Philip A. Garton - Dec 7, 2021 Form 4 Insider Report for Shoals Technologies Group, Inc. (SHLS)

Signature
/s/ Mehgan Peetz, as Attorney in Fact for Philip A. Garton
Stock symbol
SHLS
Transactions as of
Dec 7, 2021
Transactions value $
$0
Form type
4
Date filed
12/9/2021, 08:39 PM
Previous filing
Nov 10, 2021
Next filing
Dec 22, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SHLS Class B Common Stock Conversion of derivative security -210K -24.71% 640K Dec 7, 2021 See footnote F1, F2
transaction SHLS Class A Common Stock Conversion of derivative security +210K +1715.13% 222K Dec 7, 2021 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SHLS Common Units Conversion of derivative security -210K -24.71% 640K Dec 7, 2021 Class A Common Stock 210K See footnote F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Shoals Parent LLC ("Parent"), the Reporting Person, who holds the reported securities indirectly through Parent, may, subject to certain exceptions, from time to time at his option, require Parent to redeem all or a portion of her Parent common units ("Common Units") (together with an equal number of shares of the Issuer's Class B Common Stock which are forfeited for no consideration) in exchange for, at the Issuer's election (determined solely by a majority of the Issuer's directors who are disinterested), newly issued shares of the Issuer's Class A Common Stock on a one-for-one basis or a cash payment equal to a volume-weighted average market price of one share of Class A Common Stock for each Common Unit so redeemed.
F2 In connection with the expiration of the post-IPO related lockup, the Reporting Persons converted 210,000 Common Units (together with a corresponding number of shares of the Issuer's Class B Common Stock) into an equivalent number of shares of the Issuer's Class A Common Stock.