Phipps David 4
4 · ORBSAT CORP · Filed Sep 1, 2020
Insider Transaction Report
Form 4
ORBSAT CORPOTC: OSAT
Phipps David
DirectorChief Executive Officer
Transactions
- Exercise/Conversion
Common Stock, par value $0.0001
2020-08-21$0.20/sh+400,000$80,000→ 439,952 total - Award
Non-Qualified Stock Option (right to buy)
2020-08-21+400,000→ 408,333 totalExercise: $0.20Exp: 2030-08-20→ Common Stock par value $0.0001 (400,000 underlying) - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2020-08-21−400,000→ 8,333 totalExercise: $0.20Exp: 2030-08-20→ Common Stock (400,000 underlying)
Footnotes (2)
- [F1]Represents the Reporting Person's common stock held of 39,952 and exercise of 400,000 non-qualified options as reported in Table II of this Form. Following such exercise in full, the Reporting Person received 320,000 shares of common stock of the Company, with 80,000 shares of common stock withheld by the Company to cover the payment of the exercise price.
- [F2]The grant of these non-qualified options was approved by the Registrant's Board of Directors on August 21, 2020 and granted pursuant to the 2020 Equity Incentive Plan (the "Plan"), subject to shareholder approval of the Plan. The options vested immediately and were exercised in full upon grant, as reporting Table I of this Form.