Carl Desantis - Nov 22, 2022 Form 4 Insider Report for Celsius Holdings, Inc. (CELH)

Role
10%+ Owner
Signature
/s/ Carl DeSantis as trustee on behalf of the Carl DeSantis Retained Annuity Trust
Stock symbol
CELH
Transactions as of
Nov 22, 2022
Transactions value $
$0
Form type
4
Date filed
11/28/2022, 05:20 PM
Previous filing
Aug 24, 2022
Next filing
Feb 14, 2023

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 CELH Forward sale contract (obligation to sell) Other $0 +600K $0.00 600K Nov 22, 2022 Common Stock 600K Footnote F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 GRAT 1, LLC is wholly owned by the Carl DeSantis Retained Annuity Trust, for which Mr. Carl DeSantis (the reporting person) is the trustee.
F2 On November 22, 2022, GRAT 1, LLC entered a prepaid variable forward sale contract with an unaffiliated third-party purchaser. The contract obligates GRAT 1, LLC to deliver to the purchaser up to 600,000 shares of Celsius Holdings, Inc. ("Celsius") common stock (or, at GRAT 1, LLC's election, an equivalent amount of cash based on the market price of Celsius common stock) at the maturity of the contract (occurring in thirty approximately equal components from November 12, 2025 to December 5, 2025). In exchange for assuming this obligation, GRAT 1, LLC received a cash payment of $47,371,440.30 as of November 25, 2022.
F3 The reporting person pledged 600,000 shares of Celsius common stock (the "Pledged Shares") to secure its obligations under the contract and retained dividend and voting rights in the Pledged Shares during the term of the pledge. The contract provides that the number of shares of Celsius common stock that GRAT 1, LLC would be obligated to deliver to the purchaser in respect of each maturity date would be determined as follows: (a) if the volume-weighted average price of Celsius common stock on the designated valuation date for the applicable component (each, a "Settlement Price") is less than or equal to $83.3027 (the "Floor Price"), GRAT 1, LLC will deliver to the buyer all of the Pledged Shares for the applicable component;
F4 (b) if such Settlement Price is greater than the Floor Price but less than or equal to $111.0702 (the "Cap Price), GRAT 1, LLC will deliver to the buyer the number of shares equal to one hundred percent (100%) of the Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is such Settlement Price and; (c) if such Settlement Price is greater than the Cap Price, GRAT 1, LLC will deliver to the buyer the number of shares equal to one hundred percent (100%) of Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price plus the excess of such Settlement Price over the Cap Price, and the denominator of which is such Settlement Price.