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. [ YTBLA.PK ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 08/10/2007 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) 08/15/2007 |
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 | ||||||
Class A Common Stock(1) | 08/10/2007 | S | 22,246 | D | $3.85 | 15,073,050(2)(3)(4) | D(2)(3) | |||
Class A Common Stock(1) | 08/13/2007 | S | 12,500 | D | $3.75 | 15,060,550(2)(3)(4) | D(2)(3) |
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 |
Explanation of Responses: |
1. The Issuer has two classes of common stock, Class A Common Stock and Class B Common Stock. The two classes of common stock are identical in all respects except as to voting power, as shares of Class A Common Stock are entitled to one-tenth vote per share, and shares of Class B Common Stock, one vote per share, on all matters submitted to a vote of the Issuer's stockholders. Because shares of Class B Common Stock automatically convert into Class A Common Stock on a one-for-one basis upon sale or other disposition (with the exception of transfers among related entities, transfers to trusts for the benefit of the transferring holder of the Class B Common Stock, bona fide pledges under financing arrangements and similar transfers), the Reporting Person has included all shares of Class B Common Stock that he holds in calculating and reporting the total number of shares of Class A Common Stock that he holds throughout this Form 4. |
2. The number of shares of Class A Common Stock reflected in this column includes shares of the Issuer's Class B Common Stock held by the Reporting Person, which automatically convert into Class A Common Stock on a one-for-one basis upon sale or other disposition. Of the shares reported in this row as beneficially owned by the Reporting Person, 2,099,994 shares are held by the Reporting Person individually and the remaining shares are held jointly by the Reporting Person and his spouse. The 2,099,994 shares held by the Reporting Person individually are restricted shares of the Issuer's common stock that were granted to the Reporting Person by the Issuer on January 2, 2007 (of which 699,998 shares were originally granted and an additional 1,399,996 shares were issued subsequently as a result of the reclassification and 3 for 1 stock split involving the Issuer's common stock (the "Reclassification")). (Continued in footnote 3.) |
3. (Continued from footnote 2.) Of such 2,099,994 shares, 677,418 shares vested immediately on the grant date (225,806 shares prior to the Reclassification) and the remaining 1,422,576 shares (474,192 prior to the Reclassification) will vest in four equal installments of 355,644 shares each (118,548 shares each prior to the Reclassification), upon the first four anniversaries of the grant date, only upon the achievement of certain specified performance goals by the Reporting Person, as detailed in a restricted stock award agreement by and between the Issuer and the Reporting Person, dated as of January 2, 2007. |
4. The number of shares of the Issuer's Class A Common Stock owned following the transaction reported in this row was inadvertently understated by 22,000 shares in the original Form 4 filed to report the transaction, due to an inadvertent error in subtracting the 11,000 shares sold by the Reporting Person on August 2, 2007 prior to crediting the Reporting Person with shares that he received in the Reclassification, rather than after crediting him with such shares. This amended Form 4 was filed for the sole purpose of correcting the number of shares reflected in the column titled "Amount of Securities Beneficially Owned Following Reported Transaction" due to such error. |
Remarks: |
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/ Michael Y. Brent | 09/11/2007 | |
** 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. |