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Filing Details

Accession Number:
0001209191-12-004490
Form Type:
4
Zero Holdings:
No
Publication Time:
2012-01-19 17:17:46
Reporting Period:
2012-01-17
Filing Date:
2012-01-19
Accepted Time:
2012-01-19 17:17:46
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
866970 Lighting Science Group Corp LSCG.OB Electric Lighting & Wiring Equipment (3640) 232596710
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1032672 M Craig Cogut C/o Pegasus Capital Advisors, L.p.
99 River Road
Cos Cob CT 06807
Yes No Yes No
1259178 Pegasus Capital Llc C/o Pegasus Capital Advisors, L.p.
99 River Road
Cos Cob CT 06807
Yes No Yes No
1535284 Pca Lsg Holdings, Llc C/o Pegasus Capital Advisors, L.p.
99 River Road
Cos Cob CT 06807
Yes No Yes No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Disposition 2012-01-17 120,000 $0.00 171,580,544 No 4 S Indirect See Footnotes
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S Indirect See Footnotes
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
Units Option to purchase Disposition 2012-01-17 5,000 $0.00 5,000 $1,000.00
Units Option to purchase Disposition 2012-01-19 150 $0.00 150 $1,000.00
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
892 2011-12-01 2012-01-31 No 4 S Indirect
742 2012-12-01 2012-01-31 No 4 J Indirect
Footnotes
  1. Pursuant to the terms of Series G Unit Subscription Agreement (the "Series G Subscription Agreement") dated December 1, 2011, by and among Lighting Science Group Corporation (the "Issuer"), PCA LSG Holdings, LLC ("PCA Holdings"), Pegasus Partners IV, L.P. ("Pegasus Partners"), Ensemble Lights, LLC, Mark Kristoff, Alan Docter, Belfer Investment Partners L.P., Lime Partners, LLC and LSGC Holdings II LLC ("Holdings II"), on January 17, 2012, Pegasus Partners assigned a portion of its option (the "Option") to purchase the Issuer's Series G Units ("Series G Units") under the Series G Subscription Agreement to Continental Casualty Company ("CCC") and CCC executed a joinder to the Series G Subscription Agreement and partially exercised the Option by electing to purchase 5,000 Series G Units (the "Series G Unit Investment"). (Continued in footnote 2)
  2. (Continued from footnote 1) As a result of the assignment of the Option by Pegasus Partners and the purchase of Series G Units by CCC, the Option held by Pegasus Partners, PCA Holdings and Holdings II was reduced to an option to purchase 892 Series G Units. Each Series G Unit consists of: (a) one share of the Issuer's Series G Preferred Stock (the "Series G Preferred Stock") and (b) 83 shares of the Issuer's common stock. (Continued in footnote 3)
  3. (Continued from footnote 2) In consideration for the Series G Unit Investment and certain other mutual promises contained in a Letter Agreement dated January 17, 2012 ("the "Letter Agreement"), between CCC and LSGC Holdings LLC ("Holdings"), Holdings in the Letter Agreement agreed to amend the terms of the Class C Preferred Interests (the "Class C Preferred Interests") of Holdings issued by Holdings to CCC pursuant to the Binding Term Sheet dated May 13, 2011 (the "Binding Term Sheet") such that the dividend rate on the Class C Preferred Interests and the number of shares of the Issuer's common stock associated therewith are substantially the same as those of the Series G Preferred Stock. (continued in footnote 4)
  4. (Continued from footnote 3) In order to make the number of shares of the Issuer's common stock associated with the Class C Preferred Interests substantially the same as the number of shares of the Issuer's common stock associated with the Series G Preferred Stock, Holdings agreed to accelerate the transfer to CCC of 281,250 shares of the Issuer's common stock due to CCC on May 26, 2012, and 281,250 shares of the Issuer's common stock due to CCC on May 26, 2013, and to transfer an additional 120,000 shares of the Issuer's common stock to CCC. (continued in footnote 5)
  5. (Continued from footnote 4) . In addition, pursuant to the Letter Agreement, if at any time on or prior to November 17, 2013, CCC exercises its rights pursuant to Section 8 of the Series G Subscription Agreement to convert all of its Series G Units into newly issued securities of the Issuer or if any amendments are made to the dividend rate of the Issuer's Series G Preferred Stock or the number of shares of the Issuer's common stock associated therewith (the "MFN Securities"), then Holdings shall amend the terms of the Class C Preferred Interests such that the dividend rate on the Class C Preferred Interests and the number of shares of common stock associated therewith are substantially the same as the MFN Securities. (continued in footnote 6)
  6. (Continued from footnote 5) If upon the conversion of the Series G Units to MFN Securities, CCC is required to return to the Issuer some or all of the Issuer's common stock acquired as part of the purchase of Series G Units, then CCC will return to Holdings that same proportion of shares of the Issuer's common stock as part of the amendment to the terms of the Class C Preferred Interests.
  7. Craig Cogut ("Mr. Cogut") may be deemed to indirectly beneficially own 135,622,333 shares of the Issuer's common stock directly held by Holdings because of Mr. Cogut's relationship with Pegasus Partners, the managing member of Holdings. Pegasus Investors IV, L.P. ("Pegasus Investors") is the general partner of Pegasus Partners and Pegasus Investors IV GP, L.L.C. ("Pegasus GP") is the general partner of Pegasus Investors. Pegasus GP is wholly owned by Pegasus Capital, LLC ("Pegasus Capital"). Pegasus Capital may be deemed to be directly or indirectly controlled by Mr. Cogut. As of the date of this filing, Pegasus Capital may be deemed to indirectly beneficially own 966,950 shares of the Issuer's common stock, 11,650 shares of Series G Preferred Stock and an option to purchase 742 Series G Units held by PCA Holdings because Pegasus Capital may be deemed to have voting and dispositive power over such securities due to its membership interest in PCA Holdings. (continued in footnote 8)
  8. (Continued from footnote 7) Pegasus Capital is the managing member of PCA Holdings. Mr. Cogut may be deemed to indirectly beneficially own the securities of the Issuer held by PCA Holdings because of Mr. Cogut's relationship with Pegasus Capital. As of the date of this filing, Mr. Cogut also may be deemed to indirectly beneficially own 2,711,314 shares of the Issuer's common stock, 12,958 shares of Series G Preferred Stock and an option to purchase 742 Series G Units directly held by Holdings II because Pegasus Partners may be deemed to have voting and dispositive power over such securities due to its membership interest in Holdings II. Pegasus Partners is the sole member of Holdings II. In addition, as of the date of this filing, Mr. Cogut may be deemed to indirectly beneficially own 2,969,697 shares of the Issuer's common stock and an option to purchase 742 Series G Units owned directly by Pegasus Partners because of Mr. Cogut's relationship with Pegasus Partners. (cont. in ftnt 9)
  9. (Continued from footnote 8) In addition, Mr. Cogut may be deemed to indirectly beneficially own 29,172,496 shares of the Issuer's common stock held by LED Holdings, LLC ("LED") due to his relationship with Holdings which may be deemed to have voting and dispositive power over the shares as a member of LED. Pegasus Capital and Mr. Cogut disclaim beneficial ownership of the securities directly held by PCA Holdings, Holdings II, Pegasus Partners, Holdings and LED except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that Pegasus Capital or Mr. Cogut is the beneficial owner of such securities for purposes of Section 16 or any other purpose. Mr. Cogut may be deemed to indirectly beneficially own 137,754 shares of the Issuer's common stock that represent payment of director fees paid by the Issuer to Pegasus Capital Advisors IV, L.P. ("Pegasus Advisors"). (continued in footnote 10)
  10. (Continued from footnote 9) Pegasus Capital Advisors IV GP, LLC ("Pegasus Advisors GP") is the general partner of Pegasus Advisors and Mr. Cogut is the sole owner and managing member of Pegasus Advisors GP. Mr. Cogut disclaims beneficial ownership of the securities held by Pegasus Advisors except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Cogut is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
  11. Pursuant to the terms of the Series G Subscription Agreement, on January 19, 2012, PCA Holdings assigned a portion of the Option to purchase the Series G Units under the Series G Subscription Agreement to an additional investor (the "Additional Investor") for no consideration and that Additional Investor executed a joinder to the Series G Subscription Agreement and partially exercised the Option by electing to purchase 150 Series G Units. As a result of the assignment of the Option by PCA Holdings and the purchase of the Series G Units by the Additional Investor, the Option held by PCA Holdings, Pegasus Partners and Holdings II was reduced to an option to purchase 742 Series G Units. Each Series G Unit consists of: (a) one share of Series G Preferred Stock and (b) 83 shares of the Issuer's common stock.