Statement of Changes in Beneficial Ownership (4)
September 13 2022 - 05:10PM
Edgar (US Regulatory)
FORM 4
[ ] Check this box if no longer subject to Section
16. Form 4 or Form 5 obligations may continue. See
Instruction 1(b).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL
OWNERSHIP OF SECURITIES
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OMB
APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5 |
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Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934 or Section 30(h) of the Investment
Company Act of 1940
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1. Name
and Address of Reporting Person * Fong Christian
S. |
2. Issuer Name and Ticker or Trading
Symbol XL Fleet Corp. [ XL ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)__X__
Director _____
10% Owner
__X__ Officer (give title
below) _____ Other
(specify below)
President |
(Last)
(First)
(Middle)
47000 LIBERTY DRIVE |
3. Date of Earliest Transaction (MM/DD/YYYY)
9/9/2022
|
(Street)
WIXOM, MI 48393
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
|
6. Individual or Joint/Group Filing
(Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person |
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
|
1.Title of Security
(Instr. 3) |
2. Trans. Date |
2A. Deemed Execution Date, if any |
3. Trans. Code
(Instr. 8) |
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) |
5. Amount of Securities Beneficially Owned Following
Reported Transaction(s)
(Instr. 3 and 4) |
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) |
7. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
Amount |
(A) or (D) |
Price |
Common Stock |
9/9/2022 |
|
A |
|
909091 (1) |
A |
$1.17 |
909091 |
D |
|
Common Stock |
9/9/2022 |
|
F |
|
281320 (2) |
D |
$1.17 |
627771 |
D |
|
Common Stock |
9/9/2022 |
|
A |
|
909091 (3) |
A |
$0.00 |
1536862 |
D |
|
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
|
1. Title of Derivate Security
(Instr. 3) |
2. Conversion or Exercise Price of Derivative
Security |
3. Trans. Date |
3A. Deemed Execution Date, if any |
4. Trans. Code
(Instr. 8) |
5. Number of Derivative Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5) |
6. Date Exercisable and Expiration Date |
7. Title and Amount of Securities Underlying
Derivative Security
(Instr. 3 and 4) |
8. Price of Derivative Security
(Instr. 5) |
9. Number of derivative Securities Beneficially
Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct
(D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
(A) |
(D) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
Restricted Stock Units (4) |
(4) |
9/9/2022 |
|
A |
|
1666666 |
|
(4) |
9/9/2033 |
Common Stock |
1666666 |
$0 |
1666666 |
D |
|
Explanation of
Responses: |
(1) |
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. |
(2) |
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. |
(3) |
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. |
(4) |
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. |
Reporting
Owners
|
Reporting Owner Name / Address |
Relationships
|
Director |
10% Owner |
Officer |
Other |
Fong Christian S.
47000 LIBERTY DRIVE
WIXOM, MI 48393 |
X |
|
President |
|
Signatures
|
/s/ Stacey Constas |
|
9/13/2022 |
**Signature of
Reporting Person |
Date |
Reminder: Report on a separate line for each class
of securities beneficially owned directly or
indirectly. |
* |
If the form is filed by more than one
reporting person, see Instruction 4(b)(v). |
** |
Intentional misstatements or omissions
of facts constitute Federal Criminal Violations. See 18
U.S.C. 1001 and 15 U.S.C. 78ff(a). |
Note: |
File three copies of this Form, one of
which must be manually signed. If space is insufficient, see
Instruction 6 for procedure. |
Persons who respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB control number. |
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