Fong Christian S. 4
4 · XL Fleet Corp. · Filed Sep 13, 2022
Insider Transaction Report
Form 4
Fong Christian S.
DirectorPresident and CEO
Transactions
- Award
Common Stock
2022-09-09$1.17/sh+909,091$1,063,636→ 909,091 total - Tax Payment
Common Stock
2022-09-09$1.17/sh−281,320$329,144→ 627,771 total - Award
Restricted Stock Units
2022-09-09+1,666,666→ 1,666,666 totalExp: 2033-09-09→ Common Stock (1,666,666 underlying) - Award
Common Stock
2022-09-09+909,091→ 1,536,862 total
Footnotes (4)
- [F1]Under the terms of the reporting person's Employment Agreement, the securities awarded are intended to serve as a signing bonus, and are fully vested shares. Gross shares are reported, prior to taxes being withheld; see footnote (2) below.
- [F2]The securities were withheld to pay the reporting person's tax withholding obligations with respect to the securities awarded as a signing bonus reported above.
- [F3]The securities awarded are in the form of restricted stock units (RSUs) that each represent a contingent right to receive one share of the issuer's common stock. Subject to the reporting person's continued service through the vesting dates, 25% of the RSUs will vest on each of September 9, 2023 and 6.25% on the last day of each subsequent calendar quarter, beginning September 30, 2023.
- [F4]Subject to the reporting person's continued service, the RSUs will vest in increments of 10% upon the issuer's common stock achieving certain specified prices per share over 20 day consecutive trading periods, as set forth in Schedule 1 of the reporting person's Employment Agreement filed on September 15, 2022, as determined within the 30 days following each calendar quarter, with the shares distributed no later than the following March 15.