secwatch.observer — SEC 8-K summary
======================================

Issuer:     SPARTA COMMERCIAL SERVICES, INC. (SRCO)
CIK:        0000318299
Form:       8-K
Filed at:   2022-01-07T23:59:59+00:00
Accession:  0001493152-22-000696
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sparta Commercial converts $262k deferred salary to options; grants additional options to executives and directors
--------------------------------------------------------------------------------

- CEO Havens converts $137,466 deferred salary into options for 1,718,322 shares at $0.08.
- VP Ahman converts $125,000 deferred salary into options for 1,562,500 shares at $0.08.
- Independent directors each granted 187,500 options at $0.08, vesting over 3 years.
- CEO and VP granted aggregate 750,000 options at $0.08, vesting over 3 years.
- All options have 5-year term; exercise price is 111% of 30-day volume-weighted average closing price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318299/000149315222000696/0001493152-22-000696-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318299/000149315222000696/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-000696

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer