Lance Morell Marram - Jan 12, 2024 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, 2024
Transactions value $
-$148,302
Form type
4
Date filed
1/17/2024, 07:12 PM
Previous filing
Mar 23, 2023
Next filing
Mar 12, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TPIC Common Stock Options Exercise $0 +125K +908.79% $0.00 139K Jan 12, 2024 Direct
transaction TPIC Common Stock Tax liability -$148K -46.6K -33.66% $3.18 91.9K Jan 12, 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
transaction TPIC Restricted Stock Units Options Exercise $0 -125K -100% $0.00* 0 Jan 12, 2024 Common Stock 125K 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 124,831 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 50% of the shares underlying the restricted stock unit award vested on the first anniversary date of the original grant date of the award, and the remaining 50% of the shares vested on the secondary anniversary of the original grant date. The number of shares reported reflect additional shares issued to the reporting person based on the difference of the closing price of Issuer's common stock on the original grant date and the second anniversary date of the original grant date.
F4 Pursuant to the original terms and conditions of the restricted stock unit award, if the aggregate market value of the total number of shares issued as of the second anniversary of the original grant date, together with the aggregate market value of any shares underlying this award that have previously been sold before such date, is less than the aggregate market value of the total number of shares issuable under this award as of the original grant date (in each case, as measured by reference to the closing market prices of the Issuer'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 (measured by reference to the closing market price of the Issuer's common stock on such date) equal to the difference between the two amounts.