4//SEC Filing
Luo Jason 4
Accession 0001567619-21-016579
CIK 0001784168other
Filed
Aug 31, 8:00 PM ET
Accepted
Sep 1, 5:00 PM ET
Size
13.7 KB
Accession
0001567619-21-016579
Insider Transaction Report
Form 4
Luo Jason
DirectorExecutive Chairman & President10% Owner
Transactions
- Award
Employee Restricted Stock Unit
2021-08-30+250,000→ 250,000 total→ Common Stock (250,000 underlying) - Award
Earnout Restricted Stock Unit
2021-08-30+6,000,000→ 6,000,000 total→ Common Stock (6,000,000 underlying)
Holdings
- 16,423,458(indirect: By LLC)
Common Stock
- 1,065,000(indirect: By LLC)
Earnout Right
→ Common Stock (1,065,000 underlying) - 42,868,416(indirect: By LLC)
Common Stock
- 2,764,500(indirect: By LLC)
Earnout Right
→ Common Stock (2,764,500 underlying)
Footnotes (6)
- [F1]The reporting person is the sole member of AJ Capital Investment, LLC and is the co-manager of Luo Pan Investment II, LLC and has sole voting and investment power with respect to the common stock held by these entities.
- [F2]Each restricted stock unit represents the contingent right to receive one share of common stock upon vesting.
- [F3]Restricted stock units will vest with respect to 33 1/3% on each of January 2, 2022, January 2, 2023 and January 2, 2024, subject to continued employment.
- [F4]50% of the restricted stock units will be deemed earned and vested if the closing price per share of common stock 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, subject to continued employment.
- [F5]On June 25, 2021 (the "Closing Date"), AJ Capital Investment, LLC received the right to acquire 2,764,500 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 AJ Capital Investment, LLC. Any shares not eligible to be released within 3 years of the Closing Date will be forfeited and canceled.
- [F6]On June 25, 2021 (the "Closing Date"), Luo Pan Investment II, LLC received the right to acquire 1,065,000 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 Luo Pan Investment II, LLC. Any shares not eligible to be released within 3 years of the Closing Date will be forfeited and canceled.
Documents
Issuer
Electric Last Mile Solutions, Inc.
CIK 0001784168
Entity typeother
Related Parties
1- filerCIK 0001868825
Filing Metadata
- Form type
- 4
- Filed
- Aug 31, 8:00 PM ET
- Accepted
- Sep 1, 5:00 PM ET
- Size
- 13.7 KB