WORLD GOLF LEAGUE INC 4
4 · WORLD GOLF LEAGUE INC · Filed May 4, 2006
Insider Transaction Report
Form 4
WORLD GOLF LEAGUE INCWGFL.OB
PAGNANO MICHAEL S
DirectorCEO10% Owner
Transactions
- Other
Series A Preferred Stock
2006-05-01$0.05/sh+4,000,000$200,000→ 5,000,000 total
Footnotes (3)
- [F1]On May 1, 2006, the Registrant's Board of Directors unanimously voted to award Mr. Pagnano 4,000,000 shares of the Registrant's Series A Preferred Stock in consideration for Mr. Pagnano's continued service to the Registrant and Mr. Pagnano agreeing to enter into a new employment agreement with the Registrant.
- [F2]After issuance to Mr. Pagnano of the 4,000,000 shares of Series A Preferred Stock, Mr. Pagnano beneficially owns 5,000,000 shares of the Registrant's Series A Preferred Stock, which can vote in aggregate an amount equal to 1,500,000,000 shares of common stock(with each share of Series A Preferred Stock being able to vote an amount of shares equal to 300 shares of common stock).
- [F3]While Mr. Pagnano's ownership of the 5,000,000 shares of Series A Preferred Stock provides him the right to vote 1,500,000,000 shares of the Registrant's common stock, he also beneficially owns 40,662,518 shares of our common stock (37,219,368 shares of common stock which he holds individually and 3,443,150 shares of common stock held by his wife) providing him total beneficial ownership of 1,540,662,518 shares of the Registrant's common stock.