4//SEC Filing
TARINI ROBERT 4
Accession 0001019687-05-001773
CIK 0001077800other
Filed
Jun 29, 8:00 PM ET
Accepted
Jun 30, 4:38 PM ET
Size
13.4 KB
Accession
0001019687-05-001773
Insider Transaction Report
Form 4
TARINI ROBERT
DirectorDirector and CEO
Transactions
- Sale
Series B Convertible Preferred Stock
2005-06-20−143,678→ 0 total(indirect: See Notes)
Footnotes (2)
- [F1]On February 14, 2005, ipPartners, Inc. acquired 143,678 shares of Technest Holdings, Inc. Series B Preferred Stock which was convertible into Markland Technologies, Inc. common stock upon the earlier to occur of (a) February 14, 2006 or (b) a date which is the first trading day after the date on which Markland common stock has a closing bid price of $2.50 or more for five consecutive trading days. The number of shares to be issued will be determined by dividing the quotient of (a) $5,000,000 divided by the lower of (i) $0.60 and (ii) the market price (as defined in the Merger Agreement) by (b) 1,149,425. Market Price means the average closing bid for the 20 previous trading days. Upon conversion, the aggregate number of Markland common shares held by the holders of Series B Preferred Stock and its affiliates may not exceed 4.999% of the outstanding shares of Markland common stock.
- [F2]On June 20, 2005, ipPartners, Inc. exchanged 143,678 shares of Series B Preferred Stock of Technest Holdings, Inc. for 625 shares of Markland Series D Convertible Preferred Stock. The Reporting Person may be deemed to be the beneficial owner of the shares of ipPartners, Inc., being that he is an officer and the sole stockholder of ipPartners, Inc. For Terms and Conditions of Markland Series D Preferred Stock, see Exhibit 99.1.
Issuer
TECHNEST HOLDINGS INC
CIK 0001077800
Entity typeother
Related Parties
1- filerCIK 0001221348
Filing Metadata
- Form type
- 4
- Filed
- Jun 29, 8:00 PM ET
- Accepted
- Jun 30, 4:38 PM ET
- Size
- 13.4 KB