SEC Form 4 · accession 0001640334-18-000883
Generation NEXT Franchise Brands, Inc. · VEND
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Arthur Scott Budman
Officer — Chief Executive Officer · Director
Period of report
Feb 23, 2018
Accepted (ET)
May 4, 2018 · 5:15 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001526689
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (right to buy)F1 | $0.87 | Feb 23, 2018 | J | 300,000 | A | — | — | Common Stock | 300,000 | 300,000 | D |
Explanation of responses
- F1The 300,000 options, which have a strike price of $0.87 per share, vest (i) fifty percent (50%) upon either 1,200 units installed or $45 million in cumulative revenue recognized by the Company and (ii) fifty percent (50%) upon either 2,000 units installed or $75 million in cumulative revenue recognized by the Company, at the Committee's discretion.