Home > Insider Trading > Filing (0001567619-18-007628)

Filing Details

Accession Number:: 0001567619-18-007628
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2018-12-10 16:43:34
Reporting Period:: 2018-12-06

Accepted Time:: 2018-12-10 16:43:34
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1271075	Usell.com Inc.	USEL	Services-Personal Services (7200)	980412432

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1644342	Piton Capital Partners Llc	C/O Kokino Llc 201 Tresser Boulevard, 3Rd Floor Stamford CT 06901		No	No	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2018-12-06	1,123,829	$0.20	5,982,666	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Reported Derivative Holdings

Show Other Fields >>

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Stock Options (Right to Buy)	$1.00	2016-12-20	2021-12-20	500,000	500,000	Direct
Common Stock	Convertible Promissory Note	$0.30	2018-11-20	2022-11-20	6,000,000	6,500,000	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2021-12-20	500,000	500,000	Direct
2022-11-20	6,000,000	6,500,000	Direct

Footnotes

Piton Capital Partners LLC, a Delaware limited liability company ("Piton") and family client of Kokino LLC ("Kokino"), also reports beneficial ownership of the Issuer's common stock pursuant to Rule 13d-1 of the Securities Exchange Act of 1934, as amended, pursuant to a Schedule 13D filed jointly by Cornice Fiduciary Management LLC, as Trustee under Trust Agreement dated December 23, 1989 FBO the issue of Jonathan D. Sackler (the "Trust"), M3C Holdings LLC ("M3C"), Robert Averick and Piton, with the SEC on December 30, 2016 (as amended on June 2, 2017, November 22, 2017, October 26, 2018, November 27, 2018 and December 10, 2018, the "Schedule 13D").
Represents shares of the Issuer's common stock ("Shares") beneficially owned by Piton. The Trust, M3C and Mr. Averick are members of Piton. Piton's managing member is Piton Capital Management LLC ("PCM"). PCM's managing member is Kokino, and Kokino is Piton's trading manager. Mr. Averick manages the Trust's, M3C's and Piton's investments in the Issuer as Kokino's Portfolio Manager. Mr. Averick holds an economic interest in Piton (which interest may be held directly and, from time to time, indirectly through PCM). Also, Mr. Averick's incentive compensation as an employee of Kokino, which is calculated in Kokino's discretion, may be based, among other things, on the performance of Shares held by the Trust, M3C and Piton. Such compensation may be paid in cash and/or by way of increasing Mr. Averick's interest in Piton (either directly or indirectly through PCM).
Represents the aggregate shares of common stock that Piton has the right to purchase from Scott Tepfer under stock options that are immediately exercisable by Piton (as described in the Schedule 13D). As described in the Schedule 13D, Scott Tepfer granted the options to Piton on December 20, 2016.
This convertible promissory note (the "Note") bears interest at the rate of 5% per annum. Interest payments shall be paid quarterly by the Issuer. At the election of Piton, all or any part of the outstanding balance of the Note may be converted into the Issuer's common stock using an initial conversion price of $0.30 per share. The terms of the Note are described in greater detail in the Form 8-K filed by the Issuer with the SEC on November 21, 2018.
In connection with purchasing the Note, Piton received the right to acquire 1,123,829 shares of common stock from Brian Tepfer for a purchase price of $0.20 per share. Piton acquired these shares from Brian Tepfer on December 6, 2018.