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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Warrant | $ 0.0089 | 11/05/2007 | J(1) | 1,000,000 | (2) | 11/05/2017 | Common Stock | 1,000,000 | $ 0.0089 | 1,000,000 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
PALIWODA DONALD L 6701 DEMOCRACY BOULEVARD SUITE 202 BETHESDA, MD 20817 |
Chief Accounting Officer |
/s/ Donald L. Paliwoda | 11/06/2007 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Awarded to Donald L. Paliwoda by the Issuer's Compensation Committee in recognition of assuming increased responsibilities as CAO. |
(2) | Shares of the Issuer's common stock, par value $0.001 per share ("Warrant Stock"), to vest at June 30, 2008 at an exercise price of $.0089. The Warrant is exercisable for five years from November 1, 2007. |
Remarks: Donald L. Paliwoda received a grant of 236,000 incentive stock options on November 16, 2005 to vest in equal amounts over three years commencing March 31, 2006 at an exercise price of $0.22 per share terminating November 16, 2015. Post transaction holdings: Stock 0 , Warrants 1,000,000, Incentive Stock Options 236,000 |