SIEGEL SEYMOUR 4
4 · cbdMD, Inc. · Filed Jan 16, 2020
Insider Transaction Report
Form 4
cbdMD, Inc.YCBD
SIEGEL SEYMOUR
Director
Transactions
- Other
Common Stock
2019-12-20−2,187,500→ 6,562,500 total(indirect: See Footnote)
Footnotes (1)
- [F1]Under the terms of the Agreement and Plan of Merger dated December 3, 2018 (the "Merger Agreement") and the related Voting Proxy dated December 20, 2018 (the "Voting Proxy"), Mr. Siegel, as the independent Chairman of the Audit Committee of the Issuer's Board of Directors, held voting rights over an aggregate of 8,750,000 shares of common stock held by CBD Holding, LLC ("CBDH") until the unrestricted voting rights to those shares vest pursuant to the terms of the Merger Agreement. On December 20, 2019 the unrestricted voting rights to 2,187,500 shares vested. The unrestricted voting rights to the remaining shares will vest as follows: (i) 2,187,500 shares will vest on December 20, 2020; (ii) an additional 2,187,500 shares will vest on June 20, 2022; and (iii) the remaining 2,187,500 shares will vest on December 20, 2023. Until the unrestricted voting rights vest with CBDH, Mr. Siegel holds voting rights over these shares and will vote such shares on any matter brought before the Issuer's shareholders in accordance with the recommendation of the Issuer's Board of Directors. Mr. Siegel disclaims beneficial ownership of the securities held of record by CBDH.