Tao Chunfeng 4
4 · Keyuan Petrochemicals, Inc. · Filed Apr 17, 2012
Insider Transaction Report
Form 4
Tao Chunfeng
DirectorChief Executive OfficerOther
Transactions
- Exercise of In-Money
Common Stock, par value $0.001
2012-03-30+14,492,225→ 0 total(indirect: Holder of 50,000 shares of Apex Smart Limited)
Footnotes (2)
- [F1]Pursuant to a share transfer agreement between Mr. Chunfeng Tao and Mr. Brian Pak-Lun Mok dated as of April 2, 2010, Mr. Mok, the sole shareholder of Apex Smart Limited, granted to Mr. Tao an option to acquire the 50,000 ordinary shares of Apex Smart Limited if the performance targets are met. The performance targets are: at least $39 million of Keyuan Petrochemicals, Inc. ( the "Company") gross revenue for the three months commencing from July 2010 to September 2010; at least $40 million of gross revenue for the three months commencing from October 2010 to December 2010; and, at least $41 million of gross revenue for the three months commencing from January 2011 to March 2011 (collectively the "Performance Targets", each "Performance Target").
- [F2]Mr. Tao is entitled to exercise one third of the option when each of these Performance Targets is met. To date, all Performance Targets are met. On November 15, 2010, Mr. Tao exercised the option and acquired 16,677 shares of Apex Smart Limited. On March 30, 2012, Mr. Tao exercised the options to acquire the remaining 33,333 shares of Apex Smart Limited. As of the date hereof, Apex Smart Limited owns 45.6132% of the share capital of Delight Reward Limited. Delight Reward Limited holds 47,658,000 shares of the common stock of the Company, representing approximately 82.60% of its common stock. Accordingly, Mr. Tao indirectly controls approximately 37.68% of the Company's common stock.