SEC Form 4 · accession 0001144204-15-024696
xG TECHNOLOGY, INC. · XGTI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George Frederick Schmitt
Director
Period of report
Apr 20, 2015
Accepted (ET)
Apr 23, 2015 · 5:29 pm EDT
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 | Apr 20, 2015 | J | 131,343 | $0.28 | A | 10,377,574 | I | By MB Technology Holdings, LLC |
| Common StockF3 | Apr 22, 2015 | A | 50,279 | $0.25 | A | 2,527,131 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1MB Technology Holdings, LLC ("MBTH") acquired shares of xG Technology, Inc. (the "Company"), from Wennberg Industries, in exchange for shares of MBTH, at a valuation of $0.28 of MBTH shares per share of the Company acquired.
- F2Mr. Schmitt has a direct 38.2% ownership interest in 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.
- F3The securities were issued to Mr. Schmitt pursuant to the Company's 2013 Long-Term Stock Incentive Plan.