Isaac Dietrich is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.
Id | Content |
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F1 | Each share of Series C Convertible Preferred Stock (the "Series C Preferred Stock") was to automatically convert into 1,000,000 shares of the Issuer's common stock upon the earlier to occur of: (i) the listing the Issuer's securities on a national securities exchange and (ii) a Change in Control (as defined in the Certificate of Designations, Preferences and Rights of the Series C Preferred Stock) of the Issuer. If there was no listing on a national securities exchange and if there is no Change in Control, the Series C Preferred Stock would not have converted into shares of the Issuer's common stock. |
F2 | On December 16, 2021, Mr. Dietrich forfeited his 1,000 shares of Series C Preferred Stock for no consideration. |
F3 | The Series C Preferred Stock was perpetual and therefore had no expiration date. |
F4 | Collectively, the shares of Series C Preferred Stock were entitled to cast such number of votes equal to 40% of the issued and outstanding shares of common stock of the Issuer. |