4//SEC Filing
BURNETT GERALD J 4
Accession 0001230896-11-000002
CIK 0001111632other
Filed
Mar 30, 8:00 PM ET
Accepted
Mar 31, 3:44 PM ET
Size
7.1 KB
Accession
0001230896-11-000002
Insider Transaction Report
Form 4
BURNETT GERALD J
Director10% Owner
Transactions
- Purchase
4.5% Convertible Subordinated Secured Notes due 2013
2011-03-29$3000000.00/sh(indirect: By Trust)Exercise: $0.70From: 2012-03-29Exp: 2013-03-29→ Common Stock
Footnotes (2)
- [F1]The Note was sold pursuant to a Convertible Note Purchase Agreement, dated as of March 29, 2011, among the Issuer and the Reporting Person. The Note has two year term and will be due on March 29, 2013. The Note may not be prepaid or redeemed prior to maturity. In the event certain circumstances as described the Purchase Agreement occur prior to March 29, 2012, the Company has the option, at its sole discretion, to prepay the Note without the consent of the Purchaser. The pre-payment fee would be $50,000 for every one million dollars that is pre-paid. Interest on the Note will accrue at the rate of 4.5% per annum and will be payable semi-annually in arrears on March 29 and September 29 of each year, commencing on September 29, 2011. From the one year anniversary of the issuance of the Note until maturity, the holder of the Note will be entitled to convert the Note into shares of common stock of the Company at an initial conversion price per share of $0.70.
- [F2]The conversion price of the Note is subject to adjustment in certain events described in the agreement. In addition, the Note contains a broad-based weighted average anti-dilution provision pursuant to which the conversion price of the Note is subject to adjustment in the event that the Company issues shares of its common stock or securities convertible into common stock for a price per share less than the then effective conversion price of the Note. The Note further provides that unless and until the Company receives any necessary stockholder approval, no anti-dilution adjustment shall cause the conversion price to be less than $0.35 (as adjusted for stock splits, combinations, reclassifications or similar events).
Documents
Issuer
AVISTAR COMMUNICATIONS CORP
CIK 0001111632
Entity typeother
Related Parties
1- filerCIK 0001230896
Filing Metadata
- Form type
- 4
- Filed
- Mar 30, 8:00 PM ET
- Accepted
- Mar 31, 3:44 PM ET
- Size
- 7.1 KB