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^*

CHOPRA AJAY

(Last)

(First)

(Middle)

280 N. BERNARDO AVENUE

(Street)

MOUNTAIN VIEW

94303

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PINNACLE SYSTEMS INC [ PCLE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/02/2005

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	08/02/2005		P⁽¹⁾		60,000	A	$4.53	196,541	D
Common Stock	08/09/2005		D⁽²⁾		196,541	D	⁽²⁾	0	D
Common Stock	08/09/2005		D⁽²⁾		18,800	D	⁽²⁾	0	I	By Son 1
Common Stock	08/09/2005		D⁽²⁾		14,692	D	⁽²⁾	0	I	By Son 2

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)
Option (right to buy)	$4	08/09/2005		D⁽³⁾			36,000	⁽³⁾	08/09/2005⁽⁴⁾	Common Stock	36,000	⁽³⁾	0	D

Explanation of Responses:

1. The reporting person received 60,000 shares of Pinnacle Systems, Inc. stock in connection with his redemption of a portion of his interest in an exchange fund. The shares were valued at $4.53 per share for the purpose determining the number of shares distributable to him in connection with the redemption.

2. Pursuant to the terms of the Agreement and Plan of Merger, dated as of March 20, 2005, by and among Pinnacle Systems, Inc., a California corporation, Highest Mountain Corporation, a California corporation, and Avid Technology, Inc., a Delaware corporation (the "Merger Agreement"), upon the closing of the merger on August 9, 2005 each outstanding share of Pinnacle Systems, Inc. common stock was converted into the right to receive 0.0869 of a share of Avid Technology, Inc. common stock having a fair market value of $38.45 on such date plus $1.00 in cash.

3. Pursuant to the terms of the Merger Agreement, the option was converted into the right to receive approximately 245 shares of Avid Technology, Inc. common stock having a fair market value on August 9, 2005 of approximately $9,420.25 and approximately $2,866.73 in cash.

4. All outstanding options expire upon closing of the merger.

Remarks:

	Christie Branson for Ajay Chopra	08/11/2005
	** 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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