HERSHEY ADAM 4
4 · GENERAL CANNABIS CORP · Filed Dec 28, 2020
Insider Transaction Report
Form 4
HERSHEY ADAM
Director10% Owner
Transactions
- Purchase
Senior Convertible Promissory Note
2020-12-23+76,923→ 76,923 totalExercise: $0.65From: 2020-12-23Exp: 2023-12-23→ Common stock (76,923 underlying) - Purchase
Warrants
2020-12-23+35,715→ 35,715 totalExercise: $0.56From: 2020-12-23Exp: 2025-12-23→ Common stock (35,715 underlying)
Footnotes (2)
- [F1]Pursuant to a Securities Purchase Agreement ("SPA") entered into on December 23, 2020 by the Reporting Person and the Issuer, each Senior Convertible Promissory Note (the "Note") accrues interest at a rate of 10% per annum. The Reporting Person purchased a Note in the principal amount of $100,000 and has the option to convert up to 50% of the outstanding unpaid principal and accrued interest of the Note into the Issuer's Common Stock at a variable price of 80% of the market price but no less than $0.65 per share and no more than $1.00 per share.
- [F2]In connection with the SPA, the Reporting Person also received Warrants to purchase the number of shares of the Issuer's Common Stock equal to 20% of the principal amount of the Note divided by the exercise price of $0.56.