PHOTOWORKS INC /WA 4
4 · PHOTOWORKS INC /WA · Filed Jun 2, 2006
Insider Transaction Report
Form 4
WAECHTER JOSEPH
Director10% Owner
Transactions
- Award
Warrant to Purchase common stock
2006-05-30+587,500→ 587,500 totalExercise: $0.40From: 2006-05-30Exp: 2011-05-31→ Common stock (587,500 underlying) - Award
Warrant to Purchase common stock
2006-05-30+687,500→ 687,500 total(indirect: By LLC)Exercise: $0.40From: 2006-05-30Exp: 2011-05-31→ Common stock (687,500 underlying)
Footnotes (2)
- [F1]California Pacific Capital LLC purchased from the Company a convertible note in the principal amount of $1,125,000 that is convertible into common stock and a warrant to purchase 587,500 shares of common stock. The aggregate consideration was $1,125,000. The convertible note is not exercisable until the closing of a qualifying financing or September 30, 2007. The warrant is immediately exercisable.
- [F2]Joseph Waechter is the President of Sunra Capital Holdings and California Pacific Capital. Extent to the extent of his pecuniary interest, Mr. Waechter disclaims any beneficial interest in the securities held directly by Sunra and California Pacific.