Sec Form 4/A Filing - CARLISE THERESA @ ORBSAT CORP - 2020-08-21

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FORM 4/A
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
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
CARLISE THERESA
2. Issuer Name and Ticker or Trading Symbol
ORBSAT CORP [ OSAT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Chief Accounting Officer
(Last) (First) (Middle)
C/O ORBSAT CORP, 18851 N.E. 29TH AVE., SUITE 700
3. Date of Earliest Transaction (MM/DD/YY)
08/21/2020
(Street)
AVENTURA, FL33180
4. If Amendment, Date Original Filed (MM/DD/YY)
09/01/2020
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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, par value $0.0001 ( 1 ) ( 2 ) 08/21/2020 A 1,000 ( 2 ) A $ 0 1,000 D
Common Stock, par value $0.0001 09/23/2021( 1 ) M( 3 ) 14,200 A $ 1 15,200 D
Common Stock, par value $0.0001 09/23/2021 F( 3 ) 2,763 D $ 5.14 12,437 ( 3 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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
Non-Qualified Stock Option (right to buy) $ 1 08/21/2020 A 14,200 ( 4 ) 08/20/2030 Common Stock 14,200 $ 0 14,200 D
Non-Qualified Stock Option (right to buy) $ 1 09/23/2021( 1 ) ( 4 ) M 14,200 ( 4 ) 08/20/2030 Common Stock 14,200 $ 0 0 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
CARLISE THERESA
C/O ORBSAT CORP
18851 N.E. 29TH AVE., SUITE 700
AVENTURA, FL33180
Chief Accounting Officer
Signatures
/s/ Theresa Carlise 09/24/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )This Form 4 Amendment is being submitted to correct the disclosure regarding the options granted on 8/21/2020. On May 28, 2021, the Issuer effected a 1-for-5 reverse stock split of its common stock (the "Reverse Stock Split"). The amount of securities reported on this Form 4 have been adjusted to reflect the Reverse Stock Split.
( 2 )Represents restricted stock awarded by the Board of Directors on 8/21/2020 and granted pursuant to the Company's 2020 Equity Incentive Plan.
( 3 )On September 23, 2021, the reporting person exercised options to purchase 14,200 shares at $1.00 per share. The Reporting Person paid the exercise price on a cashless basis (a "net exercise"), resulting in the Issuer withholding 2,763 of the option shares to pay the exercise price and issuing to the Reporting Persons the remaining 11,437 shares.
( 4 )The grant of these options was approved by the Registrants Board of Directors on 8/21/2020 and subject to the Company's 2020 Equity Incentive Plan. All options vested immediately upon grant date.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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