SEC Form 4 · accession 0001683168-18-002149
PRECISION OPTICS CORPORATION, INC. · POCI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joseph Norman Forkey
Officer — Chief Executive Officer · Director
Period of report
Aug 2, 2018
Accepted (ET)
Aug 6, 2018 · 4:21 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000867840
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock ($0.01 par value)F1 | Aug 2, 2018 | A | 300,000 | — | A | 333,620 | D |
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)F3,F2 | $0.73 | Aug 2, 2018 | A | 350,000 | A | — | Aug 2, 2028 | Common Stock | 350,000 | 500,000 | D |
Explanation of responses
- F1The shares of common stock will be issued in three tranches of 100,000 shares each, on the signing date of the compensation agreement, January 1, 2019 and January 1, 2020, as compensation for services as the Chief Executive Officer of the Issuer.
- F2The options vest as follows: 175,000 options vest on the date of filing a Form 10-Q or 10-K where the Issuer reports revenues of $1,500,000 or higher for two consecutive fiscal quarters; 175,000 options vest if the Issuer's common stock is trading at $1.00 per share or higher for fifteen consecutive trading days. All unvested options vest upon a change in control.)
- F3The options were granted as compensation for services as the Chief Executive Officer of the Issuer.