James Taylor - Dec 2, 2021 Form 4 Insider Report for Electric Last Mile Solutions, Inc. (ELMSQ)

Role
CEO and President, Director
Signature
/s/ Thomas M. Dono, Jr., attorney-in-fact for James Taylor
Stock symbol
ELMSQ
Transactions as of
Dec 2, 2021
Transactions value $
$0
Form type
4
Date filed
12/2/2021, 02:51 PM
Previous filing
Sep 1, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % Price $ Shares After Date Ownership Footnotes
transaction ELMSQ Common Stock +Grant/Award $0 +17,201 +0.32% $0.00 5,322,799 Dec 2, 2021 by The JET Group, LLC F1, F2
transaction ELMSQ Common Stock +Grant/Award $0 +628 +0.01% $0.00 5,323,427 Dec 2, 2021 by The JET Group, LLC F2, F3

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 ELMSQ Employee Restricted Stock Unit 250,000 Dec 2, 2021 Common Stock 250,000 Direct F4, F5
holding ELMSQ Earnout Restricted Stock Unit 3,300,000 Dec 2, 2021 Common Stock 3,300,000 Direct F4, F6
holding ELMSQ Earnout Right 344,000 Dec 2, 2021 Common Stock 344,000 by The JET Group, LLC F2, F7

Explanation of Responses:

Id Content
F1 Release of adjustment escrow shares pursuant to the calculation of a positive adjustment amount under the Agreement and Plan of Merger, dated as of December 10, 2020, by and among Electric Last Mile Solutions, Inc., ELMS Merger Corp. and Electric Last Mile, Inc., as amended ("Merger Agreement").
F2 The reporting person is the sole member of this entity, and thus has sole voting and investment power with respect to the shares of common stock held by this entity.
F3 Issued pursuant to the calculation of a positive adjustment amount under the Merger Agreement.
F4 Each restricted stock unit represents the contingent right to receive one share of common stock upon vesting.
F5 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.
F6 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.
F7 On June 25, 2021 (the "Closing Date"), The JET Group, LLC received the right to acquire 344,000 shares of the Issuer's common stock pursuant to the Merger Agreement. An amount equal to half of these shares will be released from escrow if the price per share 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. If the Issuer consummates a change of control, any shares not previously released will be made payable to The JET Group, LLC. Any shares not eligible to be released within 3 years of the Closing Date will be forfeited and canceled.