Taylor James 4
4 · Electric Last Mile Solutions, Inc. · Filed Sep 1, 2021
Insider Transaction Report
Form 4
Taylor James
DirectorChief Executive Officer
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+3,300,000→ 3,300,000 total→ Common Stock (3,300,000 underlying)
Holdings
- 344,000(indirect: By LLC)
Earnout Right
→ Common Stock (344,000 underlying) - 5,305,598(indirect: By LLC)
Common Stock
Footnotes (5)
- [F1]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.
- [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"), 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.