SEC Form 4 · accession 0001213900-18-008697
CHINA JO-JO DRUGSTORES, INC. · CJJD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Lei Liu
Officer — CEO, Chairman of the Board · Director · 10% Owner
Period of report
Jun 28, 2018
Accepted (ET)
Jul 3, 2018 · 4:07 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001413263
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Jun 28, 2018 | J | 225,000 | $0.00 | D | 8,825,482 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents 225,000 shares of common stock cancelled by the compensation committee so that it fits within the 675,000 share limitation in Section 1.3.2 of the China Jo-Jo Drugstores, Inc. 2010 Equity Incentive Plan (the "Plan").
- F2The number of securities reported under Item 5 of Table I includes, but not limited to 6,030,000 shares held by Super Marvel Limited, of which the Reporting Person is the executive director and a shareholder, and as such, is deemed to have or share voting and investment controls over such shares.
Remarks
The Tax Cuts and Jobs Act of 2017 removed the 162(m) qualified performance based compensation exemption to the $1 million cap on deductions for compensation to covered executives. Section 1.3.2 was in the Plan to permit grants under the Plan to fit within that exemption. As that exemption no longer applies for grants made in 2018 or thereafter, the Plan has been amended to remove the provisions intended to comply with that exemption, including the one in Section 1.3.2. of the Plan.