SEC FORM 4

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Hillel Isaac

(Last)

(First)

(Middle)

C/O PITANGO VENTURE CAPITAL

540 COWPER STREET, SUITE 200

(Street)

PALO ALTO

94301

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Borderfree, Inc. [ BRDR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2014

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/26/2014		C		5,083,973	A	⁽²⁾⁽³⁾	5,307,890	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Common Stock	03/26/2014		C		469,978	A	⁽²⁾⁽³⁾	490,677	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Common Stock	03/26/2014		C		1,382,259	A	⁽²⁾⁽³⁾	1,443,298	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Common Stock	03/26/2014		C		358,296	A	⁽²⁾⁽³⁾	374,085	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Common Stock	03/26/2014		C		179,150	A	⁽²⁾⁽³⁾	187,044	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Common Stock	03/26/2014		C		554,753	A	⁽²⁾⁽³⁾	554,753	I	By Pitango Parallel Investor Fund III (USA) L.P.⁽¹⁾

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			638,032	⁽²⁾	⁽²⁾	Common Stock	1,305,164	⁽²⁾	0	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Series B Convertible Preferred Stock	⁽³⁾	03/26/2014		C			788,748	⁽³⁾	⁽³⁾	Common Stock	472,304	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Series C Convertible Preferred Stock	⁽³⁾	03/26/2014		C			2,423,759	⁽³⁾	⁽³⁾	Common Stock	1,451,353	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			2,509,480	⁽³⁾	⁽³⁾	Common Stock	1,502,683	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			588,623	⁽³⁾	⁽³⁾	Common Stock	352,469	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) L.P.⁽¹⁾
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			58,981	⁽²⁾	⁽²⁾	Common Stock	120,652	⁽²⁾	0	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Series B Convertible Preferred Stock	⁽³⁾	03/26/2014		C			72,914	⁽³⁾	⁽³⁾	Common Stock	43,661	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Series C Convertible Preferred Stock	⁽³⁾	03/26/2014		C			224,057	⁽³⁾	⁽³⁾	Common Stock	134,166	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			231,990	⁽³⁾	⁽³⁾	Common Stock	138,916	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			54,414	⁽³⁾	⁽³⁾	Common Stock	32,583	⁽³⁾	0	I	By Pitango Venture Capital Fund III (USA) Non-Q L.P.⁽¹⁾
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			173,891	⁽²⁾	⁽²⁾	Common Stock	355,713	⁽²⁾	0	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Series B Convertible Preferred Stock	⁽³⁾	03/26/2014		C			215,011	⁽³⁾	⁽³⁾	Common Stock	128,749	⁽³⁾	0	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Series C Convertible Preferred Stock	⁽³⁾	03/26/2014		C			660,703	⁽³⁾	⁽³⁾	Common Stock	395,631	⁽³⁾	0	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			678,561	⁽³⁾	⁽³⁾	Common Stock	406,324	⁽³⁾	0	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			160,056	⁽³⁾	⁽³⁾	Common Stock	95,842	⁽³⁾	0	I	By Pitango Venture Capital Fund III (Israeli Investors) L.P.⁽¹⁾
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			44,987	⁽²⁾	⁽²⁾	Common Stock	92,026	⁽²⁾	0	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Series B Convertible Preferred Stock	⁽³⁾	03/26/2014		C			55,618	⁽³⁾	⁽³⁾	Common Stock	33,304	⁽³⁾	0	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Series C Convertible Preferred Stock	⁽³⁾	03/26/2014		C			170,902	⁽³⁾	⁽³⁾	Common Stock	102,336	⁽³⁾	0	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			176,667	⁽³⁾	⁽³⁾	Common Stock	105,789	⁽³⁾	0	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			41,484	⁽³⁾	⁽³⁾	Common Stock	24,841	⁽³⁾	0	I	By Pitango Venture Capital Fund III Trusts 2000 Ltd.⁽¹⁾
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			22,494	⁽²⁾	⁽²⁾	Common Stock	46,014	⁽²⁾	0	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Series B Convertible Preferred Stock	⁽³⁾	03/26/2014		C			27,808	⁽³⁾	⁽³⁾	Common Stock	16,651	⁽³⁾	0	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Series C Convertible Preferred Stock	⁽³⁾	03/26/2014		C			85,453	⁽³⁾	⁽³⁾	Common Stock	51,169	⁽³⁾	0	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			88,334	⁽³⁾	⁽³⁾	Common Stock	52,895	⁽³⁾	0	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			20,743	⁽³⁾	⁽³⁾	Common Stock	12,421	⁽³⁾	0	I	By Pitango Principals Fund III (USA) L.P.⁽¹⁾
Series A Convertible Preferred Stock	⁽²⁾	03/26/2014		C			176,494	⁽²⁾	⁽²⁾	Common Stock	361,037	⁽²⁾	0	I	By Pitango Parallel Investor Fund III (USA) L.P.⁽¹⁾
Series D Convertible Preferred Stock	⁽³⁾	03/26/2014		C			261,987	⁽³⁾	⁽³⁾	Common Stock	156,878	⁽³⁾	0	I	By Pitango Parallel Investor Fund III (USA) L.P.⁽¹⁾
Series E Convertible Preferred Stock	⁽³⁾	03/26/2014		C			61,520	⁽³⁾	⁽³⁾	Common Stock	36,838	⁽³⁾	0	I	By Pitango Parallel Investor Fund III (USA) L.P.⁽¹⁾

Explanation of Responses:

1. The shares are held directly by Pitango Venture Capital Fund III (USA) L.P., Pitango Venture Capital Fund III (USA) Non-Q L.P., Pitango Venture Capital Fund III (Israeli Investors) L.P., Pitango Venture Capital Fund III Trusts 2000 Ltd., Pitango Principals Fund III (USA) L.P. and Pitango Parallel Investor Fund III (USA) L.P. (the "Pitango Venture Capital Group"). Mr. Hillel is a Managing General Partner of the Pitango Venture Capital Group and may be deemed to be an indirect beneficial owner of the reported securities. Mr. Hillel disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein. This report shall not be deemed to be an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Each share of Series A Convertible Preferred Stock automatically converted to 2.046 shares of Common Stock upon the the closing of the Issuer's initial public offering and has no expiration date.

3. Each share of Series B, Series C, Series D and Series E Convertible Preferred Stock automatically converted to 0.599 of a share of Common Stock upon the the closing of the Issuer's initial public offering and has no expiration date.

Remarks:

	/s/ Ari Staiman, Attorney-in-fact	03/26/2014
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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