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^*

MICHALE LOIACONO J

(Last)

(First)

(Middle)

C/O GLOBAL AXCESS CORP

7800 BELFORT PARKWAY, SUITE 165

(Street)

JACKSONVILLE BEACH

32256

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GLOBAL AXCESS CORP [ GAXC ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2007

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, par value $0.001	08/21/2007		P		10,000⁽⁴⁾	A	$0.27	20,000	I	By Wife

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)
Stock Options	$0.32							⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	250,000		250,000	D
Stock Options	$0.76							⁽³⁾	⁽³⁾	Common Stock	20,000		20,000	D

Explanation of Responses:

1. Pursuant to Stock Options Agreement entered into with Global Axcess Corp (the "Company"), 31,250 options will vest on October 2, 2007 if the executive is employed by the Company as of October 2, 2007, with an expiration date of April 2, 2010. Another 31,250 options will vest on April 2, 2008 if the executive is employed by the Company as of April 2, 2008, with an expiration date of April 2, 2011. Another 31,250 options will vest on April 2, 2009 if the executive is employed by the Company as of April 2, 2009, with an expiration date of April 2, 2012. Another 31,250 options will vest on April 2, 2010 if the executive is employed by the Company as of April 2, 2010, with an expiration date of April 2, 2013. 62,500 options will vest on April 2, 2008 if the Company achieves $480,000 of accumulated operating income from continuing operations, with an expiration date of April 2, 2011.

2. The final 62,500 options will vest on April 2, 2012 if the closing price for the Company's stock is not less than $1.04 for 15 consecutive days, and is set to expire on April 2, 2015.

3. Pursuant to the terms of the Option grant, 5,000 options vest on September 30, 2006; 5,000 options vest on March 31, 2007; 5,000 options vest on March 31, 2008; and 5,000 vest on March 31, 2009; and are set to expire on March 31, 2011.

4. On August 21, 2007, the wife of Mr. Loiacono purchased 10,000 shares of the Company's common stock. Beneficial ownership of such shares is attributed to Mr. Loiacono.

	/s/ Michael Loiacono	08/23/2007
	** 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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