Howitt David Marc 4
4 · WARP TECHNOLOGY HOLDINGS INC · Filed Jan 19, 2006
Insider Transaction Report
Form 4
Howitt David Marc
Director
Transactions
- Purchase
Convertible Promissory Note
2006-01-11+350,000→ 350,000 totalExercise: $1.25→ Series E Preferred Stock
Footnotes (3)
- [F1]Automatic conversion will occur upon the effectiveness of the filing of the Certificate of Designations, Preferences and Rights pertaining to the Company's Series E Preferred Stock.
- [F2]If the Certificate of Designations, Preferences and Rights pertaining to the Company's Series E Preferred Stock is not filed by February 10, 2006, the holders may demand that the Company repay the principal amount of the Note plus accrued interest.
- [F3]The Convertible Promissory Note is automatically convertible into (i) such number of fully paid and non-assessable shares of the Company's Series E Preferred Stock equal to the aggregate outstanding principal amount due under the Notes plus the amount of all accrued but unpaid interest under the Notes divided by $1.25, and (ii) warrants to purchase a number of shares of the Company's Common Stock equal to 40% of such number of shares of Series E Stock issued to the holder. The exact number of shares and warrants into which the Note is convertible cannot be determined at this time because the amount of interest that will accrue prior to the date of conversion is not known.