SEC Form 4 · accession 0001144204-17-001679
PRESIDENTIAL REALTY CORP/DE/ · PDNLB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Alexander Ludwig
Officer — See Remarks · Director
Period of report
Jan 6, 2017
Accepted (ET)
Jan 10, 2017 · 6:05 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000731245
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class B Common Stock | Jan 6, 2017 | A | 450,000 | $0.03 | A | 450,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Option (Right to Buy)F1,F2 | $0.00 | Jan 6, 2017 | A | 1 | A | — | — | Class B Common Stock | 550,000 | 1 | D |
Explanation of responses
- F1On January 6, 2017, Mr. Ludwig was granted an option to purchase the shares at a purchase price of $0.00 per share.
- F2The option will expire on the tenth anniversary following the grant date and is subject to certain conditions, which include (1) the Company has consummated an equity offering, capital raise or such other offering such that the issuance of any Class B Shares covered by such option would not be deemed "Excess Shares" as that term is defined in the certificate of incorporation of the Company, and (2) to the extent the Company deems it necessary in connection with the exercise of the option, the Company has obtained an opinion of counsel from a nationally recognized law firm to the effect that the issuance of Class B Shares subject to the option will not cause the Company to be treated as "closely held" within the meaning of Section 856(a)(6) of the Internal Revenue Code of 1986, as amended.
Remarks
President, Chief Operating Officer, Principal Financial Officer and Secretary. The filing of this Statement shall not be construed as an admission (a) that the person filing this Statement is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any equity securities covered by this Statement, or (b) that this Statement is legally required to be filed by such person.