Brian Bair - Jun 8, 2023 Form 4 Insider Report for Offerpad Solutions Inc. (OPAD)

Role: Chief Executive Officer, Director
Signature: /s/ Adam Martinez, as Attorney-in-Fact for Brian Bair
Stock symbol: OPAD
Transactions as of: Jun 8, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/9/2023, 05:01 PM
Previous filing: Mar 31, 2023
Next filing: Sep 7, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	Price $	Shares After	Date	Ownership
transaction	OPAD	Class A Common Stock	Conversion of derivative security	$0	+11.9 M	+3466.92%	$0.00	12.2 M	Jun 8, 2023	Direct
transaction	OPAD	Class A Common Stock	Conversion of derivative security	$0	+2.96 M		$0.00	2.96 M	Jun 8, 2023	By The BBAB 2021 Irrevocable Trust
holding	OPAD	Class A Common Stock						893 K	Jun 8, 2023	By The BBAB Living Trust

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	OPAD	Class B Common Stock	Conversion of derivative security	$0	-11.9 M	-100%	$0.00	0	Jun 8, 2023	Class A Common Stock	11.9 M		Direct	F1, F2
transaction	OPAD	Class B Common Stock	Conversion of derivative security	$0	-2.96 M	-100%	$0.00	0	Jun 8, 2023	Class A Common Stock	2.96 M		By The BBAB 2021 Irrevocable Trust	F1, F2

Explanation of Responses:

Id	Content
F1	Each share of Class B common stock representes a contingent right to receive one share of the Issuer's Class A common stock.
F2	Each share of Class B common stock is convertible at any time at the option of the holder into one share of the Issuer's Class A common stock or upon the earliest to occur of (a) the date that is nine months following the date on which Mr. Bair (x) is no longer providing services, whether upon death, resignation, removal or otherwise, to Offerpad Solutions as a member of the senior leadership team, officer or director and (y) has not provided any such services for the duration of such nine-month period; and (b) the date as of which the Mr. Bair or his permitted transferees have transferred, in the aggregate, more than seventy-five (75%) of the shares of Class B common stock that were held by Mr. Bair and his permitted transferees as of September 1, 2021.

Content

Each share of Class B common stock representes a contingent right to receive one share of the Issuer's Class A common stock.

Each share of Class B common stock is convertible at any time at the option of the holder into one share of the Issuer's Class A common stock or upon the earliest to occur of (a) the date that is nine months following the date on which Mr. Bair (x) is no longer providing services, whether upon death, resignation, removal or otherwise, to Offerpad Solutions as a member of the senior leadership team, officer or director and (y) has not provided any such services for the duration of such nine-month period; and (b) the date as of which the Mr. Bair or his permitted transferees have transferred, in the aggregate, more than seventy-five (75%) of the shares of Class B common stock that were held by Mr. Bair and his permitted transferees as of September 1, 2021.