Joshua Pechter - Oct 5, 2021 Form 4 Insider Report for Andover National Corp (NONE)

Role
Director
Signature
/s/ Daniel Bagliebter, Power of Attorney For: Joshua Pechter
Stock symbol
NONE
Transactions as of
Oct 5, 2021
Transactions value $
$0
Form type
4
Date filed
10/5/2021, 04:23 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NONE Class A Common Stock Disposed to Issuer -7.5K -11.62% 57K Oct 5, 2021 Direct F1
transaction NONE Class A Common Stock Award +9.38K +16.43% 66.4K Oct 5, 2021 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On October 5, 2021, the Issuer cancelled 7,500 unvested restricted stock units ("RSUs") previously granted under the Andover National Corporation 2019 Equity Incentive Plan (the "Plan") in exchange for 9,375 performance RSUs ("PSUs"). Each PSU represents a contingent right to receive one share of the Issuer's Class A common stock. In addition to time-based vesting, the PSUs are also subject to performance vesting that is only satisfied upon the occurrence of a "Liquidity Event" (as defined in the PSU Agreement to include the listing of a class of the Issuer's equity security on a national securities exchange or the occurrence of a Change of Control (as defined in the Plan)) and continued service with the Issuer through the applicable vesting date. For the time-based vesting component, beginning on October 29, 2021, 9,375 PSUs vest in (6) six equal quarterly installments.