SEC Form 5
FORM 5 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
Form 3 Holdings Reported. | |||||||||||||||||
Form 4 Transactions Reported. |
1. Name and Address of Reporting Person*
(Street)
| 2. Issuer Name and Ticker or Trading Symbol ADVANCED CREDIT TECHNOLOGIES INC [ ACRT ] | 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
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3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year) 12/31/2017 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed (Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | |||||||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||||||
Amount | (A) or (D) | Price |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | ||||||||||||||
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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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
(A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | |||||||||
Annual Stock Award | (5) | 07/28/2017 | A | 100,000 | (2) | (2) | Common Stock | 100,000 | $0.00 | 5,100,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 5,600,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 6,100,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 6,600,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 7,100,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 7,600,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 8,100,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 8,600,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 9,100,000 | D | |||
Incentive Stock Option Award | (1) | 07/28/2017 | A | 500,000 | (3) | (4) | Common Stock | 500,000 | $0.00 | 9,600,000 | D |
Explanation of Responses: |
1. Strike Price for each Incentive Stock Option Award shall be set at 110% of the average of the closing bid price for the ten days preceding the Company's achievement of each milestone. |
2. Annual Stock Awards are awarded annually starting on 7/28/2018 and will continue to be received annually so long as the Executive is in continous service to the Company as defined by the Employment Agreement. |
3. Each Incentive Stock Option Award is earned upon the Company's achieving increments of $1,000,000 in Gross Revenue (the "milestone") up until the Company achieves $10,000,000 in cumulative Gross Revenue. |
4. Each Incentive Stock Option award expires 5 years from the date each milestone is achieved. |
5. The annual stock award is a stock grant based on continuous years of service to the Company and therefore does not have an exercise price. |
/s/ Enrico Giordano | 02/16/2018 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* 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). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
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 Number. |