SEC Form 4 · accession 0001144204-15-000055
xG TECHNOLOGY, INC. · XGTI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George Frederick Schmitt
Director
Period of report
Dec 30, 2014
Accepted (ET)
Jan 2, 2015 · 10:59 am EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001565228
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Dec 30, 2014 | J | 3,474 | $1.37 | D | 6,255,100 | I | By MB Technology Holdings, LLC |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1An owner of MB Technology Holdings, LLC ("MBTH"), elected to convert his 0.056% ownership of MBTH into a proportionate number of all of the shares of common stock of xG Technology, Inc. ("xG"), held by MBTH.
- F2Mr. Schmitt has a direct 36.32% ownership interest in MB Technology Holdings, LLC ("MBTH"). IN addition, Mr. Schmitt, through his employment agreement as CEO of MBTH, has been granted an option to purchase MBTH shares sufficient to give him five percent (5%) of the equity ownership of MBTH shares and its subsidiaries, based on MBTH's total capitalization as of the date of execution of his employment agreement with MBTH and fully diluted to incorporate all shares issued and amounts paid in the exercise of such option.