MAYS DARRELL J. 4
4 · American Virtual Cloud Technologies, Inc. · Filed Apr 20, 2020
Insider Transaction Report
Form 4
MAYS DARRELL J.
DirectorChief Executive Officer10% Owner
Transactions
- Award
Restricted Stock Units
2020-04-07+500,000→ 500,000 totalExp: 2023-12-31→ Common Stock (500,000 underlying)
Footnotes (2)
- [F1]Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.
- [F2]Up to fifty percent (50%) of the restricted stock units shall vest at a rate of twelve and a half percent (12.5%) on each of April 7, 2021, 2022, 2023 and 2024 (each, a "Service Vesting Date"), provided the Reporting Person's employment or service continues with the Issuer and its related entities through and on the applicable Service Vesting Date. Up to fifty percent (50%) of the restricted stock units shall vest at a rate of twelve and a half percent (12.5%) on each of April 7, 2021, 2022, 2023 and 2024 (each, a "Performance Vesting Date"), provided the Reporting Person's employment or service continues with the Issuer and its related entities through and on the applicable Performance Vesting Date; and the volume weighted average price per share of the Issuer's common stock for the twenty (20) trading days in the thirty (30) consecutive trading day period immediately preceding December 31, 2020, 2021, 2022, 2023, as applicable, meets target prices set by the Issuer's board of directors (each a "Share Price Target"). The Share Price Target for April 7, 2021 is $3.45.