KONRAD GEORGE 4
4 · POWERVERDE, INC. · Filed Apr 15, 2013
Insider Transaction Report
Form 4
POWERVERDE, INC.PWVI
KONRAD GEORGE
DirectorPresident and Treasurer10% Owner
Transactions
- Other
COMMON STOCK
2012-10-16$0.18/sh−3,000,000$531,000→ 4,054,074 total
Holdings
- 7,054,074
COMMON STOCK
Footnotes (1)
- [F1]On October 16, 2012 the Issuer entered into a Settlement Agreement with Mr. Konrad whereby Mr. Konrad agreed to surrender 3,000,000 shares of the Issuer's common stock owned by him in exchange for payment of an aggregate of $530,000, $130,000 of which was paid to Mr. Konrad's company Arizona Research and Development ("ARD") for past services, and $300,000 of which was paid to Mr. Konrad. The Company agreed to pay Mr. Konrad $100,000 in equal monthly payments over six consecutive months beginning November 16, 2012. In connection with the Settlement with Mr. Konrad the agreement with ARD and Mr. Konrad's employment agreement were terminated and Mr. Konrad resigned his positions as President and a Director of the Issuer.