WESTGATE CAPITAL CO LLC 4

4 · PALWEB CORP · Filed Sep 11, 2003

Form 4

Period: 2002-01-24

10% Owner

Transactions

Purchase
Common Stock Purchase Warrants
2002-01-21+313,608→ 3,442,188 total(indirect: By Partnership)
Exercise: $5.00From: 2002-01-21Exp: 2006-01-21→ Common Stock (313,608 underlying)
Purchase
Series 2001 12% Cumulative Convertible Senior Pref Stock
2002-01-21$10.00/sh+52,268$522,680→ 573,698 total(indirect: By Partnership)
Exercise: $1.43From: 2002-01-21→ Common Stock (365,876 underlying)
Conversion
Common Stock, $.0001 par
2003-09-08$1.43/sh+4,015,886$5,737,095→ 5,809,688 total(indirect: By Partnership)
Conversion
Series 2001 12% Cumulative Convertible Senior Pref Stock
2003-09-08−573,698→ 0 total
Exercise: $1.43→ Common Stock (4,015,886 underlying)

Footnotes (4)

[F1]On January 21, 2002, Westgate Investments Limited Partnership acquired 52,268 shares of the Issuer's Series 2001 12% Cumulative Convertible Senior Preferred Stock (the "2001 Preferred Stock"), and Common Stock Purchase Warrants (the "Warrants") to acquire 313,608 shares of Issuer's common stock for the total purchase price of $522,680. No separate consideration was allocated to the warrants.
[F2]Includes common stock dividends paid on 2001 Preferred Stock.
[F3]n/a
[F4]In connection with the conversion of the 2001 Preferred Stock , all of the Warrants were cancelled.

Documents

1 file