SARGENT HENRY B III 4

4 · TECHNEST HOLDINGS INC · Filed Dec 21, 2009

Form 4

Period: 2009-12-10

Director

Transactions

Holdings

Footnotes (3)

[F1]Common Stock issued to the reporting person pursuant to a stock grant agreement in consideration of the reporting person's service as a director of Technest Holdings, Inc.
[F2]Reporting Person beneficially owns 161,824 shares of Issuer's common stock. Reporting Person is the managing member of Mountain West Partners LLC, which beneficially owns 190,603 shares of Issuer's Common Stock. Reporting Person is an employee of Southridge Advisors, LLC ("Southridge"), which acts as the general partner to Southridge Partners L.P, and acts as the investment advisor to Southshore Capital Fund Ltd., a Cayman Island corporation, ("Southshore"). Reporting Person is an employee of Southridge Capital Management LLC ("Southridge"), which acts as the investment sub-advisor to Aberdeen Avenue LLC, a Cayman Island limited liability company ("Aberdeen"), and Garth LLC, a Cayman Island limited liability company ("Garth"). Reporting Person disclaims beneficial ownership of all shares other than those issued to Reporting Person as a Director of the Issuer.
[F3]Southridge Partners LP is the beneficial owner of an aggregate of 18,223,156 shares of Issuer's Common Stock. Southshore is the beneficial owner of an aggregate of 1,072,257 shares of Issuer's Common Stock. Aberdeen is the beneficial owner of an aggregate of 5,089,421 shares of Issuer's Common Stock. Garth is the beneficial owner of 304,578 shares of the Issuer's Common Stock.

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