Christian S. Fong - Sep 9, 2022 Form 4 Insider Report for XL Fleet Corp. (SPRU)

Role: President, Director
Signature: /s/ Stacey Constas
Stock symbol: SPRU
Transactions as of: Sep 9, 2022
Transactions value $: $734,492
Form type: 4
Date filed: 9/13/2022, 05:09 PM
Next filing: Nov 15, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPRU	Common Stock	Award	$1.06M	+909K		$1.17	909K	Sep 9, 2022	Direct	F1
transaction	SPRU	Common Stock	Tax liability	-$329K	-281K	-30.95%	$1.17	628K	Sep 9, 2022	Direct	F2
transaction	SPRU	Common Stock	Award	$0	+909K	+144.81%	$0.00	1.54M	Sep 9, 2022	Direct	F3

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	SPRU	Restricted Stock Units	Award	$0	+1.67M		$0.00	1.67M	Sep 9, 2022	Common Stock	1.67M		Direct	F4

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

Explanation of Responses:

Id	Content
F1	Under the terms of the reporting person's Employment Agreement, the securities awarded are intended to serve as a signing bonus, and are fully vested shares. Gross shares are reported, prior to taxes being withheld; see footnote (2) below.
F2	The securities were withheld to pay the reporting person's tax withholding obligations with respect to the securities awarded as a signing bonus reported above.
F3	The securities awarded are in the form of restricted stock units (RSUs) that each represent a contingent right to receive one share of the issuer's common stock. Subject to the reporting person's continued service through the vesting dates, 25% of the RSUs will vest on each of September 9, 2023 and 6.25% on the last day of each subsequent calendar quarter, beginning September 30, 2023.
F4	Subject to the reporting person's continued service, the RSUs will vest in increments of 10% upon the issuer's common stock achieving certain specified prices per share over 20 day consecutive trading periods, as set forth in Schedule 1 of the reporting person's Employment Agreement filed on September 15, 2022, as determined within the 30 days following each calendar quarter, with the shares distributed no later than the following March 15.