MICROISLET INC 4
4 · MICROISLET INC · Filed May 16, 2008
Insider Transaction Report
Form 4
MICROISLET INCMIIS.OB
Katz Ronald
DirectorChairman of the Board
Transactions
- Award
Warrant (right to buy)
2008-05-14+140,000→ 140,000 totalExercise: $0.40From: 2009-05-14Exp: 2014-05-14→ Common Stock (140,000 underlying)
Footnotes (2)
- [F1]This warrant was issued in consideration for the reporting person's loans under a subordinated unsecured revolving promissory note. It may be exercised to purchase a number of shares of the issuer's common stock equal to the quotient of the aggregate funds advanced by the reporting person to the issuer under such note, divided by $2.50, up to a maximum of 200,000 shares. On May 14, 2008, the reporting person advanced $350,000 to the issuer under the note and the warrant became exercisable for 140,000 shares.
- [F2]The number of shares of common stock that may be exercised by the reporting person shall automatically be limited to the extent necessary to ensure that, following such exercise, the total number of shares of common stock then beneficially owned by the reporting person does not exceed 4.999% of the total number of issued and outstanding shares of the Issuer's common stock. The reporting person may waive this restriction upon 61 days prior notice to the issuer.