Christopher Lutes - Feb 28, 2023 Form 4 Insider Report for Elevate Credit, Inc. (ELVT)

Role
Chief Strategy Officer
Signature
/s/Nelda Bruce, as attorney-in-fact
Stock symbol
ELVT
Transactions as of
Feb 28, 2023
Transactions value $
-$1,434,470
Form type
4
Date filed
3/2/2023, 04:58 PM
Previous filing
Feb 17, 2023
Next filing
May 22, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ELVT Common Stock Disposed to Issuer -$213K -114K -100% $1.87 0 Feb 28, 2023 By the Lutes Family Living Trust F1, F2
transaction ELVT Common Stock Disposed to Issuer -$1.22M -653K -100% $1.87 0 Feb 28, 2023 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 ELVT Restricted Stock Unit (RSU) Disposed to Issuer -61.1K -100% 0 Feb 28, 2023 Common Stock 61.1K Direct F3
transaction ELVT Restricted Stock Unit (RSU) Disposed to Issuer -27.8K -100% 0 Feb 28, 2023 Common Stock 27.8K Direct F4
transaction ELVT Restricted Stock Unit (RSU) Disposed to Issuer -95.2K -100% 0 Feb 28, 2023 Common Stock 95.2K Direct F5
transaction ELVT Restricted Stock Unit (RSU) Disposed to Issuer -100K -100% 0 Feb 28, 2023 Common Stock 100K Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Christopher Lutes is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the Agreement and Plan of Merger, dated as of November 16, 2022 (the "Merger Agreement"), by and among Elevate Credit, Inc., ("the Company), PCAM Acquisition Corp ("Parent") and PCAM Merger Sub Corp ("Merger Sub"), the Merger Sub merged with and into the Company ("the Merger") with the Company surviving the Merger as a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, at the effective time of the Merger, each share of the Company's Common Stock, par value $0.0004 per share, was cancelled and converted into the right to receive $1.87 in cash.
F2 Mr. Lutes and his spouse, Moshira Lutes, are the voting trustees of the Lutes Family Living Trust.
F3 Pursuant to the Merger Agreement, each RSU granted by the Company that is outstanding immediately prior to the effective time of the Merger (whether or not vested) will immediately vest in full and become free of restrictions, and will be cancelled and converted automatically into the right to receive a cash payment equal to the product of (1) the number of shares of Company Common Stock subject to such RSU as of the effective time of the Merger, multiplied by (2) the Merger Consideration. The reporting person was granted 122,222 RSUs on March 30, 2020, vesting in four annual installments, beginning on the first anniversary of the grant date and converting into common stock on a one-for-one basis.
F4 Pursuant to the Rollover Agreement dated as of February 27, 2023 (the "Rollover Agreement"), among the reporting person and Parent, each outstanding RSU in this grant was cancelled and converted into a right to receive on the vesting date originally applicable to such RSU, subject to the terms applicable to such RSU, shares of Parent Company. The reporting person was granted 111,111 RSUs on August 15, 2019, vesting in four annual installments, beginning on the first anniversary of the grant date and converting into common stock on a one-for-one basis. For purposes of the Rollover, the reporting person's shares were valued at $1.87 per share.
F5 Pursuant to the Rollover Agreement, among the reporting person and Parent, each outstanding RSU in this grant was cancelled and converted into a right to receive on the vesting date originally applicable to such RSU, subject to the terms applicable to such RSU, shares of Parent Company. The reporting person was granted 126,923 RSUs on March 15, 2021, vesting in four annual installments, beginning on the first anniversary of the grant date and converting into common stock on a one-for-one basis. For purposes of the Rollover, the reporting person's shares were valued at $1.87 per share.
F6 Pursuant to the Rollover Agreement, among the reporting person and Parent, each outstanding RSU in this grant was cancelled and converted into a right to receive on the vesting date originally applicable to such RSU, subject to the terms applicable to such RSU, shares of Parent Company. The reporting person was granted 100,000 RSUs on March 15, 2022, vesting in three annual installments, beginning on the first anniversary of the grant date and converting into common stock on a one-for-one basis. For purposes of the Rollover, the reporting person's shares were valued at $1.87 per share.