GUTTERMAN STEVEN D. 4
4 · GENERAL CANNABIS CORP · Filed Apr 21, 2021
Insider Transaction Report
Form 4
GUTTERMAN STEVEN D.
DirectorCEO
Transactions
- Purchase
Senior Convertible Promissory Note
2021-04-21+7,693→ 7,693 totalExercise: $0.65From: 2021-04-21Exp: 2024-04-21→ Common stock (7,693 underlying) - Purchase
Warrants
2021-04-21+3,715→ 3,715 totalExercise: $0.56From: 2021-04-21Exp: 2026-04-21→ Common stock (3,715 underlying)
Footnotes (2)
- [F1]Pursuant to a Securities Purchase Agreement ("SPA") entered into on April 20, 2021 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 $10,000 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.