SALKINI JAY J 4

4 · AIRNET COMMUNICATIONS CORP · Filed Jan 4, 2005

Form 4

Period: 2004-12-31

Director10% Owner

Transactions

Sale
Common Stock, par value $0.001
[F1][F2]
2004-12-31$71250.00/sh−25,000$1,781,250,000→ 3,824,021 total(indirect: TECORE, Inc.)
Sale
Common Stock, par value $0.001
[F1][F2]
2005-01-03$71250.00/sh−25,000$1,781,250,000→ 3,799,021 total(indirect: TECORE, Inc.)
Sale
Common Stock, par value $0.001
[F1][F2]
2005-01-04$47750.00/sh−17,000$811,750,000→ 3,782,021 total(indirect: TECORE, Inc.)

Holdings

Common Stock, par value $0.001
9,250
$12,000,000 Senior Secured Convertible Note Dated 08-13-03
[F3][F4][F5][F2]
(indirect: TECORE, Inc.)
Exercise: $1.05Exp: 2007-08-13→ Common Stock (5,813,832 underlying)
1

Footnotes (5)

[F1]Shares sold under a non-discretionary Rule 10b5-1 plan, previously approved by Issuer under its Insider Trading Policy.
[F2]The reporting person is a controlling shareholder and director of TECORE, Inc. and disclaims beneficial ownership of the securities held by TECORE, Inc. except to the extent of his pecuniary interest therein.
[F3]The conversion price for the Note is subject to adjustment for certain dilutive issuances and the exercise of certain warrants, options and convertible securities.
[F4]Anytime.
[F5]Includes shares that may be acquired upon conversion, at the current conversion price, of (1) the remaining Principal Balance of the Note and (ii) the remaining interest accrued as of December 28, 2004, all of which may be converted into additional shares of Common Stock at the current conversion price. Additional shares may be acquired upon conversion of interest that will accrue in the future at 12% per annum on the principal paid for the Note.

Signature

/s/ Jay J. Salkini|2005-01-04

Documents

1 file