Tecce Frederick C. 4
4 · InsPro Technologies Corp · Filed Dec 27, 2010
Insider Transaction Report
Form 4
InsPro Technologies CorpITCC.OB
Tecce Frederick C.
Director10% Owner
Transactions
- Purchase
Warrant to Purchase Common Stock
2010-12-22$0.15/sh+797,378$119,607→ 7,973,780 total(indirect: See Footnote)From: 2010-12-22Exp: 2015-12-22→ Common Stock (7,973,780 underlying) - Purchase
Series B Convertible Preferred Stock
2010-12-22+797,378→ 15,947,560 total(indirect: See Footnote)From: 2010-12-22→ Common Stock (15,947,560 underlying)
Footnotes (2)
- [F1]Pursuant to the First Amendment to Loan Documents dated June 15, 2010 between The Co-Investment Fund II, L.P. (the "Fund") and InsPro Technologies Corporation (the "Company") and its subsidiaries, the Fund converted the outstanding balance under the loans made pursuant to the Loan Agreement dated December 22, 2009 into797,378 Units identical to the Units issued in a private placement conducted by the Company on September 30, 2010. Each Unit consists of 1 share of Series B Convertible Preferred Stock (which is convertible into 20 shares of common stock, subject to adjustment) and a five-year warrant to purchase 10 shares of common stock, with a subscription price of $3.00 per Unit. There is no expiration date for the conversion of the Series B Convertible Preferred Stock.
- [F2]Consists of securities held by the Fund, the designee of Cross Atlantic Capital Partners, Inc., of which Mr. Tecce is the managing director. The Reporting Person disclaims beneficial ownership of the securities held by the Fund except to the extent of his pecuniary interest therein.