Adam Schoenfeld - Jul 19, 2022 Form 4 Insider Report for Greenlane Holdings, Inc. (GNLN)

Role
Director, 10%+ Owner
Signature
/s/ Amir Sadr, as attorney-in-fact for Adam Schoenfeld
Stock symbol
GNLN
Transactions as of
Jul 19, 2022
Transactions value $
$0
Form type
4
Date filed
7/21/2022, 04:02 PM
Previous filing
May 17, 2022
Next filing
Dec 16, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GNLN Class B Common Stock Other $0 -6.4M -100% $0.00* 0 Jul 19, 2022 See footnote F1, F2, F3
transaction GNLN Class A Common Stock Conversion of derivative security $0 +6.4M +17644.9% $0.00 6.43M Jul 19, 2022 Direct F1, F3
transaction GNLN Class A Common Stock Gift $0 -4.76M -74.08% $0.00 1.67M Jul 19, 2022 Direct F4
holding GNLN Class B Common Stock 1.52M Jul 19, 2022 Direct

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 GNLN Common Units Conversion of derivative security $0 -6.4M -100% $0.00* 0 Jul 19, 2022 Class A Common Stock 6.4M See footnote F1, F2, F3, F5
holding GNLN Common Units 1.52M Jul 19, 2022 Class A Common Stock 1.52M Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Immediately following the redemption of 15,998,046 Common Units for shares of Class A common stock, Jacoby (as defined below) distributed the shares of Class A common stock to its stockholders, including the Reporting Person. The number of shares of Class B common stock and Common Units shown as disposed and the number of shares of Class A common stock shown as acquired by the Reporting Person represent shares of Class A common stock distributed directly to the Reporting Person in proportion to his pecuniary interest in Jacoby.
F2 Pursuant to the Operating Company's (as defined below) Fourth Amended and Restated Operating Agreement, the common membership interests in the Operating Company (the "Common Units") are redeemable on a one-for-one basis for shares of Class A common stock of the Issuer, or, at the election of the Issuer, cash equal to a volume weighted average market price of a share of Class A common stock. Upon any redemption of Common Units, one share of Class B common stock is automatically forfeited and cancelled for each Common Unit so redeemed. On July 19, 2022, Jacoby tendered 15,998,046 Common Units for redemption and was issued 15,998,046 shares of Class A common stock.
F3 The reporting person is a stockholder of Jacoby & Co. Inc. ("Jacoby"), which is a member of Greenlane Holdings, LLC (the "Operating Company") and is the direct record owner of the securities described herein. The reporting person shared voting control of such securities owned by Jacoby and had a pecuniary interest in such securities held by Jacoby.
F4 The Reporting Person transferred shares of Class A Common Stock to trusts for estate planning purposes, over which the Reporting Person does not have voting or investment control.
F5 The Common Units have no expiration date.