Frodl Debora M. 4

4 · XL Fleet Corp. · Filed Dec 23, 2020

Form 4

Period: 2020-12-21

Director

Transactions

Award
Stock Option (right to buy)
2020-12-21+75,719→ 75,719 total
Exercise: $0.24Exp: 2029-06-13→ Common Stock (75,719 underlying)
Award
Stock Option (right to buy)
2020-12-21+381,874→ 381,874 total
Exercise: $0.24Exp: 2028-05-07→ Common Stock (381,874 underlying)
Award
Stock Option (right to buy)
2020-12-21+75,719→ 75,719 total
Exercise: $0.24Exp: 2029-05-15→ Common Stock (75,719 underlying)

Footnotes (5)

[F1]The shares underlying this option vest in 48 equal monthly installments starting on May 7, 2018.
[F2]The shares underlying this option vest in 48 equal monthly installments starting on March 19, 2019.
[F3]25% of the shares underlying this option vest 12 months from June 13, 2019 and the remaining vest in 36 equal monthly installments thereafter, subject to the Ms. Frodl's continued service through the applicable vesting dates.
[F4]Received pursuant to the Agreement and Plan of Reorganization, dated as of September 17, 2020, by and among Pivotal Investment Corporation II ("Pivotal"), PIC II Merger Sub Corp., a Delaware corporation and wholly owned subsidiary of Pivotal ("Merger Sub"), and XL Hybrids, Inc., a Delaware corporation ("Legacy XL"), pursuant to which Merger Sub merged with and into Legacy XL (the "Merger"), with Legacy XL surviving as a wholly-owned subsidiary of Pivotal (which subsequently changed its name to "XL Fleet Corp.", the "Issuer"), in exchange for a stock option to acquire 504,331 shares of Legacy XL common stock for $0.18 per share.
[F5]Received in the Merger in exchange for a stock option to acquire 100,000 shares of Legacy XL common stock for $0.18 per share.

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