Willis Brent D 4
4 · New Age Beverages Corp · Filed Oct 25, 2018
Insider Transaction Report
Form 4
Willis Brent D
DirectorCEO
Transactions
- Exercise/Conversion
Series C Preferred Stock
2018-10-23−1,773→ 0 total→ Common Stock (1,773,000 underlying) - Award
Common Stock
2018-10-23+1,773,000→ 1,982,367 total
Footnotes (2)
- [F1]On September 20, 2018, the Reporting Party entered into an Exchange Agreement with the Issuer (the "Exchange Agreement"), pursuant to which, the Reporting Person exchanged 1,773,000 shares of the Issuer's common stock for 1,733 shares of the Issuer's newly issued Series C Convertible Preferred Stock. Each share of Series C Convertible Preferred Stock. Each share of Series C Preferred Stock converts into 1,000 shares of the Issuer's common stock, upon the date on which an amendment to the Issuer's Articles of Incorporation as amended, is filed with the Secretary of State of the State of Washington to increase the authorized shares of the Issuer's common stock from 50,000,000 to 100,000,000 shares. The share exchange contemplated in the Exchange Agreement, and the derivative securities issued thereunder as disclosed herein, is an exempt Rule 16b-3 transaction. On October 23, 2018, the Articles of Incorporation were amended to increase the authorized shares of the Issuer's common stock to 100,000,000, and in accord with the terms of the Exchange Agreement, the 1,773 shares of Series C Convertible Preferred Stock held by the Reporting Person converted into 1,773,000 shares of the Issuer's common stock.
- [F2]Includes 78,000 shares held by the Corinne Willis Trust Corinne Willis, for which the wife of the Reporting Person, is the trustee.