FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled 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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | ||||||||||||||||
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Lovesac Co [ LOVE ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 04/15/2024 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction 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) | |||
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Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock, $0.00001 par value | 04/15/2024 | M | 4,848(1) | A | $0 | 184,818 | D | |||
Common Stock, $0.00001 par value | 04/15/2024 | F | 2,288(2) | D | $18.8 | 182,530 | D | |||
Common Stock, $0.00001 par value | 04/15/2024 | M | 2,772(3) | A | $0 | 185,302 | D | |||
Common Stock, $0.00001 par value | 04/15/2024 | F | 1,256(4) | D | $18.8 | 184,046 | D | |||
Common Stock, $0.00001 par value | 52,094 | I | The LPDV Holding Trust(5) |
1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction 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 (Month/Day/Year) | 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: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Restricted Stock Units | (6) | 04/15/2024 | A | 33,528 | (7) | (7) | Common Stock | 33,528 | $0 | 33,528 | D | ||||
Restricted Stock Units (Performance-based Vesting) | (6) | 04/15/2024 | A | 33,528 | (7) | (7) | Common Stock | 33,528 | $0 | 33,528 | D | ||||
Restricted Stock Units (Performance-based Vesting) | (6) | 04/15/2024 | A | 69,290 | (8) | (8) | Common Stock | 69,290 | $0 | 69,290 | D | ||||
Restricted Stock Units (Performance-based Vesting) | (6) | 04/15/2024 | A | 44,144 | (8) | (8) | Common Stock | 44,144 | $0 | 44,144 | D | ||||
Restricted Stock Units | (6) | 04/15/2024 | M | 4,848 | (1) | (1) | Common Stock | 4,848 | $0 | 9,696 | D | ||||
Restricted Stock Units | (6) | 04/15/2024 | M | 2,772 | (3) | (3) | Common Stock | 2,772 | $0 | 2,772 | D | ||||
Restricted Stock Units (Performance-based Vesting) | (6) | 04/15/2024 | D | 72,244 | (9) | (9) | Common Stock | 72,244 | $0 | 0 | D | ||||
Restricted Stock Units (Performance-based Vesting) | (6) | 04/15/2024 | D | 35,848 | (10) | (10) | Common Stock | 35,848 | $0 | 0 | D |
Explanation of Responses: |
1. The reported shares were acquired upon the vesting of the first tranche of time-based RSUs granted on April 15, 2023. |
2. The reported shares were withheld to satisfy the Reporting Person's tax liability in connection with the settlement of the first tranche of time-based RSUs granted on April 15, 2023. No shares were sold. |
3. The reported shares were acquired upon the vesting of the second tranche of time-based RSUs granted on April 15, 2022. |
4. The reported shares were withheld to satisfy the Reporting Person's tax liability in connection with the settlement of the second tranche of time-based RSUs granted on April 15, 2022. No shares were sold. |
5. The reported shares are held by The LDPV Holding Trust, dated October 1, 2018, of which the reporting person's spouse is trustee and the reporting person has sole authority over the disposition of the shares of the Issuer held by the trust. |
6. Each RSU represents the contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. |
7. On April 15, 2024, the Reporting Person received a grant of 67,056 RSUs, of which (a) 50% vest in three equal installments on the first, second and third anniversaries of the grant date, and (b) 50% vest in three tranches with each tranche eligible to vest based on the Issuer's achievements of certain financial performance targets for the applicable performance period. |
8. On April 15, 2024, the Reporting Person received a grant of RSUs which vest in a single tranche based on the Issuer's achievements of certain stretch financial performance targets for the performance period. |
9. Reflects performance-based RSUs granted on April 15, 2023 which were forfeited and cancelled in return for consideration. |
10. Reflects performance-based RSUs granted on April 15, 2022 which were forfeited and cancelled in return for consideration. |
Remarks: |
/s/ Megan C. Preneta, as Attorney-in-Fact for Shawn Nelson | 04/16/2024 | |
** 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 Number.