William E. Siwek - 31 Dec 2022 Form 4 Insider Report for TPI COMPOSITES, INC (TPIC)

Role: President and CEO
Signature: /s/ Steven G. Fishbach, Attorney-in-Fact
Issuer symbol: TPIC
Transactions as of: 31 Dec 2022
Net transactions value: -$204,412
Form type: 4
Filing time: 04 Jan 2023, 15:12:43 UTC
Previous filing: 20 Sep 2022
Next filing: 14 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPIC	Common Stock	Options Exercise	$0	+47,938	+37%	$0.000000	175,973	31 Dec 2022	Direct
transaction	TPIC	Common Stock	Tax liability	$204,412	-20,159	-11%	$10.14	155,814	31 Dec 2022	Direct	F1

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	TPIC	Restricted Stock Units	Options Exercise	$0	-47,938	-100%	$0.000000^*	0	31 Dec 2022	Common Stock	47,938		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Represents the shares required to satisfy tax withholding obligations in connection with the vesting of 47,938 performance based restricted stock units ("Performance Based RSUs").
F2	The Performance Based RSUs vested in full on December 31, 2022. The reporting person was eligible to receive 100% of the Performance Based RSUs if (i) the Issuer's 30 day, volume weighted average stock price exceeded the following stock price hurdles: $30, $38 and $43; and (ii) the reporting person provided continuous service to the Issuer, during the applicable performance period of the underlying award (March 11, 2020 to December 31, 2022).
F3	Each RSU represents a contingent right to receive one share of the common stock. All unvested RSUs will automatically expire upon Reporting Person's termination of service from Issuer.