SEC Form 4 · accession 0001387131-17-005782
GENERAL CANNABIS CORP · CANN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael Feinsod
Director · 10% Owner
Period of report
Dec 8, 2017
Accepted (ET)
Dec 12, 2017 · 4:39 pm EST
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 | $3.45 | Dec 8, 2017 | A | 600,000 | A | Dec 8, 2020 | Dec 8, 2027 | Common Stock | 600,000 | 600,000 | D |
| OptionF2 | $3.45 | Dec 8, 2017 | A | 300,000 | A | — | Dec 8, 2027 | Common Stock | 300,000 | 300,000 | D |
Explanation of responses
- F1One-third (1/3) of the shares of common stock subject to the Option vests on each anniversary of the grant date. The option was granted pursuant to the reporting person's employment agreement with the company.
- F2One-third (1/3) of the shares of common stock subject to the Option vest on the date on which the Twenty Day Average Trading Price (as defined below) for a share of common stock equals or exceeds $3.50 per share, $5.00 per share and $6.50 per share, respectively. "Twenty Day Average Trading Price" will equal or exceed a specified price when the Ten Day Volume Weighted Average Price for Common Stock (as defined below) has reached and remained at or above such price for 20 consecutive trading days. "Ten Day Volume Weighted Average Price" will mean, as of any date, the volume-weighted average Fair Market Value of the Common Stock for the last ten 10 consecutive trading days, as determined after market close on the tenth (10th) such consecutive trading day. The option was granted pursuant to the reporting person's employment agreement with the company.