Jonathan J. Ledecky - May 4, 2022 Form 4 Insider Report for XL Fleet Corp. (SPRU)

Role: Director
Signature: /s/ Stacey Constas
Stock symbol: SPRU
Transactions as of: May 4, 2022
Transactions value $: $0
Form type: 4
Date filed: 5/6/2022, 02:35 PM
Previous filing: Mar 23, 2022
Next filing: Jun 16, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPRU	Common Stock	Award	$0	+96.8K	+732.14%	$0.00	110K	May 4, 2022	Direct	F1
holding	SPRU	Common Stock						5.5M	May 4, 2022	By Pivotal Investment Holdings II LLC	F2

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

Explanation of Responses:

Id	Content
F1	The securities awarded are in the form of restricted stock units issued pursuant to the issuer's 2020 Equity Incentive Plan. Each restricted stock unit represents a contingent right to receive one share of issuer common stock. Subject to the reporting person's continued service through the vesting date, the restricted stock units shall become fully vested on the first anniversary of May 4, 2022.
F2	Includes 5,500,000 shares ("Sponsor Shares") owned directly by Pivotal Investment Holdings II LLC, a Delaware limited liability company and the sponsor of the Issuer (the "Sponsor"), of which Ironbound Partners Fund, LLC, an affiliate of Mr. Ledecky, is a managing member. Notwithstanding their dispositive and voting control over such Sponsor Shares, each of Mr. Ledecky and Ironbound Partners Fund, LLC disclaim beneficial ownership of the securities held by the Sponsor, except to the extent of his or its pecuniary interest therein.

Content

The securities awarded are in the form of restricted stock units issued pursuant to the issuer's 2020 Equity Incentive Plan. Each restricted stock unit represents a contingent right to receive one share of issuer common stock. Subject to the reporting person's continued service through the vesting date, the restricted stock units shall become fully vested on the first anniversary of May 4, 2022.

Includes 5,500,000 shares ("Sponsor Shares") owned directly by Pivotal Investment Holdings II LLC, a Delaware limited liability company and the sponsor of the Issuer (the "Sponsor"), of which Ironbound Partners Fund, LLC, an affiliate of Mr. Ledecky, is a managing member. Notwithstanding their dispositive and voting control over such Sponsor Shares, each of Mr. Ledecky and Ironbound Partners Fund, LLC disclaim beneficial ownership of the securities held by the Sponsor, except to the extent of his or its pecuniary interest therein.