X0201 4 2003-09-17 0 0000777001 BEAR STEARNS COMPANIES INC BSC 0001180139 SPECTOR WARREN J C/O BEAR, STEARNS & CO. INC. 383 MADISON AVENUE NEW YORK NY 10179 1 1 0 0 Co-Pres./Co-COO Forward Purchase Contract (Obligation to Sell) 0.0000 2003-09-17 4 J 0 992120 0 D 2003-11-25 2003-11-25 Common Stock 992120 0 D On September 2, 2003, the Reporting Person entered into a forward contract pursuant to the CAP Plan with The Bear Stearns Companies Inc. (BSC) in which the Reporting Person agreed to sell up to, and including, 992,120 common shares of BSC issuable upon settlement of CAP Units pursuant to the CAP Plan to BSC. The forward contract was subject to BSC's satisfaction of certain performance goals for the fiscal period ending November 30, 2003. On September 17, 2003, BSC's Compensation Committee certified BSC's satisfaction of such performance goals. The forward contract will settle on November 25, 2003. The per share purchase price will be the average of the Daily Volume Weighted Average Prices of the common stock of BSC on the New York Stock Exchange (NYSE) on each day that BSC common stock trades between $65 and $85 per share during the period commencing on September 2, 2003 through and including November 24, 2003 (the Included Days), less $.05. The number of BSC common shares purchased by BSC pursuant to the forward contract will be a fraction, the numerator of which will be the number of Included Days and the denominator of which will be the number of days the NYSE opens for trading commencing September 2, 2003 through and including November 24, 2003, multiplied by 992,120. /s/ Spector, Warren J. 2003-09-17