Sidhu Gary 4
4 · COVENANT GROUP OF CHINA INC · Filed Jan 6, 2010
Insider Transaction Report
Form 4
Sidhu Gary
10% Owner
Transactions
- Disposition to Issuer
Common stock, par value $0.00001 per share
2009-12-24−4,500,000→ 500,000 total
Footnotes (1)
- [F1]Covenant Group Holdings, Inc. entered into Share Cancellation and Loan Agreement dated 12/24/09 with the Reporting Person pursuant to which Covenant Holdings agreed to pay Mr. Sidhu an aggregate of $290,000 in exchange for the surrender of 5 million shares of the Company's common stock held by Mr. Sidhu for cancellation. Mr. Sidhu received $100,000 and a non-interest bearing Promissory Note in the principal amount of $190,000, of which $90,000 was prepaid, on 12/24/09. The remaining outstanding principal amount of the Promissory Note is to be paid in full on or before 3/24/10. On 12/24/09, Mr. Sidhu surrendered 4.5 million shares of common stock in the Company to Covenant Holdings for cancellation. The remaining 500,000 shares shall be surrendered and cancelled upon payment in full of the Promissory Note