BURCHETTA JAMES D 4
4 · DEBT RESOLVE INC · Filed Oct 8, 2009
Insider Transaction Report
Form 4
DEBT RESOLVE INCDRSV.PK
BURCHETTA JAMES D
Director
Transactions
- Purchase
Common Stock
2009-09-28$0.25/sh+1,686,000$421,500→ 6,360,656 total - Award
Common Stock
2009-08-07$0.19/sh+500,000$95,000→ 1,206,240 total - Purchase
Common Stock
2009-08-27$0.15/sh+3,468,416$520,262→ 4,674,656 total
Footnotes (3)
- [F1]* These shares were granted at a Board meeting held on August 7, 2009 as compensation for Board service for 2008 and 2009.
- [F2]**Effective August 27, 2009, Mr. Burchetta agreed to convert $119,000 of principal, $23,345 of accrued interest and $377,917 of accrued payroll and consulting fees to stock at a conversion rate of $0.15 per share, resulting in 3,468,416 shares being issued.
- [F3]***On September 28, 2009, Mr. Burchetta converted 1/2 of the future value of consulting fees due under his consulting agreement with an expiration date of January 13, 2013 in the amount of $421,500, at a conversion rate of $0.25, resulting in 1,686,000 sharesbeing issued. As a result, Mr. Burchetta's cash monthly fees were reduced from $20,833.33 to $10,000 per month. Also, the provision requiring that he be paid at least $25,000 more annually than the Chief Executive Officer was cancelled.