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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 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 | ||||||||
Performance Stock Units | (1) | 05/02/2020 | M | 22,666 (4) | (3) | 05/02/2029 | Common Stock | 22,666 (4) | (1) | 45,334 (4) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
PETERMAN TIM 6740 SHADY OAK ROAD EDEN PRAIRIE, MN 55344 |
X | CEO |
/s/ Jonathan R. Zimmerman, Attorney-in-Fact | 07/15/2020 | |
**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) | Reflects the issuance of IMBI common stock upon vesting of performance stock units ("PSUs"). Each PSU granted at that time represented a contingent right to receive one share of IMBI stock. |
(2) | Restricted Stock Units that vest as to one-third of the units on each of the first three anniversaries of the date of grant. |
(3) | This is the first of three vesting installments of PSUs granted to the reporting person on May 2, 2019. The remaining shares from such grant shall vest as follows: second tranche when the per-share closing price of the issuer's common stock reaches or exceeds an average trading price of $2.00 for 20 consecutive trading days and the reporting person has been continuously employed for at least one year from the grant date, and the remaining shares when the per-share closing price of the issuer's common stock reaches or exceeds an average trading price of $4.00 for 20 consecutive trading days and the reporting person has been continuously employed for at least two years after the grant date, and is otherwise subject to the terms and conditions of the applicable award agreement. |
(4) | After taking into account the 1-for-10 reverse stock split effective December 11, 2019. |