Joseph Lehman - 31 May 2024 Form 4 Insider Report for Kinetic Seas Inc. (ECGR)

Role: Chief Technology Officer, Director
Signature: /s Joseph Lehman
Issuer symbol: ECGR
Transactions as of: 31 May 2024
Transactions value $: $0
Form type: 4
Filing time: 03 Jun 2024, 15:35:16 UTC
Previous filing: 21 Mar 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ECGR	Common Stock	Other	$0	-900,000	-90%	$0	100,000	31 May 2024	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	ECGR	Series A Preferred Stock	Other		+900			900	31 May 2024	Common Stock	900,000	$0	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On May 29, 2024, the reporting person voluntarily exchanged 900,000 shares of common stock issued by Kinetic Seas Incorporated (the "Company") for 900 shares of Series A Preferred Stock (the "Preferred Stock") of the company.
F2	Each share of Preferred Stock is convertible at any time at the discretion of the holder to 1,000 shares of Common Stock of the Company. The Preferred Stock is perpetual, is entitled to vote on any matters put to a vote of the common stockholders on an as-converted basis and is entitled to receive any dividends declared by the Company on the common stock on an as-converted basis. The Preferred Stock is entitled to a liquidation preference of $0.01 per share prior to any distribution to common stockholders in a liquidation of the Company. The Company is entitled to effect a mandatory conversion of the Preferred Stock into common stock at any time there are less than 200,000 shares of Preferred Stock outstanding.

Content

On May 29, 2024, the reporting person voluntarily exchanged 900,000 shares of common stock issued by Kinetic Seas Incorporated (the "Company") for 900 shares of Series A Preferred Stock (the "Preferred Stock") of the company.

Each share of Preferred Stock is convertible at any time at the discretion of the holder to 1,000 shares of Common Stock of the Company. The Preferred Stock is perpetual, is entitled to vote on any matters put to a vote of the common stockholders on an as-converted basis and is entitled to receive any dividends declared by the Company on the common stock on an as-converted basis. The Preferred Stock is entitled to a liquidation preference of $0.01 per share prior to any distribution to common stockholders in a liquidation of the Company. The Company is entitled to effect a mandatory conversion of the Preferred Stock into common stock at any time there are less than 200,000 shares of Preferred Stock outstanding.