Lance Morell Marram - Jan 12, 2023 Form 4 Insider Report for TPI COMPOSITES, INC (TPIC)

Role
Chief Commercial Officer-Wind
Signature
/s/ Steven G. Fishbach, Attorney-in-Fact
Stock symbol
TPIC
Transactions as of
Jan 12, 2023
Transactions value $
-$88,621
Form type
4
Date filed
1/17/2023, 03:10 PM
Previous filing
Jan 4, 2023
Next filing
Mar 14, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TPIC Common Stock Options Exercise $0 +16.7K +843.23% $0.00 18.7K Jan 12, 2023 Direct
transaction TPIC Common Stock Tax liability -$88.6K -6.37K -34.15% $13.91 12.3K 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 -16.7K -50% $0.00 16.7K Jan 12, 2023 Common Stock 16.7K 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 16,679 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 33,358 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.