Scot Cohen - 12 Oct 2023 Form 4 Insider Report for WRAP TECHNOLOGIES, INC. (WRAP)

Role
EXECUTIVE CHAIRMAN, Director, 10%+ Owner
Signature
/s/ Scot Cohen
Issuer symbol
WRAP
Transactions as of
12 Oct 2023
Net transactions value
$0
Form type
4
Filing time
16 Oct 2023, 20:56:01 UTC
Previous filing
19 Oct 2023
Next filing
24 Nov 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WRAP Common Stock Award $0 +482,143 +9.7% $0.000000 5,477,654 12 Oct 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WRAP Stock Options Award $0 +1,290,166 $0.000000 1,290,166 12 Oct 2023 Common Stock 1,290,166 $1.40 Direct F2
holding WRAP Stock Options 100,000 12 Oct 2023 Common Stock 100,000 $5.56 Direct F3
holding WRAP Series A Convertible Preferred Stock 1,250 12 Oct 2023 Common Stock 862,069 $1.45 Direct F4, F5
holding WRAP Warrants 862,069 12 Oct 2023 Common Stock 862,069 $1.45 Direct F6
holding WRAP Series A Convertible Preferred Stock 1,750 12 Oct 2023 Common Stock 1,206,897 $1.45 By V4 Global LLC F4, F5
holding WRAP Warrants 1,208,647 12 Oct 2023 Common Stock 1,206,897 $1.45 By V4 Global LLC F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents grant of restricted shares of common stock, par value $0.0001 per share ("Common Stock") of Wrap Technologies, Inc. (the "Issuer") issued in connection with the Reporting Person's appointment as Executive Chairman. Shares will be issued upon vesting and shall vest, subject to Reporting Person's continued employment, (i) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $100 million for each trading day during 2 consecutive months; (ii) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $150 million for each trading day during 2 consecutive months; and (iii) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $200 million for each trading day during 2 consecutive months. The RSAs are subject to accelerated vesting upon the occurrence of certain events.
F2 Represents nonqualified stock options issued in connection with the Reporting Person's appointment as Executive Chairman, and represents 2.25% of the fully diluted issued and outstanding shares of the Issuer's Common Stock on the grant date. The stock options will vest, subject to Reporting Person's continued employment with the Issuer through each vesting date, as follows: (i) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $100 million for each trading day during 2 consecutive months; (ii) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $150 million for each trading day during 2 consecutive months; and (ii) 1/3rd on the date on which the Issuer's market capitalization meets or exceeds $200 million for each trading day during 2 consecutive months, subject to accelerated vesting upon the occurrence of certain events.
F3 Stock options were issued on April 1, 2021, reported on a Form 4 filed on April 5, 2021, and are fully vested.
F4 The Series A Convertible Preferred Stock ("Preferred Shares") conversion price is subject to adjustment in the event of any issuances of shares of the Issuer's Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below $1.45.
F5 Shares of Series A Convertible Preferred Stock do not expire.
F6 The conversion price of the Warrants is subject to adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below $1.45.