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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549ANNUAL STATEMENT 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 2270 (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 at End of Issuer's Fiscal Year (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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(A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Seefeld Matthew Stephen 723 AVOCADO PLACE DEL MAR, CA 92014 |
 |  |  Sr. Vice President, Strategy |  |
/s/ Matthew Stephen Seefeld | 04/03/2014 | |
**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) | Represents the number of shares sold by IPP Holding Company, LLC, formerly known as Interpoint Partners, LLC ("IPP"), in which the Reporting Person may be deemed to have a pecuniary interest. The Reporting Person is a member of IPP and disclaims beneficial ownership of all shares held by IPP except to the extent of his pecuniary interest therein. |
(2) | Represents the number of shares held by IPP in which the Reporting Person may be deemed to have a pecuniary interest. The Reporting Person is a member of IPP and disclaims beneficial ownership of all shares held by IPP except to the extent of his pecuniary interest therein. |
(3) | On January 24, 2014, the Reporting Person received 102,677 shares of common stock pursuant to an "earn-out" provision in the asset purchase agreement pursuant to which a subsidiary of the Issuer acquired substantially all of the operations and assets of IPP on December 8, 2011. The asset purchase agreement provided that IPP would be entitled to receive additional shares of common stock (issuable upon conversion of a convertible promissory note), for no additional consideration from IPP, based upon a formula set forth in the asset purchase agreement which was dependent upon the reoccurring revenues of the purchased assets during a certain period after closing. The exact number of shares of common stock issuable pursuant to the earn-out right was finalized pursuant to a settlement agreement among IPP, the Issuer and others in November 2013. The right to receive the additional shares became fixed and irrevocable on December 8, 2011. |
(4) | Includes 1,322 shares of common stock acquired under the Issuer's stock purchase plan on December 31, 2013. |
(5) | Reflects a change in the Reporting Person's form of ownership from indirect to direct of 100,000 shares of common stock originially held by IPP in which the Reporting Person had a pecuniary interest; there has been no change in the Reporting Person's pecuniary interest in such shares. |