4//SEC Filing
CVSL INC. 4
Accession 0001179110-13-012286
CIK 0001403085operating
Filed
Jul 29, 8:00 PM ET
Accepted
Jul 30, 9:42 PM ET
Size
7.4 KB
Accession
0001179110-13-012286
Insider Transaction Report
Form 4
CVSL INC.CVSL
BISHOP MICHAEL ARTHUR
Director
Transactions
- Other
Common Stock Equivalent Unit
2013-07-26+250,000→ 250,000 total→ Common Stock (250,000 underlying)
Footnotes (4)
- [F1]Each common stock equivalent unit ("Unit") is the economic equivalent of one share of common stock of CVSL Inc. (the "Issuer").
- [F2]The reporting person received an award of 83,334 Units on July 26, 2013 (the "Initial Grant"). In addition, the award will grant the reporting person 83,333 Units on each of December 3, 2013 (the "Second Grant") and December 3, 2014 (the "Third Grant"), subject to the reporting person remaining in continuous service with the Issuer until each such date.
- [F3]Upon vesting of the Initial Grant, the Second Grant, and the Third Grant (which will occur on December 3, 2014, December 3, 2015, and December 3, 2016, respectively, subject to the reporting person having uninterrupted continuous service with the Issuer through such date), the Units subject to such grant become payable in cash in three annual payments (each a "Cash Out Payment") based on the increase in value of the Units subject to the grant.
- [F4]The value of a Unit at vesting is equal to the amount of appreciation of the Unit (based on the grant date price of such Unit) relative to the value of the Issuer's common stock on the vesting date (such value to be the average closing price of the Issuer's common stock during the 10-trading-day period immediately preceding the vesting date). The per Unit grant price for the Units subject to the Initial Grant is $.20. The per Unit grant price for the Units subject to the Second Grant and the Third Grant will be based on the average closing price of the Issuer's common stock during the 10-trading-day period immediately preceding the grant date. The award will expire upon the earlier of termination of the reporting person's continuous service with the Issuer or the date of last Cash Out Payment.
Documents
Issuer
CVSL INC.
CIK 0001403085
Entity typeoperating
IncorporatedFL
Related Parties
1- filerCIK 0001403085
Filing Metadata
- Form type
- 4
- Filed
- Jul 29, 8:00 PM ET
- Accepted
- Jul 30, 9:42 PM ET
- Size
- 7.4 KB