HUI GODFREY CHIN TONG 4
4 · NETWORK CN INC · Filed Mar 17, 2009
Insider Transaction Report
Form 4
NETWORK CN INCNWCN
HUI GODFREY CHIN TONG
DirectorDeputy Chief Executive Officer
Transactions
- Award
Common Stock, par value $0.001 per share
2007-07-23+2,000,000→ 2,550,000 total - Award
Common Stock, par value $0.001 per share
2007-09-05+75,000→ 2,625,000 total
Holdings
- 550,000
Common Stock, par value $0.001 per share
Footnotes (3)
- [F1]On July 23, 2007, the Reporting Person received an aggregate award of 2,000,000 shares of the Issuer's common stock, as consideration for services rendered as of July 1, 2007, as the Issuer's Chief Executive Officer, pursuant to an executive employment agreement, dated July 23, 2007, between the Reporting Person and the Issuer's subsidiary, NCN Group Management Ltd.
- [F2]So long as the Reporting Person remains employed by the Issuer, the shares awarded will vest annually over a five-year period, with: 200,000 shares vesting on December 31, 2007; 300,000 vesting on December 31, 2008; 400,000 vesting on December 31, 2009; 500,000 vesting on December 31, 2010 and 600,000 vesting on December 31, 2011. The first 200,000 shares vested on December 31, 2007 but on September 29, 2008, in response to the current global economic crisis, the Issuer's board of directors resolved to withhold until further notice, the issuance of all shares scheduled to be vested in 2008, including the 300,000 shares to which the Reporting Person was entitled as of December 31, 2008.
- [F3]Represents a stock award received by the Reporting Person on September 5, 2007, pursuant to the terms of his former employment agreement.