Albert Li - Aug 30, 2021 Form 4 Insider Report for Electric Last Mile Solutions, Inc. (ELMSQ)

Role: CFO
Signature: /s/ Benjamin Wu, attorney-in-fact for Albert Li
Stock symbol: ELMSQ
Transactions as of: Aug 30, 2021
Transactions value $: $0
Form type: 4
Date filed: 9/1/2021, 05:05 PM
Previous filing: Jun 29, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ELMSQ	Common Stock						88.1K	Aug 30, 2021	by Li Management and Consulting LLC	F1
holding	ELMSQ	Common Stock						22K	Aug 30, 2021	by H and L Reunion Investments LLC	F2

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	ELMSQ	Employee Restricted Stock Unit	Award	$0	+50K		$0.00	50K	Aug 30, 2021	Common Stock	50K		Direct	F3, F4
transaction	ELMSQ	Earnout Restricted Stock Unit	Award	$0	+600K		$0.00	60K	Aug 30, 2021	Common Stock	600K		Direct	F3, F5

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

Explanation of Responses:

Id	Content
F1	The reporting person is the sole member of Li Management and Consulting LLC, and as such has sole voting and investment power with respect to the common stock held by Li Management and Consulting LLC.
F2	The reporting person and Gary Heald have shared voting and investment power with respect to the common stock held by H and L Reunion Investments LLC. Accordingly, the reporting person and Mr. Heald may be deemed to have beneficial ownership of the common stock held by H and L Reunion Investments LLC.
F3	Each restricted stock unit represents the contingent right to receive one share of common stock upon vesting.
F4	Restricted stock units will vest with respect to 33 1/3% on each of January 2, 2022, January 2, 2023 and January 2, 2024, subject to continued employment.
F5	50% of the restricted stock units will be deemed earned and vested if the closing price per share of common stock of the Issuer on any 20 trading days in any 30-consecutive day trading period equals or exceeds (i) $14.00 or (ii) $16.00, respectively, subject to continued employment.