TuSimple Form 4 / J. Tyler McGaughey ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed 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).

1. Name and Address of Reporting Person^*

McGaughey J. Tyler

(Last)

(First)

(Middle)

9191 TOWNE CENTRE DRIVE, SUITE 600

(Street)

SAN DIEGO

92122

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TuSimple Holdings Inc. [ TSP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾⁽²⁾	04/17/2023		D⁽³⁾			156,250	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Class A Common Stock	156,250	⁽³⁾	0	D

Explanation of Responses:

1. The Reporting Person was granted Restricted Stock Units ("RSUs") which represented a contingent right to receive one share of Class A Common Stock for each RSU. The RSUs were subject to a service-based vesting requirement and shall vest as follows. The award was to vest in a number of RSUs equal to the product of (x) 156,250 shares multiplied by (y) a fraction, the numerator of which was to be the total number of whole months of continuous service as an Outside Director (or other Service Provider) ("Service") between the date of grant and the earliest to occur of (A) the one-year anniversary of the date of grant, (B) the date of the regular annual meeting of the Issuer's stockholders held following the date of grant and (C) the date of a change in control (the earliest to occur of the dates in clauses (A)-(C), the "Vesting Date"), and the denominator of which was 12; provided, that each RSU that did not vest in accordance with foregoing was to be forfeited (continued in footnote 2)

2. (continued from footnote 1) without consideration on the Vesting Date.

3. On April 17, 2023, the Board of Directors of the Issuer elected the Reporting Person as the security director and chair of the government security committee. Under the terms of the Issuer's national security agreement, the security director shall not be compensated via stock awards. In connection with the foregoing, the Issuer canceled the RSUs reported herein and instead agreed to award the Reporting Person a cash fee.

Remarks:

	/s/ Xin Zhao, Attorney-in-Fact	04/19/2023
	** 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.

TuSimple (TSPH) Form 4TuSimple / J. Tyler McGaughey ownership change