Series U of UM Partners, LLC - Sep 21, 2021 Form 4 Insider Report for Utz Brands, Inc. (UTZ)

Role: 10%+ Owner
Signature: /s/ Gene Otto, Vice President of Series U of UM Partners, LLC
Stock symbol: UTZ
Transactions as of: Sep 21, 2021
Transactions value $: $0
Form type: 4
Date filed: 9/22/2021, 05:35 PM
Next filing: Feb 14, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	UTZ	Class A Common Stock	Conversion of derivative security	$0	+850K		$0.00	850K	Sep 21, 2021	Direct	F1, F2
transaction	UTZ	Class V Common Stock	Other	$0	-850K	-1.66%	$0.00	50.4M	Sep 21, 2021	Direct	F1, F2, 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	UTZ	Company Common Units	Conversion of derivative security	$0	-850K	-1.66%	$0.00	50.4M	Sep 21, 2021	Class A Common Stock	850K		Direct	F1, F2, F4

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

Explanation of Responses:

Id	Content
F1	These securities are solely owned by Series U of UM Partners, LLC, who is a member of a "group" with Series R of UM Partners, LLC for purposes of Section 13(d) of the Exchange Act.
F2	Reflects an exchange of Common Company Units together with the surrender and cancellation of the same number of Class V Common Stock for an equal number of shares of Class A Common Stock, pursuant to the Third Amended and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC (the "LLC Agreement"). Transactions are exempt from Section 16(b) in reliance on Rule 16b-6(b).
F3	These shares of Class V Common Stock of the Issuer provide no economic rights in the Issuer to the holder thereof. However, each holder of Class V Common Stock is entitled to vote as a common stockholder of the Issuer, with the number of votes equal to the number of shares of Class V Common Stock held at the time of such vote.
F4	These Common Company Units represent non-voting limited liability company interest of Utz Bands, Inc. pursuant to the terms of the LLC Agreement. Subject to certain exceptions, beginning on the earlier of August 28, 2021 or such earlier time as the lock-up period set forth in an agreement between the Issuer and the Reporting Persons ends, these units may be exchanged at the discretion of the holder for shares of Class A Common Stock on a one-for-one basis pursuant to certain limitations set forth in the LLC Agreement.