-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N1h3+QQaRbcAytg+D7RsGyIVsVqED/VUNdpcZWlB6YHLbN/u8BAz/6VcS7WHNg8b 2v6f1LQ4GDURMbMRzkiNYQ== 0001005150-99-000007.txt : 19990107 0001005150-99-000007.hdr.sgml : 19990107 ACCESSION NUMBER: 0001005150-99-000007 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19990106 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY FIRST TECHNOLOGIES CORP CENTRAL INDEX KEY: 0001063254 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 582395199 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-54731 FILM NUMBER: 99501327 BUSINESS ADDRESS: STREET 1: 3390 PEACHTREE ROAD NE STREET 2: SUITE 1700 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 4048126300 MAIL ADDRESS: STREET 1: 3390 PEACHTREE ROAD NE STREET 2: SUITE 1700 CITY: ATLANTA STATE: GA ZIP: 30326 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MCCHESNEY MICHAEL C CENTRAL INDEX KEY: 0001075374 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 3390 PEACHTREE RD NE STREET 2: C/O SECURITIES FIRST TECHNOLOGIES CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 4048126720 MAIL ADDRESS: STREET 1: C/O SECURITIES FIRST TECHNOLOGIES STREET 2: 3390 PEACHTREE RD NE CITY: ATLANTA STATE: GA ZIP: 30326 SC 13D 1 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )* Security First Technologies Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 814279 10 5 ---------------------------------------- (CUSIP Number) Michael C. McChesney, 3390 Peachtree Road, NE, Suite 1700, Atlanta, GA 30326 (404) 812-6300 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) September 30, 1998 ---------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SCHEDULE 13D - ------------------------ --------------------- CUSIP No. 814279 10 5 Page 2 of 7 Pages -------------- --- --- - ------------------------ --------------------- - ---- --------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Michael C. McChesney - ---- --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ ] - ---- --------------------------------------------------------------------------- 3 SEC USE ONLY - ---- --------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) 00 - ---- --------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ---- --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. - ---------------------------- ------ -------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES 1,182,824 (9.9%) BENEFICIALLY ------ -------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH REPORTING 0 PERSON ------ -------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 1,182,824 (9.9%) ------ -------------------------------------------- 10 SHARED DISPOSITIVE POWER 7,680 (less than 1%) - ---- --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,190,504 - ---- --------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - ---- --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.0% - ---- --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ---- --------------------------------------------------------------------------- Page 2 of 7 Pages Item 1. Security and Issuer This statement relates to the common stock, par value $0.01 per share ("Common Stock"), of Security First Technologies Corporation, a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 3390 Peachtree Road, NE, Suite 1700, Atlanta, GA 30326. Item 2. Identity and Background This statement is being filed by Michael C. McChesney (the "Reporting Person"), a United States citizen. The Reporting Person previously has filed a statement regarding his beneficial ownership of the common stock of the Issuer's former parent with the Office of Thrift Supervision. However, as discussed at Items 3 and 4 below, the shares of Common Stock currently beneficially owned by the Reporting Person result from a corporate reorganization by the former parent of the Issuer. That former parent was the predecessor issuer of the securities, and that company no longer exists. The Reporting Person's holdings in the Issuer immediately following the reorganization are identical to his interests immediately prior to the reorganization. The principal occupation of Mr. McChesney is serving as Chairman of the Board of the Issuer and as a director of Security First Technologies, Inc., which is wholly owned by the Issuer. The business address of Mr. McChesney is 3390 Peachtree Road, NE, Suite 1700, Atlanta, GA 30326. Mr. McChesney is a citizen of the United States. Mr. McChesney has not during the last five years been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 3. Source and Amount of Funds or Other Consideration The shares of Common Stock owned by Mr. McChesney were acquired in the holding company reorganization (the "Reorganization") of Security First Network Bank ("SFNB") which occurred on September 30, 1998. Upon the Reorganization, each share of common stock, no par value, of SFNB held by the shareholders of SFNB including Mr. McChesney was converted into one share of the Issuer's Common Stock and each option to acquire shares of SFNB common stock held by the shareholders of SFNB including Mr. McChesney was converted into an option to acquire the same number of shares of the Issuer's Common Stock. No Page 3 of 7 Pages consideration was paid by Mr. McChesney for such shares of the Issuer's Common Stock or options to acquire shares of the Issuer's Common Stock. Item 4. Purpose of Transaction The shares of Common Stock acquired by Mr. McChesney were issued in connection with the Reorganization of SFNB. Mr. McChesney, as a shareholder of SFNB has acquired shares of the Issuer's Common Stock, like other SFNB shareholders, as a result of the consummation of the Reorganization and the commencement of operations of the Issuer as an independent entity. The Reporting Person has acquired his shares of Common Stock for investment. The Reporting Person may, from time to time, invest in additional shares of Common Stock or may, depending upon market conditions and other factors deemed relevant, engage in a sale or other disposition of all or a portion of the shares of Common Stock being reported herein or acquired hereafter. As an affiliate of the Issuer, Mr. McChesney is subject to the resale restrictions contained in Rule 144 under the Securities Act of 1933, as amended. The Reporting Person has no present plans or proposals that relate to or would result in the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, an extraordinary corporate transaction involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, a change in the present Board of Directors or management of the Issuer, a change in the present capitalization or dividend policy of the Issuer, any other material change in the Issuer's business or corporate structure, changes in the Issuer's Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated Bylaws or with respect to the delisting or deregistration of any of the Issuer's securities. Item 5. Interest in Securities of the Issuer The Reporting Person beneficially owns, in the aggregate, 1,190,504 shares of Common Stock of the Issuer, which represented approximately 10.0% of the outstanding Common Stock as of December 11, 1998. Of such amount, 718,424 of such shares are owned directly by Mr. McChesney, 464,400 of such shares are issuable upon the exercise of options held by Mr. McChesney which are exercisable within 60 days of December 11, 1998, and 7,680 of such shares are held by certain members of Mr. McChesney's family, as described below. Mr. McChesney is deemed to be the beneficial owner of 7,680 shares of Common Stock owned by certain members of his family because such shares may not be sold or otherwise disposed of by the owner of such shares without the written Page 4 of 7 Pages consent of Mr. McChesney. Such shares of Common Stock are owned by the following members of Mr. McChesney's family: Name Relationship Number of Shares ---- ------------ ---------------- Michael McChesney, Jr. Son 3,840 Samuel T. McChesney Son 3,840 Other than as reported in Item 3 and Item 6, the Reporting Person has not engaged in any transactions in the Issuer's Common Stock within the past sixty days. As discussed in the preceding paragraph, the Reporting Person shares dispositive power with the persons indicated above with respect to 7,680 shares of Common Stock reported herein. Except for such shared dispositive power, no person other than the Reporting Person has the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of the Common Stock beneficially owned by the Reporting Person. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer Except as described below, the Reporting Person has not entered into any contracts, arrangements, understandings or relationships (legal or otherwise) among himself or with any other person with respect to any securities of the Issuer. The Reporting Person has entered into four "zero-cost collar" arrangements. Pursuant to these arrangements, on September 9, 1998 and November 30, 1998, the Reporting Person wrote covered call options and purchased put options. Only one of each set of the options written on each date can be in-the-money on the applicable expiration date, at which time the applicable in-the-money option will be exercised (and settled for cash), and the other option will expire. If neither option of each set of options is in-the-money on the applicable expiration date, both options in that set of options will expire. The call and put options are described in more detail on the Form 4s of the Reporting Person for September and November 1998, copies of which are filed as exhibits to this Schedule 13D and are incorporated herein by reference. Item 7. Material to be Filed as Exhibits 1. Form 4/A for September 1998 2. Form 4 for November 1998 Page 5 of 7 Pages Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: December 28, 1998 /s/ Michael C. McChesney ------------------------------ Michael C. McChesney Page 6 of 7 Pages EX-1 2 EXHIBIT 1 EXHIBIT 1 ------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0287 Expires: September 30, 1998 Estimated average burden hours per response ....... 0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 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(f) of the Investment Company Act of 1940 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* McChesney, Michael C. - -------------------------------------------------------------------------------- (Last) (First) (Middle) 3390 Peachtree Road N.E. Suite 1700 - -------------------------------------------------------------------------------- (Street) Atlanta GA 30326 - -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol (SONE) Security First Technologies Corporation (formerly Security First Network Bank) ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year September, 1998 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) 10/12/98 ================================================================================ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X] Director [ ] 10% Owner [ ] Officer (give title [ ] Other (specify below) below) Chairman ----------------------------------- ________________________________________________________________________________ 7. 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 ================================================================================
6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2. Code ------------------------------- Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (month/day/ year) Code V (D) and 4) (Instr.4) (Instr. 4) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
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). (Over) SEC 1474 (7-96) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) - ------------------------------------------------------------------------------------------------------------------------------------ Call Option 9-9 9-13 9-13 Common (Obligation to Sell) $21.99 98 J(1) 1 01 01 Stock 30,000 $114,000 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Put Option 9-9 9-13 9-13 Common (Right to Sell) $15.42 98 P 1 01 01 Stock 30,000 $114,000 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Call Option 9-9 9-13 9-13 Common (Obligation to Sell) $24.67 98 J(1) 1 02 02 Stock 30,000 $124,200 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Put Option 9-9 9-13 9-13 Common (Right to Sell) $15.42 98 P 1 02 02 Stock 30,000 $124,200 1 D - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
EXPLANATION OF RESPONSES: (1)The reporting person entered into a "zero-costcollar" arrangement pursuant to which he wrote a covered call option and purchased a put option. Only one of the options can be in the money on the expiration date, at which time the in-the-money option will be exercised (and settled for cash), and the other option will expire. If neither option is in the money on the expiration date, both options will expire. /s/ Michael C. McChesney 12-28-98 - --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note:File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. Page 2 SEC 1474 (7-96) EX-2 3 EXHIBIT 2 EXHIBIT 2 ------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0287 Expires: September 30, 1998 Estimated average burden hours per response ....... 0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 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(f) of the Investment Company Act of 1940 [ ] Check this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* McChesney, Michael C. - -------------------------------------------------------------------------------- (Last) (First) (Middle) 3390 Peachtree Road N.E. Suite 1700 - -------------------------------------------------------------------------------- (Street) Atlanta GA 30326 - -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol (SONE) Security First Technologies Corporation (formerly Security First Network Bank) ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year November, 1998 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [X] Director [ ] 10% Owner [ ] Officer (give title [ ] Other (specify below) below) Chairman ----------------------------------- ________________________________________________________________________________ 7. 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 ================================================================================
6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2. Code ------------------------------- Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (month/day/ year) Code V (D) and 4) (Instr.4) (Instr. 4) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
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). (Over) SEC 1474 (7-96) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) - ------------------------------------------------------------------------------------------------------------------------------------ Call Option 11-30 12-2 12-2 Common (Obligation to Sell) $27.90 98 J(1) 1 02 02 Stock 70,000 $327,600 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Put Option 11-30 12-2 12-2 Common (Right to Sell) $17.41 98 P 1 02 02 Stock 70,000 $327,600 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Call Option 11-30 11-30 11-30 Common (Obligation to Sell) $24.64 98 J(1) 1 01 01 Stock 70,000 $302,400 1 D - ------------------------------------------------------------------------------------------------------------------------------------ Put Option 11-30 11-30 11-30 Common (Right to Sell) $17.41 98 P 1 01 01 Stock 70,000 $302,400 1 D - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
EXPLANATION OF RESPONSES: (1)The reporting person entered into a "zero-cost collar" arrangment pursuant to which he wrote a covered call option and purchased a put option. Only one of the options can be in the money on the expiration date, at which time the in-the-money option will be exercised (and setteled for cash), and the other option will expire. If neither option is in the money on the expiration date, both options will expire. /s/ Michael C. McChesney November 10, 1998 - --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. Page 2 SEC 1474 (7-96) -----END PRIVACY-ENHANCED MESSAGE-----