Lee Kwok Leung 4
4 · GREEN DRAGON WOOD PRODUCTS, INC. · Filed Feb 8, 2013
Insider Transaction Report
Form 4
Lee Kwok Leung
DirectorPresident,Treasurer,Secretary10% Owner
Transactions
- Other
Series A Convertible Preferred Stock,par value $.001
2013-01-30+2,000,000→ 2,000,000 total→ Common Stock (100,000,000 underlying) - Purchase
Common Stock, par value $0.001 per share
2013-01-30$0.01/sh+20,000,000$100,000→ 20,120,000 total
Footnotes (1)
- [F1]On January 30, 2013, the Issuer entered into an employment agreement with Reporting Person pursuant to which the Issuer issued Reporting Person 2,000,000 shares of the Issuer's series A convertible preferred stock. The preferred stock is convertible, at the option of Reporting Person, in three equal parts on each of the 1st, 2nd and 3rd anniversary of the agreement. Each share of preferred stock shall carry 50 votes and shall be convertible into 50 shares of the Issuer's common stock. Upon the occurrence of either the Issuer (i) attaining an audited net income of $500,000 or audited gross revenue of $17,500,000 in the fiscal year ended March 31, 2014, or (ii) attaining an audited net income of $750,000 or attaining an audited gross revenue of $20,000,000 in the fiscal year ended March 31, 2015 and the market price of the Issuer's Common Stock on the date of conversion is equal to at least $0.25, all shares of series A preferred stock shall immediately be convertible.