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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 | ||||||||
Common Stock Warrant (right to buy) | (1) | 08/02/2010 | D | 1 (1) | 08/05/2005 | 08/05/2010 | Common Stock | 1,401,733 | (2) | 0 | I | By DARR Westwood LLC (3) | |||
Common Stock Warrant (right to buy) | $ 2.11 | 08/02/2010 | A | 1 (1) | 08/02/2010 | 08/02/2015 | Common Stock | 1,401,733 | (2) | 1,401,733 | I | By DARR Westwood LLC (3) |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Desai Dinesh 11 DIAMOND RD SPRINGFIELD, NJ 07081 |
X | X | Chairman, CEO and President |
/s/ Dinesh Desai | 08/20/2010 | |
**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 exercise price was $2,956,601.60 divided by that number of shares of common stock of Emtec, Inc. as would have equaled 8% of Emtec, Inc. common stock outstanding at the time of and after giving effect to the exercise of the warrant on a fully diluted basis. |
(2) | Represents an exchange of warrants with the issuer pursuant to a letter agreement dated August 2, 2010, between Emtec, Inc. and DARR Westwood LLC, which was approved by the board of directors of the issuer. A copy of the letter agreement is filed as Exhibit 10.1 to the Current Report of Emtec, Inc. on Form 8-K filed with the SEC on August 6, 2010. |
(3) | The reporting person is the sole member of DARR Westwood LLC. The reporting person disclaims beneficial ownership of any securities, and any proceeds thereof, that exceed his pecuniary interest therein. |