Lance Morell Marram - Mar 10, 2022 Form 4 Insider Report for TPI COMPOSITES, INC (TPIC)

Role
Chief Commercial Officer, Wind
Signature
/s/ Steven G. Fishbach, Attorney-in-Fact
Stock symbol
TPIC
Transactions as of
Mar 10, 2022
Transactions value $
$0
Form type
4
Date filed
3/14/2022, 07:07 PM
Previous filing
Jan 14, 2022
Next filing
Jan 4, 2023

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 TPIC Restricted Stock Units Award $0 +4.93K $0.00 4.93K Mar 10, 2022 Common Stock 4.93K Direct F1, F2
transaction TPIC Restricted Stock Units Award $0 +6.58K $0.00 6.58K Mar 10, 2022 Common Stock 6.58K Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents a contingent right to receive one share of the common stock. All unvested RSUs will automatically expire upon Reporting Person's termination of service from Issuer.
F2 The performance-based RSUs will be credited as follows: 1/3 will be credited upon the Issuer's common stock achieving a market price of $21, 1/3 will be credited upon the Issuer's common stock achieving a market price of $27 and 1/3 will be credited upon the Issuer's common stock achieving a market price of $32.50, in each case during the performance period from March 10, 2022 through December 31, 2024, and the total credited amount of RSUs will vest on the last day of the performance period so long as the Reporting Person continues to provide service to the Issuer through the performance period.
F3 100% of the RSUs will vest on March 10, 2025; provided, that the Reporting Person continues to provide services to the Issuer through the vesting date.