Mark Ainsworth - Jan 1, 2022 Form 4 Insider Report for Lowell Farms Inc. (LOWLF)

Role: Chief Executive Officer, Director
Signature: /s/ Mark Ainsworth
Stock symbol: LOWLF
Transactions as of: Jan 1, 2022
Transactions value $: -$11,810
Form type: 4
Date filed: 1/5/2022, 05:02 AM
Previous filing: May 14, 2021
Next filing: Jan 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOWLF	Subordinate Voting Shares	Options Exercise	$0	+33.3K	+7.41%	$0.00	483K	Jan 1, 2022	Direct
transaction	LOWLF	Subordinate Voting Shares	Tax liability	-$11.8K	-33.3K	-6.9%	$0.35^*	450K	Jan 1, 2022	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	LOWLF	Restricted Stock Units	Options Exercise	$0	-33.3K	-33.33%	$0.00	66.7K	Jan 1, 2022	Subordinate Voting Shares	33.3K		Direct	F2, F3
holding	LOWLF	Stock options (right to buy)						50K	Jan 1, 2022	Subordinate Voting Shares	50K	$0.85	Direct	F4
holding	LOWLF	Stock options (right to buy)						500K	Jan 1, 2022	Subordinate Voting Shares	500K	$0.35	Direct	F5
holding	LOWLF	Class B Common Shares of Indus Holding Company						1.02M	Jan 1, 2022	Subordinate Voting Shares	1.02M		Direct	F6

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

Explanation of Responses:

Id	Content
F1	No shares were sold by the Reporting Person. These shares were withheld by the Issuer to fund tax liability attributable to the vesting and settlement of the Restricted Stock Units ("RSUs") reported on this Form 4. These RSUs vested and were settled on January 1, 2022 as originally scheduled, and there were no related discretionary transactions or open market sales
F2	Each RSU represents a contingent right to receive one Subordinate Voting Share on the vesting date.
F3	The RSUs vest in three equal annual installments beginning on January 1, 2022.
F4	50% of the options were vested and exercisable as of the date of this Form 4. The remainder of the options vest and become exercisable in two equal annual installments beginning on January 1, 2023.
F5	25% of the options were vested and exercisable as of May 10, 2021. The remainder of the options vest and become exercisable in three equal annual installments beginning on April 15, 2022.
F6	Class B Common Shares of Indus Holding Company may be redeemed at the option of the holder for Subordinate Voting Shares of the issuer on a one-for-one basis or, at the option of Indus Holding Company, for the cash equivalent of such Subordinate Voting Shares, as determined in accordance with the certificate of incorporation of Indus Holding Company. Class B Common Shares may be redeemed at any time and have no expiration date.