INDUSTRIAL SERVICES OF AMERICA INC 4
4 · INDUSTRIAL SERVICES OF AMERICA INC · Filed Aug 6, 2015
Insider Transaction Report
Form 4
GARBER SEAN
President10% Owner
Transactions
- Purchase
Common Stock
2015-08-05$188999.10/sh+50,670$9,576,584,397→ 50,670 total(indirect: By Algar, Inc.)
Holdings
- 30,000
Option (right to buy)
Exercise: $5.40From: 2015-10-15Exp: 2019-10-15→ Common Stock (30,000 underlying) - 1,500,000(indirect: By Algar, Inc.)
Option (right to buy)
Exercise: $5.00From: 2013-12-01Exp: 2016-12-01→ Common Stock (1,500,000 underlying)
Footnotes (3)
- [F1]The Issuer entered into a Stock Purchase Agreement with Algar, Inc. on August 5, 2015. Under the Stock Purchase Agreement, the Issuer issued 50,670 shares of its common stock to Algar, Inc. in exchange for a reduction of $188,999.10 of the Issuer's accrued but unpaid bonus compensation due to Algar, Inc.
- [F2]The Reporting Person is Chief Executive Officer of and the controlling shareholder of Algar, Inc.
- [F3]On December 2, 2013, Algar, Inc. was issued an option to purchase 1,500,000 shares of Issuer common stock which becomes exercisable in four equal tranches. The first tranche was immediately exercisable; subject to certain additional requirements, generally, the second tranche becomes exercisable when the Issuer's stock consistently trades above $6.00 or the Issuer's revenues increase by $30 million following an acqusition, the third tranche becomes exercisable when the Issuer's stock consistently trades above $8.00 or the Issuer's revenues increase by $90 million following an acqusition, and the fourth tranche becomes exercisable when the Issuer's stock consistently trades above $9.00 or the Issuer's revenues increase by $120 million following an acqusition.