Tobias Russell - Feb 1, 2022 Form 4 Insider Report for SHIFT TECHNOLOGIES, INC. (SFT)

Role
Director
Signature
/s/ George Arison, attorney-in-fact for Tobias Russell
Stock symbol
SFT
Transactions as of
Feb 1, 2022
Transactions value $
-$891,825
Form type
4
Date filed
2/28/2022, 12:14 PM
Previous filing
Oct 15, 2021
Next filing
Jul 18, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SFT Class A Common Stock Disposed to Issuer $0 -1.14M -37.29% $0.00 1.92M Feb 1, 2022 Direct F1, F2
transaction SFT Class A Common Stock Tax liability -$892K -474K -24.7% $1.88 1.45M Feb 24, 2022 Direct F3

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 SFT Performance Stock Units Disposed to Issuer $0 -761K -100% $0.00* 0 Feb 1, 2022 Class A Common Stock 761K Direct F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Forfeitures of restricted stock awards by the reporting person on February 1, 2022 are being reported late due to an administrative oversight.
F2 Represents the forfeiture of unvested restricted stock awards in connection with the reporting person's previously announced resignation as the Company's Co-Chief Executive Officer effective on February 1, 2022.
F3 Represents shares withheld by the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock units granted to the reporting person. The number of shares of Class A Common Stock withheld was determined based on the closing price of the Company's Class A Common Stock on February 24, 2022.
F4 Represents a grant of Performance Stock Units ("PSUs"). Each PSU represents a contingent right to receive one share of Class A common stock, par value $0.0001 per share, of the Company. The PSUs vest quarterly over the two-year period commencing on October 13, 2022, subject to the achievement of the applicable pre-determined performance target for the applicable performance year and the continued employment with the Company or an affiliate of the Company (subject to certain exceptions for termination without cause or for good reason as described in the award agreement). Vested PSUs are settled during the first open trading window of the Company following each calendar quarter.