X0202 4 2004-06-15 0 0000924095 WATERSIDE CAPITAL CORP WSCC 0001293721 Troutman Lex W 1332 CLONCURRY ROAD NORFOLK VA 23505 0 1 0 0 Vice President call options 4.125 2004-05-26 2004-05-26 4 J 0 10000 2.125 D 2003-01-08 2011-01-08 common stock 10000 21130 D These options were disposed of indirectly through a contractual arrangement entered into with J. Alan Lindauer, the issuer's Chief Executive Officer and President. Pursuant to this arrangement, Mr. Troutman, in exchange for a cash payment of $21,250, granted Mr. Lindauer an option to purchase 10,000 shares of the issuer's common stock for $4.125 per share from Mr. Troutman by causing the exercise (after paying the associated exercise price) of a like amount of options with an exercise price of $4.125 held by Mr. Troutman or by purchasing directly the shares of the issuer's common stock purchased pursuant to such options. Gerald T McDonald for Lex W Troutman 2004-06-15