Taylor James 4
4 · Electric Last Mile Solutions, Inc. · Filed Jun 29, 2021
Insider Transaction Report
Form 4
Taylor James
DirectorChief Executive Officer
Transactions
- Award
Earnout Right
2021-06-25+344,000→ 344,000 total(indirect: By LLC)→ Common Stock (344,000 underlying) - Award
Common Stock
2021-06-25+5,305,598→ 5,305,598 total(indirect: By LLC)
Footnotes (3)
- [F1]Received in exchange for 6,461 shares of common stock of Electric Last Mile, Inc. ("ELM"), pursuant to the Agreement and Plan of Merger, dated as of December 10, 2020, by and among Forum Merger III Corporation ("Forum") (upon consummation of the business combination, the surviving "Issuer" is renamed "Electric Last Mile Solutions, Inc."), ELMS Merger Corp., a wholly owned subsidiary of Forum, and ELM, as amended ("Merger Agreement").
- [F2]The reporting person is the sole member of this entity, and thus has sole voting and investment power with respect to the shares of common stock held by this entity.
- [F3]On June 25, 2021 (the "Closing Date"), The JET Group, LLC received the right to acquire 344,000 shares of the Issuer's common stock pursuant to the Merger Agreement. An amount equal to half of these shares will be released from escrow if the price per share of the Issuer on any 20 trading days in any 30-consecutive day trading period equals or exceeds (i) $14.00 or (ii) $16.00, respectively. If the Issuer consummates a change of control, any shares not previously released will be made payable to The JET Group, LLC. Any shares not eligible to be released within 3 years of the Closing Date will be forfeited and canceled.