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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Options | $ 3 | 08/01/2005 | 07/31/2015 | Common | 100,000 | 100,000 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Kotov Alexey 257 EAST 200 SOUTH, SUITE 490 SALT LAKE CITY, UT 84111 |
X | CEO and President |
Alexey Kotov | 01/09/2012 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Pursuant to the terms of Mr. Kotov's employment agreement with the Issuer, on August 2, 2011 (the anniversary of the effective date of his employment agreement), he became entitled to receive a restricted stock grant of 443,817 shares (which is the amount equal to 0.85% of the total number of issued and outstanding shares of the Issuer on August 2, 2011.) These shares were issued to Mr. Kotov on January 5, 2012. The shares will vest equally over a period of three years beginning on August 2, 2012, except upon the occurrence of certain events as set forth in his employment agreement which would result in immediate vesting, such as a change in control of the Issuer. |
(2) | Of these shares, 177,650 shares had vested to Mr. Kotov as of the date of this Form 4. Except upon the occurrence of certain events as set forth in his employment agreement which would result in immediate vesting, such as a change in control of the Issuer, the remaining 735,784 shares shall vest as follows: on August 2, 2012 - 293,922 shares; on August 2, 2013 - 293,923 shares; and on August 2, 2014 - 147,939 shares. |