UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF 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. | SEC 1473 (7-02) | ||
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. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Employee Stock Option (Right to Buy) | 02/21/2013 | 02/21/2017 | Common Stock | 750,000 (3) | $ 0.79 | D | Â |
Employee Stock Option (Right to Buy) | 02/21/2013 | 02/21/2017 | Common Stock | 750,000 (3) | $ 0.79 | D | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Heim Debra 4500 PGA BOULEVARD SUITE 302 PALM BEACH GARDENS, FL 33418 |
 |  |  COO |  |
/s/ Debra Heim | 02/24/2012 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(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) | Shares of restricted stock were purchased at a price of $0.001 per share pursuant to the Executive Employment Agreement dated February 21, 2012, and shall vest in full on February 1, 2015, provided that a certain Stock Performance Condition is met. |
(2) | Shares of restricted stock were granted pursuant to the Executive Employment Agreement dated February 21, 2012, and were immediately vested. |
(3) | Such Options are subject to the following vesting schedule: one third shall vest and become exercisable on the first anniversary of the grant, and the remaining two thirds of the Options shall vest monthly over the twenty-four months following the first anniversary of the grant date. |