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
LIGHTING SCIENCE GROUP CORP [ LSCG.OB ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 05/13/2011 | ||||||||||||||||||||||||||
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 | 05/13/2011 | J(1)(2)(3) | 1,125,000 | D | (1)(2)(3) | 131,992,333 | D | |||
Common Stock | 05/16/2011 | A(1)(2)(3) | 3,750,000 | A | $4 | 135,742,333 | D | |||
Common Stock | 29,172,496 | I | See Footnotes(4)(5) |
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 |
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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Explanation of Responses: |
1. On May 13, 2011, LSGC Holdings LLC ("Holdings") entered into a binding term sheet (the "Term Sheet") with Continental Casualty Company (the "Investor") which sets forth the terms of an investment by which the Investor will contribute $15.0 million (the "Investment") into Holdings in exchange for a senior preferred member interest in Holdings (the "Preferred Member Interest"). Pursuant to the Preferred Member Interest, Holdings will distribute to the Investor an aggregate of 1,125,000 of the common stock purchased pursuant to the Subscription Agreement (the "Investor Stock") (562,500 shares of common stock at the consummation of the Investment, 281,250 shares of common stock upon the first anniversary of the Investment and 281,250 shares of common stock upon the second anniversary of the Investment)...(continued onto next footnote) |
2. (continued from previous)... No portion of the Investor Stock will be distributed to the Investor subsequent to a redemption. On May 16, 2011, the Issuer entered into a subscription agreement (the "Subscription Agreement") with Holdings and LSGC Holdings II LLC ("Holdings II"). Pursuant to the Subscription Agreement, Holdings agreed to purchase 3,750,000 shares of the Issuer's common stock at a price per share of $4.00. With respect to the issuance of common stock to Holdings, the obligations of both the Issuer and Holdings under the Subscription Agreement are conditioned upon Holdings' receipt of the requisite funds from a third party investor or investors on or before June 15, 2011. The Subscription Agreement contains certain purchase price protections...(continued onto next footnote) |
3. (continued from previous footnote)...Specifically, if the Issuer issues common stock in its currently contemplated public offering (the "Proposed Offering") at a price per share below $4.00, it would issue to Holdings additional shares of common stock such that the weighted average purchase price per share of Holdings would equal the price at which the shares were issued in the Proposed Offering. As a result of its relationships with directors of the Issuer, Holdings has been recognized as a director by deputization of the Issuer and the Issuer's Committee of Independent Directors approved the Subscription Agreement before the Issuer, Holdings and Holdings II entered into the Subscription Agreement. |
4. Holdings may be deemed to indirectly beneficially own 29,172,496 shares of the Issuer's common stock held directly by LED Holdings, LLC ("LED") because Holdings may be deemed to have voting and dispositive power over such shares due to its membership interest in LED. PP IV LED, LLC ("PP IV") and PP IV (AIV) LED, LLC ("PP IV (AIV)," and together with Holdings and PPIV, the Reporting Persons) may be deemed to indirectly beneficially own the 29,172,496 shares of the Issuer's common stock held by LED and the 135,742,333 shares of the Issuer's common stock held by Holdings due to their membership interests in Holdings. By virtue of the foregoing, PP IV and PP IV (AIV) may be deemed to share voting power and power to direct the disposition of the 29,172,496 shares of the Issuer's common stock held by LED and the 135,742,333 shares of the Issuer's common stock held by Holdings...(continued onto next footnote) |
5. (continued from previous)...Each of PP IV and PP IV (AIV) disclaims beneficial ownership of any of the Issuer's securities as to which this report relates except to the extent of their respective indirect pecuniary interest therein, and this report shall not be deemed an admission that either of PP IV or PP IV (AIV) is the beneficial owner of such securities for purposes of Section 16 or for any other purposes. |
Remarks: |
For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the Reporting Persons are deemed directors by deputization by virtue of their representation on the Board of Directors of Lighting Science Group Corporation. |
LSGC HOLDINGS LLC Pegasus Partners IV, L.P its managing member Pegasus Investors IV, L.P., its general partner Pegasus Investors IV GP, L.L.C., its general partner Name: Steven Wacaster Title: Vice President /s/ Steven Wacaster | 05/18/2011 | |
PP IV LED, LLC By: Pegasus Partners IV, L.P., its sole member By: Pegasus Investors IV, L.P., its general partner By:Pegasus Investors IV GP, L.L.C., its general partner /s/ Richard Weinberg, Vice President | 05/18/2011 | |
PP IV (AIV) LED, LLC By: Pegasus Partners IV (AIV), L.P., its sole member By: Pegasus Investors IV, L.P., its general partner By:Pegasus Investors IV GP, L.L.C., its general partner /s/ Richard Weinberg, Vice President | 05/18/2011 | |
** 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. |