The selling stockholders named in this prospectus are offering and selling shares of common stock of American International Petroleum Corporation which they have acquired or may acquire upon exercise of options granted or to be granted under our 1995 Stock Option Plan, 1998 Stock Option Plan, or 1998 Stock Award Plan.
The selling stockholders may offer the shares from time to time in public or private transactions on or off the Nasdaq National Market, at prevailing market prices or privately negotiated prices. Sales may be made through brokers, dealers or other agents who may receive compensation in the form of commissions,discounts or concessions.
- Selling Stockholders
The following table sets forth the names of the selling stockholders, the number of shares of common stock beneficially owned by each selling shareholder as of December 31, 1998, the number of shares that each selling stockholder may offer,and the number of shares of common stock beneficially owned by each selling stockholder upon completion of the offering, assuming all of the shares are sold. The number of shares sold by each selling stockholder may depend upon a
number of factors, including, among other things, the market price of the common stock.
Participants under our 1995 Stock Option Plan, 1998 Stock Option Plan or 1998 Stock Award Plan that we consider "affiliates" who may acquire common stock under the plans may be added to the list of selling stockholders named below from time to time by use of a prospectus supplement filed pursuant to Rule 424(b) under the Securities Act. An "affiliate" is defined in Rule 405 under the
Securities Act as a "person that directly, or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with,"American International Petroleum Corporation.
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Beneficial Maximum Number of Beneficial Ownership
Ownership Before Shares Subject to After Offering
Offering (1) Outstanding Options --------------------
Name Position ------------------- Which May be
----- -------- Number Reoffered by Number
of Shares % (2) this Prospectus (3) of Shares % (2)
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George N. Faris(4) Chairman of the Board 4,080,000(5) 6.0%(6) 2,952,500 2,105,000 3.1%
and Chief Executive
Officer
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Denis J. Vice President, 221,250 * 415,000 - *
Fitzpatrick(4) Secretary and
Chief Financial Officer
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Daniel Y. Kim(4) Director 213,500(7) * 205,500 8,000 *
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William R. Smart(4) Director 332,608(9) * 242,000 90,608 *
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Donald G. Rynne(4) Director 716,862(8) * 210,000 506,862 *
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Richard W. Murphy(4) Director 50,000(10) * 100,000 - *
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William Tracy(12) Treasurer, Controller 114,000(13) * 232,000 - *
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Yahaly Kahanoff Consultant 100,000(14) * - 100,000 *
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The board and GF are lining up their shares because they want the option to sell with the RUN they all know is coming. What a company.
DrRisk |
