Ismail Sufyan 4
4 · Nemaura Medical Inc. · Filed Jun 5, 2018
Insider Transaction Report
Form 4
Ismail Sufyan
10% Owner
Transactions
- Other
Common Stock
2017-11-06−22,705,000→ 250 total - Other
Series A Convertible Preferred Stock
2017-11-06+22,705→ 22,705 totalExercise: $0.00→ Common Stock, par value $0.01 (22,705,000 underlying)
Footnotes (3)
- [F1]On October 5, 2017, the Reporting Person entered into a Common Stock Conversion Agreement with the Issuer, whereby the Reporting Person cancelled certain of his shares of Common Stock, in exchange for the issuance of shares of Series A Convertible Preferred Stock of the Company. The transaction was effective on November 6, 2017.
- [F2]The Reporting Person can automatically convert after all of the following events occur:(a) the sugarBEAT? device to be commercialized has CE regulatory approval; (b) retail sales have commenced; and (c) retail sales exceed USD$5 million, which includes any advanced sales (the "Triggering Events"); the disinterested members of the Board shall confirm the satisfaction of all Triggering Events by written notice to the Corporation's transfer agent. On such date, the shares then outstanding shall be converted, automatically into such number of fully paid and non-assessable shares of Common Stock at a conversion ratio of 1,000-for-1 (the "Conversion Ratio"). The Reporting Person can voluntarily convert any shares of Series A Preferred then outstanding may into a number of fully paid and nonassessable shares of Common Stock at the Conversion Ratio then in effect.
- [F3]The conversion rights do not expire.