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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 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 | ||||||||
Stock Option (right to purchase) | $ 0.22 | 02/03/2015 | A | 300,000 | (1) | 02/03/2025(2) | Common Stock | 300,000 | $ 0 | 552,857 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
GIORDANO SEBASTIAN C/O WPCS INTERNATIONAL INCORPORATED 521 RAILROAD AVENUE SUISUN CITY, CA 94585 |
X | Interim CEO |
/s/ Sebastian Giordano | 02/04/2015 | |
**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) | The options have been granted pursuant to the Issuer's 2014 Equity Incentive Plan (the "Plan"). 150,000 options shall vest and become exercisable immediately if the Issuer consummates an acquisition by July 31, 2016 that is expected, in the sole discretion of the administrator of the Plan (the "Administrator"), to result in the Issuer earning annual revenues of $30 million or greater following such acquisition. The remaining 150,000 options shall vest and become exercisable immediately if the fair market value of the Issuer's common stock is equal to or greater than $1.00 per share (subject to adjustment in the sole discretion of the Administrator in the event of any corporate transaction described in Section 7.1 of the Plan) for at least 20 out of 30 consecutive trading days at any time prior to July 31, 2016. |
(2) | The options will expire on July 31, 2016 if they have not vested in accordance with the criteria set forth in footnote number 1 prior to such date. |