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

Role
Chief Operating Officer
Signature
/s/ Jenny Montenegro
Stock symbol
LOWLF
Transactions as of
Jan 1, 2022
Transactions value $
-$46,859,718
Form type
4
Date filed
1/5/2022, 05:02 AM
Previous filing
May 10, 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 +28.3K +792.31% $0.00 31.9K Jan 1, 2022 Direct
transaction LOWLF Subordinate Voting Shares Tax liability -$46.9M -13.2K -41.45% $3,543.00* 18.7K 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 -28.3K -33.33% $0.00 56.7K Jan 1, 2022 Subordinate Voting Shares 28.3K Direct F2, F3
holding LOWLF Stock options (right to buy) 40K Jan 1, 2022 Subordinate Voting Shares 40K $0.68 Direct F4
holding LOWLF Stock options (right to buy) 15K Jan 1, 2022 Subordinate Voting Shares 15K $0.85 Direct F5
holding LOWLF Stock options (right to buy) 300K Jan 1, 2022 Subordinate Voting Shares 300K $0.35 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 are 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 December 10, 2022.
F5 50% of the options are 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.
F6 . 25% of the options are vested and exercisable as of the date of this Form 4. The remainder of the options vest and become exercisable in three equal annual installments beginning on April 15, 2022.