sub Inc. and Southland Holdings, LLC (the "Target Company"). As of the effective date of the merger, the members of the Target Company were entitled to receive, among other consideration, a number of shares of the Issuer's common stock equal to (a) (i) $105,000,000 divided by (ii) $10.15, multiplied by (b) such Target Company member's percentage of all Target Company membership interests issued and outstanding immediately prior to the effective date, upon the achievement of certain earnout targets. The shares issuable in respect of the 2022 Base Target (as defined in the Merger Agreement) were determined upon the final calculation of the Issuer's audited financial statements for the year ended December 31, 2022, and the shares were issued on April 27, 2023.
F2 The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.80 to $8.40, inclusive.
F3 The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.12 to $8.41, inclusive.
F4 The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.35 to $8.88, inclusive.
F5 The reporting person undertakes to provide to Southland Holdings, Inc., any security holder of Southland Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes (2), (3) and (4) to this Form 4.
F6 These shares are held directly by the Rudolph V. Renda, Jr, 2015 Irrevocable Trust ("Trust A"'), a family trust established for the benefit of the immediate family of the reporting person. The reporting person is the sole trustee of Trust A.
F7 These shares are held directly by the Angelo Joseph Renda Trust ("Trust B"), a family trust established for the benefit of a child of the reporting person. The reporting person is the sole trustee of Trust B.
F8 These shares are held directly by the Lola Sofia Renda Trust ("Trust C"), a family trust established for the benefit of a child of the reporting person. The reporting person is the sole trustee of Trust C.
F9 These shares are held directly by the Christy Lee Renda 2015 Irrevocable Trust ("Trust D"), a family trust established for the benefit of the immediate family of the reporting person. The reporting person is the sole trustee of Trust D.
F10 For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting person disclaims beneficial ownership of any such securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise.