Craig A Lang, an insider of SPOTLIGHT INNOVATION, INC., has now declared ownership of 75,000 options from the company. The strike price of the options received was $0.65, and these expire on February 24, 2026.
Some additional info was provided as follows:
Reporting Person is the holder of a Convertible Note in the principal amount of $50,000 which is currently convertible into shares of common stock of Spotlight Innovation Inc. ("STLT"), at the option of the holder, at a price per share equal to the lower of $.75 or the average price of the common stock of STLT during the 20 consecutive trading days immediately prior to conversion (currently calculated at the price of $.65 per share).
On February 24, 2016 the Reporting Person received an option, to purchase sev
enty five thousand (75,000) shares of the Company's Common Stock with an exercise price equal to the closing price on the date prior to the date of the grant. Subject to continued service as a Director, these options will vest one third upon issuance, one third on the one year anniversary of Reporting Person's being a member of the Company's Board of Directors, and one third on the second year anniversary of Reporting's Person being a member of the Company's Board of Directors. The option will be subject to the terms of the Spotlight Innovation Inc. 2015 Equity Incentive Plan (the "Plan") and the related stock option award agreement issued pursuant to the Plan.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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