Z TRIM HOLDINGS, INC 4
4 · Z TRIM HOLDINGS, INC · Filed Jan 12, 2015
Insider Transaction Report
Form 4
GARFINKLE MORRIS
Director
Transactions
- Other
Warrant
2015-01-08+36,705→ 36,705 totalExercise: $0.64From: 2015-01-08Exp: 2020-01-08→ Common Stock (36,705 underlying) - Other
Convertible Note
2015-01-08−17,842→ 57,158 totalFrom: 2014-05-12Exp: 2016-05-12→ See footnote (17,842 underlying) - Other
Convertible Note
2015-01-08−19,000→ 0 totalFrom: 2014-04-30Exp: 2016-04-30→ See footnote (19,000 underlying) - Other
Convertible Preferred Stock
2015-01-08+10,084→ 10,084 totalFrom: 2015-01-08Exp: 2018-01-08→ Common Stock (115,243 underlying) - Other
Warrant
2015-01-08+86,317→ 86,317 totalExercise: $0.64From: 2015-01-08Exp: 2020-01-08→ Common Stock (86,317 underlying)
Footnotes (3)
- [F1]Mr. Garfinkle exchanged two previously reported convertible notes (one with a principal amount of $75,000, of which $17,842 (plus interest) was exchanged and $57,158 remains outstanding and one with a principal amount of $19,000, all of which was exchanged) (together, the "Notes") in the aggregate amount (principal and interest) of $40,335 for 10,084 units (the "Units"), with each Unit consisting of one (1) share of 12.5% redeemable convertible preferred stock (the "Preferred Stock") and one (1) warrant to acquire 8.56 shares (the "Initial Warrants") of Z Trim Holdings, Inc. (the "Company") common stock, par value $0.00005 per share (the "Common Stock"), at an exercise price of $0.64 per share of Common Stock. Mr. Garfinkle received one (1) Unit for every $4.00 of debt exchanged.
- [F2]Mr. Garfinkle was issued an additional warrant (the "Additional Warrants") exercisable to acquire an aggregate of 36,705 shares of Common Stock at an exercise price of $0.64 per share. In connection with the acquisition of the Units, Mr. Garfinkle acquired an aggregate of (1) 10,084 shares of Preferred Stock, (2) 86,317 Initial Warrants and (3)36,705 Additional Warrants. The Initial Warrants and Additional Warrants are subject to certain anti-dilution and other adjustments.
- [F3]Each share of Preferred Stock (together with any accrued but unpaid dividends thereon) is convertible into shares of Common Stock at the option of the holder at any time at a conversion price per share equal to the sum of the stated value ($4.00 per share) and any accrued but unpaid dividends thereon through the date of redemption divided by the conversion price, which will initially be $0.35 per share of Preferred Stock, subject to certain anti-dilution and other adjustments.