HYDROCARB ENERGY CORP 4
4 · HYDROCARB ENERGY CORP · Filed Sep 25, 2015
Insider Transaction Report
Form 4
HERNDON S CHRIS
Director
Transactions
- Other
Convertible Subordinated Promissory Note
2015-08-26+1→ 1 totalExercise: $0.75From: 2015-08-26Exp: 2018-08-26→ Common Stock (133,333 underlying)
Footnotes (2)
- [F1]On August 26, 2015, Mr. Herndon subscribed for $100,000 in Convertible Subordinated Promissory Notes.
- [F2]All principal and accrued interest on the Convertible Subordinated Promissory Notes is convertible into common stock at a conversion price of $0.75 per share at any time. Additionally, the Registrant may force the conversion of the Convertible Subordinated Promissory Notes into common stock in the event the trading price of the Registrant's common stock is equal to at least $5.00 per share for at least 20 out of any 30 consecutive trading days. Any shares of common stock issuable upon conversion of the Convertible Subordinated Promissory Notes are subject to a lock-up whereby no shares of common stock can be sold until January 1, 2016, and no more than 2,500 shares of common stock can be sold per day thereafter until the Registrant's common stock is listed on the NASDAQ or NYSE market or the trading volume of the Registrant's common stock is in excess of 100,000 shares per day.