Michael Waterman - Sep 17, 2024 Form 4 Insider Report for ACV Auctions Inc. (ACVA)

Role
Chief Sales Officer
Signature
/s/ Michelle Webb, Attorney-in-Fact
Stock symbol
ACVA
Transactions as of
Sep 17, 2024
Transactions value $
-$1,513,500
Form type
4
Date filed
9/19/2024, 05:35 PM
Previous filing
Jul 11, 2024
Next filing
Oct 3, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ACVA Class A Common Stock Options Exercise +75K +20.45% 442K Sep 17, 2024 Direct F1
transaction ACVA Class A Common Stock Sale -$1.52M -75K -16.98% $20.24 367K Sep 17, 2024 Direct F2, F3
transaction ACVA Class A Common Stock Other $0 -400 -0.11% $0.00 366K Sep 18, 2024 Direct F4

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 ACVA Employee Stock Option (Right to Buy) Options Exercise $0 -75K -17.46% $0.00 355K Sep 17, 2024 Class B Common Stock 75K $0.06 Direct F5, F6
transaction ACVA Class B Common Stock Options Exercise $4.5K +75K +218% $0.06 109K Sep 17, 2024 Class A Common Stock 75K Direct F1, F7
transaction ACVA Class B Common Stock Conversion of derivative security $0 -75K -68.55% $0.00 34.4K Sep 17, 2024 Class A Common Stock 75K Direct F1, F7
transaction ACVA Class B Common Stock Other $0 +400 +1.16% $0.00 34.8K Sep 18, 2024 Class A Common Stock 400 Direct F1, F4, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

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. Each share of Class B Common Stock will convert automatically into shares of Class A common stock, on a one-to-one basis, upon the following: (1) the sale or transfer of such share of Class B Common Stock, subject to certain exceptions specified in the Issuer's amended and restated certificate of incorporation; (2) the death of the reporting person; and (3) the final conversion date, defined as the earlier of (a) the last trading day of the fiscal quarter immediately following the tenth anniversary of the effective date of the Issuer's tenth amended and restated certificate of incorporation; (b) the last trading day of the fiscal quarter during which the then-outstanding shares of Class B Common Stock first represent less than 5% of the aggregate number of then-outstanding shares of Class A Common Stock and Class B Common Stock.
F2 Shares sold pursuant to a Rule 10b5-1 trading plan enter into on February 28, 2024.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.00 to $20.48 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares at each separate price within the range set forth in this footnote.
F4 The shares noted here were previously misreported as Class A shares due to an administrative error and are corrected here to reflect that they are Class B shares.
F5 One-fourth (1/4th) of the shares subject to the option award vested on October 26, 2017, and thereafter one-forty-eighths of the shares subject to the option award vested monthly, subject to the Reporting Person's continuous service.
F6 The total number of stock options beneficially owned under this grant was adjusted by one share to correct an administrative error in the Reporting Person's Form 3.
F7 Includes shares previously reported as restricted stock units.