SEC Form 4 · accession 0001144204-15-039833
xG TECHNOLOGY, INC. · XGTI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George Frederick Schmitt
Officer — Chief Executive Officer · Director · 10% Owner
Period of report
Jun 24, 2015
Accepted (ET)
Jun 29, 2015 · 6:49 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 | Jun 24, 2015 | J | 24,260 | $0.282 | D | 10,353,314 | 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 her 0.24% ownership of MBTH into a proportionate number of shares of common stock of xG Technology, Inc. held by MBTH.
- F2Mr. Schmitt has a direct 36.32% 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.