FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
YTB International, Inc. [ YTBLE.OB ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 11/26/2006 | ||||||||||||||||||||||||||
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 Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 11/26/2006 | F(1) | 50,000 | D | $2(2) | 993,484 | D | |||
Common Stock | 11/26/2006 | M | 100,000 | A | $1(3) | 1,093,484 | D |
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) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Options (right to buy) | $1(3) | 11/26/2006 | M | 100,000 | 11/26/2001 | 11/26/2006 | Common Stock | 100,000 | $0 | 0 | D |
Explanation of Responses: |
1. The transaction reported in this row reflects the surrender to the Issuer of 50,000 shares of the Issuer's Common Stock in payment of the exercise price for the exercise of the 100,000 options that is reported in the following row of Table I. |
2. The Reporting Person did not receive any cash consideration for the surrender to the Issuer of the 50,000 shares of the Issuer's Common Stock reported in this row, but instead utilized the $2 per share fair market value accorded to such shares by the Issuer as consideration for the payment of the exercise price for the 100,000 shares acquired as reported in the following row. |
3. The exercise price of the options by which the 100,000 shares were acquired by the Reporting Person was $1.00 per share. However, as permitted under the option agreement, the Reporting Person, in lieu of paying cash, surrendered for cancellation shares of the Issuer's Common Stock having a fair market value (as of the exercise date) equal to the aggregate exercise price of the options as consideration for the exercise thereof. |
Remarks: |
The Reporting Person served as a Director and Secretary of the Issuer until his resignation on November 22, 2006. While the transactions reported on this Form 4 occurred following the cessation of the Reporting Person's status as a Director and Officer of the Issuer and need not be reported on Form 4 as per the provisions of Rule 16a-2(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), they are being reported early in voluntary fashion so as to exempt the Reporting Person from his Form 5 reporting obligation for the Issuer's 2006 fiscal year, as per the allowance of Rule 16a-3(f)(2) under the Exchange Act. The Reporting Person is a member of a Section 13(d) group and a party to a certain Stockholders' Agreement, dated as of December 8, 2004, by and among certain stockholders of the Issuer that together own a significant percentage of the Issuer's outstanding Common Stock. On November 22, 2006, the Reporting Person granted an irrevocable proxy with respect to all shares of the Issuer's Common Stock now held or hereafter acquired by him to other parties to such Stockholders' Agreement. However, because the Reporting Person continues to possess a pecuniary interest with respect to all shares that he holds, he has reported such holdings on this Form 4. |
/s/ Derek J. Brent | 12/13/2006 | |
** 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. |