Adan Gossar - Jan 12, 2023 Form 4 Insider Report for TPI COMPOSITES, INC (TPIC)

Role: Chief Accounting Officer
Signature: /s/ Steven G. Fishbach, Attorney-in-Fact
Stock symbol: TPIC
Transactions as of: Jan 12, 2023
Transactions value $: -$59,298
Form type: 4
Date filed: 1/17/2023, 03:10 PM
Previous filing: Mar 14, 2022
Next filing: Mar 23, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPIC	Common Stock	Options Exercise	$0	+12.3K		$0.00	12.3K	Jan 12, 2023	Direct
transaction	TPIC	Common Stock	Tax liability	-$59.3K	-4.26K	-34.53%	$13.91	8.08K	Jan 12, 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	TPIC	Restricted Stock Units	Options Exercise	$0	-12.3K	-50%	$0.00	12.3K	Jan 12, 2023	Common Stock	12.3K		Direct	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	Represents the shares required to satisfy tax withholding obligations in connection with the vesting of 12,347 restricted stock units("RSUs").
F2	Each RSU represents a contingent right to receive one share of the common stock. All unvested RSUs will automatically expire upon Reporting Person's termination of service from Issuer.
F3	On January 12, 2022, the Reporting Person was granted 24,694 RSU's. 50% of such RSU award vested on January 12, 2023 and the remaining 50% will vest on January 12, 2024.
F4	Subject to the Reporting Person remaining a service provider to the Company through and including the second anniversary of the date of the above award, if the aggregate market value of the total number of shares issued pursuant to the award as of such date, together with the aggregate market value of any shares underlying this award that have been sold before such date, is less than the aggregate market value of the total number of shares issuable as of original grant date (in each case, as measured by reference to the closing market prices of the Company's common stock on said dates), then the Reporting Person will receive additional fully vested shares on such second anniversary date with an aggregate market value equal to the difference between the two amounts. Any such additional shares shall be issued pursuant to, and shall be subject to, the terms of the Company's 2015 Stock Option and Incentive Plan and the applicable award agreement thereunder.