Jenny Montenegro - 01 Jan 2022 Form 4 Insider Report for Lowell Farms Inc. (LOWLF)

Role: Chief Operating Officer
Signature: /s/ Jenny Montenegro
Issuer symbol: LOWLF
Transactions as of: 01 Jan 2022
Net transactions value: -$46,859,718
Form type: 4
Filing time: 05 Jan 2022, 05:02:39 UTC
Previous filing: 10 May 2021
Next filing: 18 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOWLF	Subordinate Voting Shares	Options Exercise	$0	+28,333	+792%	$0.000000	31,909	01 Jan 2022	Direct
transaction	LOWLF	Subordinate Voting Shares	Tax liability	$46,859,718	-13,226	-41%	$3543.00^*	18,683	01 Jan 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	-28,333	-33%	$0.000000	56,667	01 Jan 2022	Subordinate Voting Shares	28,333		Direct	F2, F3
holding	LOWLF	Stock options (right to buy)						40,000	01 Jan 2022	Subordinate Voting Shares	40,000	$0.6800	Direct	F4
holding	LOWLF	Stock options (right to buy)						15,000	01 Jan 2022	Subordinate Voting Shares	15,000	$0.8500	Direct	F5
holding	LOWLF	Stock options (right to buy)						300,000	01 Jan 2022	Subordinate Voting Shares	300,000	$0.3460	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.