Long Island Iced Tea Corp. 4
4 · Long Island Iced Tea Corp. · Filed Dec 28, 2015
Insider Transaction Report
Form 4
WATSON E J
10% Owner
Transactions
- Other
Convertible Promissory Note
2015-12-23$2526.00/sh(indirect: by Brentwood LIIT Inc.)Exercise: $4.00From: 2015-11-23→ Common Stock (632 underlying)
Footnotes (3)
- [F1]Represents monthly interest earned on the principal balanceof the Convertible Promissory Note, which was paid in-kind by adding it to the principal balance of the note. The Convertible Promissory Note was issued in consideration of a loan made by Brentwood LIIT Inc. to Long Island Brand Beverages LLC, the issuer's wholly owned subsidiary.
- [F2]All or any portion of the outstanding principal balance of the Convertible Promissory Note, and all accrued and unpaid interest thereon, are convertible, at the option of Brentwood LIIT Inc., into shares of the issuer's common stock. The loan, evidenced by the Convertible Promissory Note, matures on November 23, 2018.
- [F3]Brentwood LIIT Inc. is an entity controlled by Mr. Watson. Mr. Watson disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.