SG Blocks Inc (fka SGBXQ)

[db7]

Item 1.01. Entry into a Material Definitive Agreement.


In connection with the private placement by SG Blocks, Inc. (the “Company”) of the Company’s common stock, par value $.01 per share (the “Common Stock”), at a price of $0.35 per share, during the months of February 2012 through May 2012 (the “2012 Private Placement”), the Company entered into Subscription/Registration Rights Agreements (each a “Subscription Agreement”) with the following officers and directors of the Company:

1. Subscription Agreement, effective March 27, 2012, with Brian A. Wasserman, the Chief Financial Officer of Company (the “Wasserman Subscription Agreement”), in connection with the acquisition of 214,286 shares of Common Stock for an aggregate purchase price of $75,000. Mr. Wasserman was elected a director of the Company on May 23, 2012.


2. Subscription Agreement, effective March 27, 2012, with Christopher Melton, a director of the Company, in connection with the acquisition of 75,000 shares of Common Stock for an aggregate purchase price of $26,250.


3. Subscription Agreement, effective May 24, 2012, with J. Bryant Kirkland III, a director of the Company, in connection with the acquisition of 14,286 shares of Common Stock for an aggregate purchase price of $5,000.


In addition to containing customary provisions relating to the subscription for shares, including with regard to indemnification, representations and warranties; the Subscription Agreements also provide for “piggy-back” registration rights that provide, subject to certain conditions, for the inclusion of the acquired Common Stock to be included in any registration statement that the Company proposes to file under the Securities Act of 1933.

The foregoing summary of the material terms of the Subscription Agreements is qualified in its entirety by the full text of the form Subscription Agreement, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On May 23, 2012, the Board of Directors (the “Board”) of the Company acted by unanimous written consent to elect Brian A. Wasserman to the Company’s Board. Mr. Wasserman is not currently expected to serve on any committees of the Board. In connection with his service on the Board, Mr. Wasserman will receive options to purchase $10,000 worth of Common Stock for each Board meeting he attends.

Brian A. Wasserman has served as the Chief Financial Officer of the Company since November 4, 2011, pursuant to a consulting agreement, dated November 7, 2011 between the Company, BAW Holdings Corp. (an entity owned by Mr. Wasserman) (“BAW”), and Mr. Wasserman (the “Wasserman Agreement”). Mr. Wasserman served as the Chief Financial Officer of SG Building Blocks, Inc. (“SG Building”) pursuant to the Wasserman Agreement since June 2011. SG Building Blocks, Inc. became a wholly owned subsidiary of the Company on November 4, 2011 as a result of a merger between SG Building and a wholly owned subsidiary of the Company.



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The Wasserman Agreement provides for .......CONT'D