SEC Form 4 · accession 0001503249-15-000025
Independence Bancshares, Inc. · IEBS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert B Willumstad
Officer — CHAIRMAN · Director
Period of report
Mar 27, 2013
Accepted (ET)
Jul 14, 2015 · 9:55 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001311828
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| COMMON STOCK | holding | — | — | — | 1,250,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| STOCK OPTION (RIGHT TO BUY)F1 | $0.80 | Aug 22, 2014 | A | 543,750 | A | — | Mar 27, 2023 | COMMON STOCK | 543,750 | 725,000 | D |
| STOCK OPTION (RIGHT TO BUY)F1 | $0.80 | holding | — | — | — | — | Mar 27, 2023 | COMMON STOCK | 181,250 | 725,000 | D |
Explanation of responses
- F1ON MARCH 27, 2013, THE REPORTING PERSON WAS GRANTED AN OPTION TO PURCHASE 725,000 SHARES OF COMMON STOCK AT $0.80 PER SHARE. THE OPTION IMMEDIATELY VESTED FOR 181,250 SHARES, OR 25% OF THE SHARES. THE OPTION FOR THE REMAINING 543,750 SHARES, OR 75% OF THE SHARES, WAS TO VEST RATABLY EVERY SIX MONTHS, BEGINNING JUNE 30, 2013, PROVIDED THAT AT EACH SUCH VESTING DATE, A CERTAIN PERFORMANCE CONDITION WITH RESPECT TO THE ISSUER HAD BEEN SATISFIED. IF THIS PERFORMANCE CONDITION WAS NOT SATISFIED PRIOR TO THE APPLICABLE VESTING DATE, THEN NO SHARES WOULD VEST ON SUCH VESTING DATE, AND THEN UPON THE DATE THAT THE PERFORMANCE CONDITION WAS SATISFIED, ALL SHARES THAT WOULD HAVE OTHERWISE VESTED WOULD IMMEDIATELY VEST. THE PERFORMANCE CONDITION WAS SATISFIED ON AUGUST 22, 2014, AT WHICH POINT THE OPTION IMMEDIATELY VESTED WITH RESPECT TO 271,875 SHARES.