40 per share to three individuals as finders' fees
In addition, the finders' fees
payable by Activeworlds upon closing were modified in limited respects with Baytree Capital, llc, an affiliate of Activeworlds, receiving 1,431,531 shares of restricted common stock and warrants to purchase an additional 1,431,531 shares at $1.
The agreement was not brokered and no fees or shares will be issued for finders' fees
, agent fees or commissions.
The Company paid finders' fees
to David McNamara of 37,500 common shares and Peter Sugden of 6,250 common shares, at a deemed price of $0.
The shares sold in the private placement as well as the shares issued with respect to the payment of finders' fees
are subject to a hold period which expires on February 11, 1998.