ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
On February 8, 2023, Sparta Commercial Services, Inc. (the "Company") granted
its CEO, Anthony L Havens and Vice President of Operations, Sandra L Ahman, five
year options to purchase an aggregate of 1,350,000 shares of the Company's
common stock at $0.18 per share. The options vest in three equal tranches over
three years.
On February 8, 2023, the Company granted to each of its two independent
Directors five year options to purchase 200,000 shares of the Company's common
stock at $0.18 per share. The options vest in three equal tranches over three
years. These options represent compensation for past service on the board.
The stock options granted pursuant to the Stock Option Agreements have five year
terms, vest in three equal tranches over three years, and have an exercise price
of $0.18 which was 110% of the closing price of the Company's common stock for
the thirty consecutive trading days immediately preceding the date of the option
(for a day to be included in the calculation, there must have been at least 100
shares traded on that day). The sales of the above securities were deemed to be
exempt from registration under the Securities Act in reliance on Section 4(a)(2)
of the Securities Act as transactions by an issuer not involving any public
offering. The recipients of the securities in each of these transactions
represented their intentions to acquire the securities for investment only and
not with a view to, or for sale in connection with, any distribution thereof.
All recipients had adequate access, through their relationships with the
Company, to information about the Company.
The foregoing disclosure of the Stock Option Agreements set forth in this
Section 3.02 does not purport to be complete, and is qualified in its entirety
by reference to the Stock Option Agreements, which are filed as Exhibits 4.1,
4.2, 4.3, and 4.4 of this Current Report and incorporated by reference herein.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(D) Exhibits
Exhibit No. Description
4.1 Anthony L. Havens Stock Option Agreement
4.2 Sandra L. Ahman Stock Option Agreement
4.3 Kristian Srb Stock Option Agreement
4.4 Jeffrey Bean Stock Option Agreement
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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