Microvast Holdings, Inc. — Director's Dealing 2021

Jul 27, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Microvast Holdings, Inc. (MVST)
CIK: 0001760689
Period of Report: 2021-07-23

Reporting Person: Zheng Yanzhuan (Director, CFO, Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-23	Class A Common Stock	A	313009	—	Acquired	313009	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-23	Employee Stock Option (right to buy)	$6.28	A	1122100	Acquired	2030-07-27	Class A Common Stock (1122100)	Direct
2021-07-23	Capped Restricted Stock Unit	$6.28	A	2860713	Acquired		Class A Common Stock (2860713)	Direct
2021-07-23	Earnout Rights	$	A	32478	Acquired		Class A Common Stock (32478)	Direct

Footnotes

F1: Received in exchange for 1,953 shares of common stock of Microvast, Inc. ("Microvast") in connection with the closing of the transactions contemplated by the Agreement and Plan of Merger by and between Tuscan Holdings Corp. ("Tuscan Holdings"), TSCN Merger Sub Inc. and Microvast, dated February 1, 2021 (the "Merger Agreement"), including the renaming of Tuscan Holdings to the Issuer (the "Merger"). On the effective date of the Merger, the closing price of Issuer's Class A Common Stock was $10.00.

F2: The shares underlying this option vest one-third on each of the first, second and third anniversaries of the Merger.

F3: Received in the Merger in exchange for an employee stock option to acquire 7,000 shares of common stock of Microvast for $1,005.85 per share.

F4: The Capped Restricted Stock Units convert into one share of Class A Common Stock on vesting and are subject to the same conditions and vesting schedule as stock options.

F5: Received in the Merger in exchange for the right to receive 17,846 shares of common stock of Microvast for $1005.85 per share.

F6: Pursuant to the earnout provisions in the Merger Agreement, the Reporting Person is entitled to receive shares of Class A Common Stock if the daily volume weighted average price of the common stock is greater than or equal to $18.00 for any 20 trading days within a 30 trading day period (or a change of control occurs that results in the holders of common stock receiving a per share price equal to or in excess of $18.00), during the period commencing on the closing date of the Merger and ending on the third anniversary of the closing date of the Merger.

F7: Received in connection with the Merger and pursuant to the terms of the Merger Agreement.