SEC Form 4 · accession 0001414860-16-000008
Applied Minerals, Inc. · AMNL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Period of report
Jan 27, 2016
Accepted (ET)
Jan 29, 2016 · 4:36 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000008328
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)F2,F3,F4,F1 | $0.21 | Jan 27, 2016 | A | 81,395 | A | — | Jan 27, 2021 | Common Stock | 81,395 | 81,395 | I |
Explanation of responses
- F150% of the Options (as defined below) will vest on the one-year anniversary of the grant, and the second 50% of the Options will vest on the two-year anniversary of the grant.
- F2This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund"), and David A. Taft (IBS Capital, the QP Fund and David A. Taft are each a "Reporting Person" and collectively the "Reporting Persons"), each of which has the same business address and may have a pecuniary interest in the securities reported herein. IBS Capital is the general partner of QP Fund and The IBS Turnaround Fund, L.P. (the "LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. (the "Opportunity Fund") (the QP Fund, the LP Fund and the Opportunity Fund are hereinafter referred to as the "IBS Capital Funds"). David A. Taft is a director of Applied Minerals, Inc. (the "Issuer") and president and a member of IBS Capital.
- F3David A. Taft, received 81,395 stock options for the Issuer's common stock (the "Options") as compensation for his service as a director of the Issuer. The Options will be allocated to the IBS Capital Funds so that, following such allocation: (i) 49,820 Options were directly beneficially owned by QP Fund, (ii) 25,175 Options were directly beneficially owned by LP Fund and (iii) 6,400 Options were directly beneficially owned by Opportunity Fund.
- F4The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest.