xG TECHNOLOGY, INC. 4
4 · xG TECHNOLOGY, INC. · Filed Mar 19, 2014
Insider Transaction Report
Form 4
MB Technology Holdings, LLC
10% Owner
Transactions
- Other
Common Stock
2013-11-22$35.00/sh−23,915$837,025→ 6,185,582 total
Footnotes (1)
- [F1]Prior to the Company becoming a public entity, MB Merchant Group, LLC ("MBMG"), which beneficially owns 45.20% of the Reporting Person, incurred a debt to a private individual of $837,000. This individual held the option to convert such debt at any time into 23,915 shares in the Company, such conversion to be satisfied by MBMG transferring existing xG shares to the individual. Likewise, MBMG had the option to extinguish the debt in its entirety with 23,915 shares in the Company. On November 22, 2013, MBMG received notice that the private individual had exercised its option to acquire shares of the Company from MBMG in lieu of the payment of the debt. MBMG transferred shares from the Reporting Company to the private individual to fulfill this obligation.