Susan Greenspon Rammelt - Mar 29, 2023 Form 4 Insider Report for SmileDirectClub, Inc. (SDC)

Signature
/s/ Susan Greenspon Rammelt
Stock symbol
SDC
Transactions as of
Mar 29, 2023
Transactions value $
-$133,175
Form type
4
Date filed
3/31/2023, 07:51 PM
Previous filing
Mar 21, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SDC Class A Common Stock Conversion of derivative security $0 +200K +6.78% $0.00 3.15M Mar 29, 2023 Direct F1, F2
transaction SDC Class A Common Stock Sale -$133K -350K -11.12% $0.38 2.8M Mar 29, 2023 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 SDC SDC Financial Common Units Conversion of derivative security $0 -200K -98.32% $0.00 3.42K Mar 29, 2023 Class A Common Stock 200K Direct F1, F2, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Pursuant to the terms of the Seventh Amended and Restated Limited Liability Company Agreement of SDC Financial, LLC, a Delaware limited liability company ("SDC Financial"), the reporting person may exchange all or a portion of its Common Units (as defined below) in SDC Financial (with automatic cancellation of an equal number of shares of non-economic Class B common stock of the Issuer's ("Class B common stock") for shares of Class A common stock of the Issuer's ("Class A common stock") on a one-for-one basis, subject to customary adjustments, or, at the option of the disinterested members of the board of directors of the Issuer, cash (based on the then-market value of the shares of Class A common stock). The Class B common stock initially entitles holders to ten votes per share and will vote as a single class with the Class A common stock, but has no economic rights, and is subject to forfeiture upon exchange of the reporting person's Common Units.
F2 The transaction reported is the exchange of the Common Units for shares of Class A common stock.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.375 to $0.391, 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 purchased at each separate price within the ranges set forth in this Footnote 3 to Form 4.
F4 These units can be exchanged at any time as described in Footnote 1.
F5 Represents vested Common Units and corresponding shares of Class B common stock.