Geenen Fir 4
4 · Spy Inc. · Filed Dec 21, 2012
Insider Transaction Report
Form 4
Spy Inc.XSPY
Geenen Fir
Director
Transactions
- Purchase
Convertible Promissory Note Due
2012-12-19$500000.00/sh+500,000$250,000,000,000→ 357,143 total(indirect: By LLC)Exercise: $1.40From: 2012-12-19Exp: 2014-04-01→ Common Stock (357,143 underlying)
Footnotes (1)
- [F1]On December 19, 2012, the issuer's subsidiary, Spy Optic Inc., issued a $500,000 promissory note due April 1, 2014 to Harlingwood (Alpha), LLC, the terms of which include a conversion right whereby Harlingwood (Alpha), LLC may convert all or a portion of the principal on the convertible promissory note into common stock of the issuer at a conversion price of $1.40 per share. The convertible promissory note accrues interest at the rate of 12% per annum, which will convert to principal on the promissory note on the last day of each calendar month in arrears. Such capitalized amounts will then become convertible into common stock of the issuer. The promissory note is convertible until it is fully paid. If no principal or interest is prepaid during the term of the promissory note, the promissory note will be convertible into a total of 416,234 shares of the issuer's common stock on the date the promissory note matures on April 1, 2014.