Lev Peker - May 18, 2022 Form 4 Insider Report for CarLotz, Inc. (LOTZ)

Role: CEO, Director
Signature: /s/ Rebecca C. Polak as attorney-in-fact for Mr. Peker
Stock symbol: LOTZ
Transactions as of: May 18, 2022
Transactions value $: $19,515
Form type: 4
Date filed: 5/20/2022, 04:05 PM
Previous filing: May 18, 2022
Next filing: Jun 6, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOTZ	Class A Common Stock	Purchase	$19.5K	+32.5K		$0.60	32.5K	May 18, 2022	Direct	F1

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
holding	LOTZ	Restricted Stock Units						2.82M	May 18, 2022	Class A Common Stock	2.82M		Direct	F2, F3
holding	LOTZ	Restricted Stock Units						3.5M	May 18, 2022	Class A Common Stock	3.5M		Direct	F2, F4
holding	LOTZ	Restricted Stock Units						680K	May 18, 2022	Class A Common Stock	680K		Direct	F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.59 to $0.60, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.
F2	Each restricted stock unit is convertible into a share of Class A common stock on a 1-for-1 basis.
F3	These restricted stock units remain subject to a time-vesting requirement and are scheduled to vest and settle in Class A common stock as follows: (i) 1,311,892 restricted stock units will vest in substantially equal installments on the first thirty (30) monthly anniversaries of April 18, 2022; (ii) 631,087 restricted stock units will vest in substantially equal installments on the first four (4) quarterly anniversaries of April 18, 2022; (iii) 329,781 restricted stock units will vest on each of January 13, 2023 and January 13, 2024; and (iv) 217,459 restricted stock units will vest on January 13, 2025.
F4	These restricted stock units will vest if the following provisions are met: (i) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $4.00; (ii) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $8.00; and (iii) one-third of the shares will vest on the first day the Issuer's stock achieves a 20-trading day volume-weighted average price of $12.00, subject to the Reporting Person's continuous service with the Issuer through the relevant vesting dates.
F5	These restricted stock units remain subject to a time-vesting requirement and are scheduled to vest and settle in Class A common stock as follows: one-fourth of these restricted stock units vest on April 18, 2023, one-fourth of these restricted stock units vest on April 18, 2024, one-fourth of these restricted stock units vest on April 18, 2025 and one-fourth of these restricted stock units vest on April 18, 2026, assuming continued employment through the applicable vesting date.