DAVID MINTZ - 24 Feb 2021 Form 4 Insider Report for TOFUTTI BRANDS INC (TOFB)

Role
10%+ Owner
Signature
/s/ Efraim Mintz, Executor
Issuer symbol
TOFB
Transactions as of
24 Feb 2021
Transactions value $
$500,000
Form type
4
Filing time
14 Oct 2021, 14:26:15 UTC
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding TOFB Common Stock, par value $0.01 2,630,440 24 Feb 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction TOFB Convertible Promissory Note Award $500,000 $500,000 10 Jan 2020 Common Stock 282,486 $1.77 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Mr. Efraim Mintz, as the executor of the reporting person, has both voting and investment power over any shares held by the reporting person, and therefore may be deemed to beneficially own the shares held of record by the reporting person. Mr. Efraim Mintz disclaims beneficial ownership of the shares directly held by the reporting person.
F2 On January 6, 2016, Mr. David Mintz, the Issuer's former Chairman and Chief Executive, who passed away in February 2021, provided the Issuer with a loan of $500,000 with an annual interest rate of 5% payable on a quarterly basis. The loan, which was originally set to expire on December 31, 2017, was extended to December 31, 2022 effective January 10, 2020. The extended loan is, at the option of the holder, convertible into the Issuer's common stock at a conversion price of $1.77 per share, the closing price of the Issuer's common stock on the date of the extension of the promissory note.

Remarks:

On February 24, 2021, Mr. David Mintz passed away. His estate is currently being administered.