DSS, INC. — Director's Dealing 2020

Aug 31, 2020

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DOCUMENT SECURITY SYSTEMS INC (DSS)
CIK: 0000771999
Period of Report: 2020-08-21

Reporting Person: Global BioMedical Pte. Ltd. (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	483334	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Convertible Preferred Stock	$6.48		Common Stock (7232716)		Direct

Footnotes

F1: On August 21, 2020, Document Security Systems, Inc., a New York corporation (the "Issuer"), closed on a share exchange agreement (the "Exchange Agreement") by and among the Issuer, DSS BioHealth Security, Inc., Singapore eDevelopment Ltd. ("SeD"), and the Reporting Person, a wholly-owned subsidiary of SeD. Pursuant to the Exchange Agreement, the Reporting Person received 483,334 shares of the Issuer's common stock at a per share cost basis of $6.48 per share.

F2: In connection with the Exchange Agreement, the Reporting Person received 46,868 newly issued shares of the Issuer's Series A Convertible Preferred Stock ("Series A Preferred Stock") with a stated value of $46,868,000, or $1,000 per share. The Series A Preferred Stock is convertible into shares of common stock of the Issuer, at an initial conversion price of $6.48 per share, subject to a 19.9% beneficial ownership conversion limitation ("Blocker") based on the total issued and outstanding shares of common stock of the Issuer beneficially owned by the Reporting Person. As of August 21, 2020, there were 5,115,179 shares of the Issuer's common stock issued and outstanding, and therefore, as a result of the Blocker, the Reporting Person is currently only able to convert the number of Series A Preferred Stock equal to approximately 673,904 shares of the Issuer's common stock, or approximately 4,366 shares of Series A Preferred Stock.