Statement of Changes in Beneficial Ownership (4)
January 06 2021 - 05:01PM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL
OWNERSHIP OF SECURITIES
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APPROVAL
OMB Number: 3235-0287
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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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1. Name
and Address of Reporting Person * Heaton Kristofer |
2. Issuer Name and Ticker or Trading
Symbol United Health Products, Inc. [ UEEC ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)_____
Director _____
10% Owner
__X__ Officer (give title
below) _____ Other
(specify below)
Principal Financial Officer |
(Last)
(First)
(Middle)
10624 SOUTH EASTERN AVE., SUITE A209 |
3. Date of Earliest Transaction (MM/DD/YYYY)
1/6/2021
|
(Street)
HENDERSON, NV 89052
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person |
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
|
1.Title of Security
(Instr. 3) |
2. Trans. Date |
2A. Deemed Execution Date, if any |
3. Trans. 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 (3) |
1/6/2021 |
|
A |
|
100000 |
A |
$1.04 |
405000 |
D |
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Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
|
1. Title of Derivate Security
(Instr. 3) |
2. Conversion or Exercise Price of Derivative
Security |
3. Trans. Date |
3A. Deemed Execution Date, if any |
4. Trans. 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 |
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 of Derivative Security: 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 |
Restricted Stock Unit
Awards |
(2) |
1/6/2021 |
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J (4) |
|
|
100000 |
(1) |
(1) |
Common Stock |
500000 |
(2) |
825000 |
D |
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Explanation of
Responses: |
(1) |
In December 2020, Mr. Heaton
was granted 500,000 restricted stock unit awards ("RSUs") bringing
his total to 925,000. The new 500,000 restricted stock unit awards
vest upon performance and do not contain a conversion or exercise
price or any time constraints. 5% of the RSUs vest upon FDA
approval of the company's Class III PMA, an additional 10% of the
RSUs will vest upon the execution of each commercial distribution
agreement from the marketing of its products, up to a maximum of
three such agreements and the balance will vest upon the company
achieving $30 million in gross cumulative sales or a covered
transaction as defined in the agreement. Prior to December 2020 and
prior to Mr. Heaton becoming VP-Finance, Mr. Heaton was granted
500,000 RSUs, which included 75,000 which vested in July 2020. An
additional 75,000 RSUs vest upon FDA approval of the Company's
Class III PMA, an additional 100,000 RSUs will vest on January 1,
2021 and the balance will vest upon the Company achieving
$20,000,000 in gross cumulative sales or a covered transaction or a
trigger event as defined in the agreement. |
(2) |
Not applicable. |
(3) |
Excludes RSU's in Table
II. |
(4) |
100,000 RSU's vested as
described in footnote (1). |
Reporting
Owners
|
Reporting Owner Name / Address |
Relationships
|
Director |
10% Owner |
Officer |
Other |
Heaton Kristofer
10624 SOUTH EASTERN AVE.
SUITE A209
HENDERSON, NV 89052 |
|
|
Principal Financial Officer |
|
Signatures
|
/s/ Kristofer Heaton |
|
1/6/2021 |
**Signature of Reporting
Person |
Date |