GIFFORD THOMAS S 4
4 · INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD. · Filed Mar 29, 2012
Insider Transaction Report
Form 4
GIFFORD THOMAS S
Executive VP, CFO & Secretary
Transactions
- Award
Option (Right to Buy)
2012-03-27+2,000,000→ 2,000,000 totalExp: 2022-03-27→ Common Stock, $.001 par value (2,000,000 underlying) - Other
Common stock, par value $.001 per share
2012-03-27$0.10/sh+60,000$6,000→ 60,000 total
Footnotes (2)
- [F1]Shares of common stock were originally issued by Integrated Environmental Technologies, Ltd. ("IET") to David R. LaVance, President and Chief Executive Officer and a director of I.E.T., on March 27, 2012. Mr. LaVance transferred a portion of such shares of common stock to Mr. Gifford on March 27, 2012.
- [F2]The shares of common stock underlying the options are exercisable and vest as follows: 333,333 shares vest on December 31, 2012, 333,333 shares vest on December 31, 2013 and 333,334 vest on December 31, 2014 and are exercisable at $0.10, $0.20 and $0.30, respectively; 333,333 shares vest upon the Company attaining breakeven operating results, as defined in the option agreement, for a period of four consecutive months or two consecutive quarters during the year ending December 31, 2012 and are exercisable at $0.10 per share; 333,333 shares vest upon the Company achieving at least $5,000,000 of revenues for the twelve month period ending December 31, 2013 and are exercisable at $0.20 per share; and 333,334 shares vest upon the Company achieving at least $10,000,000 of revenues for the twelve month period ending December 31, 2014 and are exercisable at $0.30 per share.