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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 (right to buy) | $ 1.211 | 03/04/2014 | D | 35,000 (3) | 01/02/2017 | 01/02/2024 | Common stock | 35,000 (3) | $ 0 | 1,210,000 (4) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Chung Clarence YM 38/F THE CENTRIUM 60 WYNDHAM STREET, CENTRAL HONG KONG, F4 F4 0 |
X | Chief Executive Officer |
Clarence Chung | 03/05/2014 | |
**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) | Represents shares forfeited by the Reporting Person. In January 2013, the Compensation Committee of the Issuer awarded the Reporting Person 50,000 shares of restricted common stock subject to forfeiture based on the Issuer's achievement of certain performance conditions. On March 4, 2014, the Compensation Committee of the Issuer determined that the performance conditions had not been fully met and that 17,500 shares previously issued to the Reporting Person should be forfeit and returned for cancellation. |
(2) | Includes 50,000 shares subject to vesting and risk of forfeiture based on the Company's ability to meet certain financial and non-financial performance targets as of and for the fiscal year ending December 31, 2014. The determination of the vesting or forfeiture of the shares shall be made by the Compensation Committee of the Company's Board of Directors. |
(3) | Represents options forfeited by the Reporting Person. In January 2013, the Compensation Committee of the Issuer awarded the Reporting Person 100,000 shares of options subject to vesting and forfeiture based on the Issuer's achievement of certain performance conditions. On March 4, 2014, the Compensation Committee of the Issuer determined that the performance conditions had not been fully met and that 35,000 options previously issued to the Reporting Person should be forfeit and returned for cancellation. |
(4) | Includes 100,000 options subject to vesting and risk of forfeiture based on the Company's ability to meet certain financial and non-financial performance targets as of and for the fiscal year ending December 31, 2014. The determination of the vesting or forfeiture of the options shall be made by the Compensation Committee of the Company's Board of Directors. |