Michael Dippold - 29 Nov 2022 Form 4 Insider Report for Leonardo DRS, Inc. (DRS)

Role: EVP and CFO
Signature: /s/ Katherine Krebel, Attorney-in-Fact
Issuer symbol: DRS
Transactions as of: 29 Nov 2022
Net transactions value: $0
Form type: 4
Filing time: 30 Nov 2022, 06:48:00 UTC
Previous filing: 28 Nov 2022
Next filing: 11 May 2023
SEC: View on sec.gov

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	DRS	Restricted Stock Unit	Award	$0	+34,286		$0.000000	34,286	29 Nov 2022	Common Stock	34,286		Direct	F1
transaction	DRS	Performance Restricted Stock Unit	Award	$0	+51,429		$0.000000	51,429	29 Nov 2022	Common Stock	51,429		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") was granted under the Issuer's 2022 Omnibus Equity Compensation Plan (the "Plan"), and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. The RSUs were granted to the Reporting Person in connection with the closing of the transactions contemplated by the Agreement and Plan of Merger, dated June 21, 2022, by and among Leonardo DRS, Inc., RADA Electronic Industries Limited and Blackstart Ltd (the "Merger"). The RSUs are scheduled to vest on the second anniversary of the grant date and have no expiration date.
F2	Each performance restricted stock unit ("PRSU") was granted under the Plan and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. The PRSUs were granted to the Reporting Person in connection with the closing of the Merger. The target number of PRSUs is presented in the table. The PRSUs are scheduled to vest over a period of two years, and the number of PRSUs actually earned will be determined based upon the achievement of certain predetermined performance targets and have no expiration date.

Content

Each restricted stock unit ("RSU") was granted under the Issuer's 2022 Omnibus Equity Compensation Plan (the "Plan"), and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. The RSUs were granted to the Reporting Person in connection with the closing of the transactions contemplated by the Agreement and Plan of Merger, dated June 21, 2022, by and among Leonardo DRS, Inc., RADA Electronic Industries Limited and Blackstart Ltd (the "Merger"). The RSUs are scheduled to vest on the second anniversary of the grant date and have no expiration date.

Each performance restricted stock unit ("PRSU") was granted under the Plan and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. The PRSUs were granted to the Reporting Person in connection with the closing of the Merger. The target number of PRSUs is presented in the table. The PRSUs are scheduled to vest over a period of two years, and the number of PRSUs actually earned will be determined based upon the achievement of certain predetermined performance targets and have no expiration date.

Remarks:

See Exhibit 24 - Power of Attorney.