KIMBERLIN KEVIN 4
4 · Vyteris, Inc. · Filed Feb 18, 2010
Insider Transaction Report
Form 4
Vyteris, Inc.VYTR
KIMBERLIN KEVIN
10% Owner
Transactions
- Conversion
Common Stock
2009-12-24$0.40/sh+26,330,806$10,532,322→ 52,179,620 total(indirect: See Footnote) - Conversion
Series B Convertible Preferred Stock
2009-12-24−500,000→ 0 total(indirect: See Footnote)Exercise: $0.40From: 2009-12-24Exp: 2009-12-24→ Common (26,330,806 underlying) - Conversion
Common Stock
2009-12-24$0.40/sh+24,180,241$9,672,096→ 25,848,814 total(indirect: See Footnote) - Conversion
Senior Secured Convertible Debt
2009-12-24−9,672,096→ 0 total(indirect: See Footnote)Exercise: $0.40From: 2009-12-24Exp: 2009-12-24→ Common (24,180,241 underlying)
Footnotes (3)
- [F1]Shares of the Issuer's common stock (the "Common Stock") were acquired through a Restructuring Agreement, as amended (the "Agreement"), dated as of December 24, 2009, by Spencer Trask Specialty Group ("STSG"), a Delaware limited liability company, of which the Reporting Person is the non-member manager. The Agreement provided that all existing debt in excess of $2,000,000 would be converted into shares of Common Stock in full satisfaction of such amounts owed by the Issuer to STSG at $0.40 per share. The conversion occurred simultaneously with the execution of the Agreement.
- [F2]Shares were acquired through the Agreement pursuant to which the Series B Convertible Preferred Stock (the "Preferred Stock") would be converted into shares of Common Stock in full satisfaction of all obligations by the Issuer to STSG under the Preferred Stock at $0.40 per share. The conversion occurred simultaneously with the execution of the Agreement.
- [F3]The aggregate debt includes senior secured convertible debt and working capital facilities debt. All debt, with the exception of $2,000,000, was paid off by the conversion pursuant to the Agreement.