Kevin J. Ryan - Jun 1, 2024 Form 4 Insider Report for Better Home & Finance Holding Co (BETR)

Role
Chief Financial Officer
Signature
/s/ Max Goodman, Attorney-in-Fact
Stock symbol
BETR
Transactions as of
Jun 1, 2024
Transactions value $
-$1,861
Form type
4
Date filed
6/4/2024, 05:40 PM
Previous filing
Mar 5, 2024
Next filing
Sep 4, 2024

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 BETR Class B Common Stock Options Exercise $0 +14.3K +2.18% $0.00 672K Jun 1, 2024 Class A Common Stock 14.3K Direct F1, F2
transaction BETR Class B Common Stock Tax liability -$1.86K -5.64K -0.84% $0.33 666K Jun 1, 2024 Class A Common Stock 5.64K Direct F1
transaction BETR Restricted Stock Units (Class B) Options Exercise $0 -14.3K -12.5% $0.00 100K Jun 1, 2024 Class B Common Stock 14.3K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of Class B Common Stock is convertible at any time at the option of the Reporting Person into one share of Class A Common Stock and has no expiration date. Each share of Class B Common Stock will convert automatically into one share of Class A Common Stock in connection with: (i) any transfer, whether or not for value, except for certain permitted transfers described in the Issuer's amended and restated certificate of incorporation, (ii) such time as the aggregate number of shares of Class B Common Stock outstanding ceases to represent 5% of the aggregate number of shares of Common Stock outstanding, (iii) the vote of 85% of the holders of Class B Common Stock outstanding; and (iv) following the date of the death or permanent disability of Better HoldCo, Inc.'s founder.
F2 Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class B Common Stock.
F3 The restricted stock units were granted on March 1, 2022, and will vest subject to both time- and liquidity-based criteria. Under the time-based criteria, 14/48ths of the restricted stock units became vested on the grant date and the remaining restricted stock units will vest in equal 1/16ths of the restricted stock units on the first business day of each calendar quarter such that the restricted stock units will be fully vested as of March 1, 2026. The liquidity-based criteria was satisfied on August 22, 2023, upon the consummation of the business combination between the Issuer (f/k/a Aurora Acquisition Corp), Aurora Merger Sub I, Inc. and Better HoldCo, Inc.