SEC Form 4 · accession 0001213900-15-006733
GENERAL CANNABIS CORP · CANN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert Lawrence Frichtel
Officer — CEO · Director
Period of report
May 1, 2015
Accepted (ET)
Sep 2, 2015 · 5:58 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001477009
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OptionF1 | $3.75 | May 1, 2015 | A | 300,000 | A | — | May 1, 2025 | Common Stock | 300,000 | 325,000 | D |
| OptionF3,F2 | $1.03 | Aug 31, 2015 | A | 200,000 | A | Aug 31, 2016 | Aug 31, 2025 | Common Stock | 200,000 | 525,000 | D |
Explanation of responses
- F1Pursuant to the Option Agreement entered into on May 1, 2015 between the Company and the Reporting Person (the "Frichtel Option Agreement"), the Reporting Person received options to purchase 300,000 shares of the Company's common stock at a price of $3.75 per share (which price was based on the closing price of the Company's common stock on May 1, 2015), 100,000 of which vested on May 1, 2015, and provided that the Reporting Person remains an employee of the Company on each date, 100,000 of which will vest on May 1, 2016, and the remaining 100,000 will vest on May 1, 2017.
- F2The 200,000 options granted on August 31, 2015 vest over a one year period.
- F3Total includes option to purchase 25,000 shares of common stock received on October 30, 2014 by the Reporting Person pursuant to the Company's 2014 Equity Incentive Plan.