GULFSTREAM INTERNATIONAL GROUP INC 3
3 · GULFSTREAM INTERNATIONAL GROUP INC · Filed Sep 10, 2010
Insider Transaction Report
Form 3
SAH-VUL Strategic Partners I, LLC
10% Owner
Holdings
Common Stock Warrant (Right to Buy)
Exercise: $0.70From: 2010-09-08Exp: 2015-08-31→ Common Stock (750,000 underlying)Convertible Promissory Note (Right to Buy)
Exercise: $0.70From: 2010-09-08Exp: 2011-08-31→ Common Stock (2,142,857 underlying)
Footnotes (1)
- [F1]The Secured Convertible Promissory Note (the "Note") accrues interest at eight percent per annum compounded monthly and has a maturity date of August 31, 2011. The unpaid principal and accrued and unpaid interest under the Note can be converted beginning on September 8, 2010 into common stock of the issuer at a price of $0.70 per share. The reporting person made a required advance under the Note of $500,000.00 on each of September 8, 2010 and September 10, 2010. Assuming that (i) the reporting person makes the additional required advance of $500,000.00 on September 24, 2010 for a total principal amount outstanding of $1,500,000.00, (ii) the issuer repays all interest under the Note in cash, (iii) the principal under the Note is not prepaid, and (iv) cash is issued in lieu of fractional shares, at maturity the Note would be convertible into 2,142,857 shares of the issuer's common stock.