Ivy Jerry Lafe JR 4
4 · ON TRACK INNOVATIONS LTD · Filed Mar 10, 2021
Insider Transaction Report
Form 4
Ivy Jerry Lafe JR
Other
Transactions
- Award
Ordinary Shares, NIS .10 par value
2021-03-02$1500000.00/sh+0$0→ 0 total(indirect: By Trust)Exercise: $0.00From: 2021-03-02Exp: 2021-06-17→ Ordinary Shares (0 underlying)
Footnotes (3)
- [F1]The convertible loan was made pursuant to a loan financing agreement dated December 9, 2020. The loan bears interest at 8.0% per annum but upon an extension beyond the maturity date, the interest rate increases to 10.0% per annum.
- [F2]The conversion feature of the loan became effective on March 2, 2021, the date of shareholder approval. Principal and accrued interest may be converted at a price per share (the "Conversion Price")equal to the lower of (a) $0.20 per share and (b) a price per share reflecting a discount of $0.248 (the "Benchmark Price"), as follows: (i) if conversion occurs no later than three months after the Initial Closing, the price will be $0.198; (ii) if conversion occurs more than three months but no later than six months after the Initial Closing, the price will be $0.174; (iii) if conversion occurs more than six months after the Initial Closing (to the extent extended in accordance with the terms of the Agreement), the price will be $0.124; and (iv) if conversion occurs upon an event of default, theprice will be $0.124.
- [F3]Represents the maturity date of the convertible loan. The maturity date may be extended at the sole option of Mr. Ivy, which will extend the expiration date of the conversion right.