Friday, September 30, 2016 10:36:14 AM
I'm not sure that you can classify the amount owed to executives for back pay is a "debt security". From Investopedia...
What is 'Debt Security'
...also, regarding your quote...
It's uncertain whether you would consider the entire annual loan amount $120,000 or the monthly accruals ($10,000 each) as a tranche. Your quote says they would be limited to selling no more than 10% of a tranche within a three month period, so at worst case, they could sell $12,000 worth every three months. At $.03/share that's 400,000 shares every three months, hardly enough to impact the pps.
Also, since the conversions have to be approved by the board, they can impose any sales restrictions they want as a condition of continued employment. This makes any SEC restrictions a ceiling on what is allowed.
In any event, neither Paul nor Mike Hawkins can sell any of their compensation stock before April 30, 2017.
Les
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