Catherine J. Lewis - Apr 2, 2024 Form 3 Insider Report for Powerfleet, Inc. (PWFL)

Role
Chief Customer Officer
Signature
/s/ Catherine J. Lewis
Stock symbol
PWFL
Transactions as of
Apr 2, 2024
Transactions value $
$0
Form type
3
Date filed
4/11/2024, 06:14 PM
Previous filing
Jul 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding PWFL Common Stock, par value $0.01 per share 323K Apr 2, 2024 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
holding PWFL Stock Appreciation Right Apr 2, 2024 Common Stock 95.7K $3.46 Direct F1, F2, F7
holding PWFL Stock Appreciation Right Apr 2, 2024 Common Stock 89.3K $2.45 Direct F1, F3, F7
holding PWFL Stock Appreciation Right Apr 2, 2024 Common Stock 89.3K $3.06 Direct F1, F4, F7
holding PWFL Stock Appreciation Right Apr 2, 2024 Common Stock 74.7K $2.11 Direct F1, F5, F7
holding PWFL Stock Appreciation Right Apr 2, 2024 Common Stock 63.8K $2.08 Direct F1, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents securities acquired in connection with the consummation of the transactions (the "Transactions") contemplated by the Implementation Agreement, dated October 10, 2023, by and among Powerfleet, Inc. ("Powerfleet"), Main Street 2000 Proprietary Limited ("Powerfleet Sub"), and MiX Telematics Limited ("MiX Telematics"), pursuant to which, on April 2, 2024, Powerfleet Sub acquired all of the issued ordinary shares of MiX Telematics, including the ordinary shares represented by MiX Telematics' American Depositary Shares, through the implementation of a scheme of arrangement, in exchange for shares of common stock, par value $0.01 per share, of Powerfleet. As a result of the Transactions, MiX Telematics became an indirect, wholly owned subsidiary of Powerfleet and former MiX Telematics shareholders now own common stock of Powerfleet. The closing price per share of Powerfleet common stock on April 1, 2024 (the last trading day prior to the closing date of the Transactions) was $4.92.
F2 71,786 shares of common stock underlying these stock appreciation rights have vested as of the date of this report. The remaining shares of common stock underlying these stock appreciation rights vest on August 5, 2024, provided that the reporting person is employed by Powerfleet on such date.
F3 44,667 shares of common stock underlying these stock appreciation rights have vested as of the date of this report. The remaining shares of common stock underlying these stock appreciation rights vest in equal installments on each of June 1, 2024 and June 1, 2025, provided that the reporting person is employed by Powerfleet on each such date.
F4 22,333 shares of common stock underlying these stock appreciation rights have vested as of the date of this report. The remaining shares of common stock underlying these stock appreciation rights vest in equal installments on each of December 9, 2024, December 9, 2025 and December 9, 2026, provided that the reporting person is employed by Powerfleet on each such date.
F5 The shares of common stock underlying these stock appreciation rights will vest in equal installments on each of November 1, 2024, November 1, 2025, November 1, 2026 and November 1, 2027, provided that the reporting person is employed by Powerfleet on each such date.
F6 The shares of common stock underlying these stock appreciation rights will vest in equal installments on each of June 26, 2025, June 26, 2026, June 26, 2027 and June 26, 2028, provided that the reporting person is employed by Powerfleet on each such date.
F7 For purposes of this table, the award price has been converted, based on the South African Rand/U.S. dollar exchange rate in effect as of April 2, 2024.

Remarks:

Exhibit 24 - Power of Attorney