DAVI LUXURY BRAND GROUP, INC. 4
4 · DAVI LUXURY BRAND GROUP, INC. · Filed Jun 27, 2013
Insider Transaction Report
Form 4
MEDLEY PARRISH
DirectorCEO, President, CFO10% Owner
Transactions
- Award
Stock Option (right to buy)
2013-03-29+400,000→ 400,000 totalExercise: $0.10From: 2013-03-29Exp: 2016-02-28→ Common Stock (400,000 underlying) - Award
Stock Option (right to buy)
2013-06-24+720,000→ 720,000 totalExercise: $0.10From: 2013-06-24Exp: 2015-09-30→ Common Stock (720,000 underlying) - Other
Common Stock
2013-06-24−720,000→ 950,000 total
Footnotes (3)
- [F1]Effective as of February 28, 2013, reporting person was issued 720,000 shares in lieu of $72,000 of accrued and unpaid salary. On June 24, 2013, the issuance was mutually rescinded, and reporting person was instead given the right and option to convert the $72,000 of accrued and unpaid salary into shares of common stock, as further described in footnote 3, below.
- [F2]Effective as of February 28, 2013, reporting person was granted a performance option to purchase 1,600,000 shares of common stock. The option vests in four equal installments if, and to the extent, issuer achieves certain milestones related to issuer's trademark products. The performance criteria for the first installment was met, resulting in vesting of the option as to 400,000 shares.
- [F3]On June 24, 2013, issuer gave reporting person the right and option to convert the $72,000 of accrued and unpaid salary described in footnote 1, above, into shares of common stock (at a price of $0.10 per share, which is equal to the closing trading price of issuer's shares on June 24, 2013). Issuer is permitted to repay the accrued salary in cash at any time, subject to prior notice to reporting person of its intention to pay the salary in cash. Reporting person's right to convert the unpaid salary (up to $72,000) into shares of common stock will remain in effect until the unpaid salary is paid in full, which payment must occur by no later than September 30, 2015.