OMNI RAIL PRODUCTS INC 5
5 · OMNI RAIL PRODUCTS INC · Filed Feb 8, 2000
Insider Transaction Report
Form 5
No transactions or holdings reported in this filing.
Footnotes (1)
- [1998]The options to purchase both common stock and Series B Preferred Stock that the issuer had previously granted to the reporting person terminated on April 21, 1998, 90 days after the reporting person's resignation as a director. 5. The issuer's Amended and Restated Certificate of Incorporation provides that Series B Preferred Stock be automatically converted into the issuer's common stock if the issuer reported gross annual revenues of $20,000,000 or annual pre-tax earnings of $1,500,000 during either the fiscal year ending in 1998 or 1999. It further provides that, if the issuer did not meet these conditions by the fiscal year ending in 1999, the Series B Preferred Stock was deemed cancelled and of no further force and effect. The issuer did not meet these conditions for either of such fiscal years. Accordingly, the issuer reported that it did not meet these conditions on September 7, 1999, and the Series B Preferred Stock was deemed cancelled and was of no further force and effect as of that date. 6. The reporting person acquired these options from another shareholder on November 29, 1999. The issuer had previously granted those options to such other shareholder on or about January 7, 1995. 7. On November 29, 1999, the reporting person transferred one-half of the options referred to in footnote 6 to another shareholder of the issuer.