Lance Morell Marram - Dec 31, 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: Dec 31, 2022
Transactions value $: -$10,606
Form type: 4
Date filed: 1/4/2023, 03:12 PM
Previous filing: Mar 14, 2022
Next filing: Jan 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPIC	Common Stock	Options Exercise	$0	+3.02K		$0.00	3.02K	Dec 31, 2022	Direct
transaction	TPIC	Common Stock	Tax liability	-$10.6K	-1.05K	-34.59%	$10.14	1.98K	Dec 31, 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
transaction	TPIC	Restricted Stock Units	Options Exercise	$0	-3.02K	-100%	$0.00^*	0	Dec 31, 2022	Common Stock	3.02K		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Represents the shares required to satisfy tax withholding obligations in connection with the vesting of 3,024 performance based restricted stock units ("Performance Based RSUs").
F2	The Performance Based RSUs vested in full on December 31, 2022. The reporting person was eligible to receive 100% of the Performance Based RSUs if (i) the Issuer's 30 day, volume weighted average stock price exceeded the following stock price hurdles: $30, $38 and $43; and (ii) the reporting person provided continuous service to the Issuer, during the applicable performance period of the underlying award (March 11, 2020 to December 31, 2022).
F3	Each 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.