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*
BAILEY CLARKE H

(Last) (First) (Middle)
11360 LAKEFIELD DRIVE

(Street)
DULUTH GA 30097

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
GLENAYRE TECHNOLOGIES INC [ GEMS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman of the Board
3. Date of Earliest Transaction (Month/Day/Year)
12/19/2005
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)
Code V Amount (A) or (D) Price
Common Stock 700 I by son
Common Stock 12/19/2005 M 36,500 A $1.2681 304,642 D
Common Stock 12/19/2005 S 25,000 D $3.1365 279,642 D
Common Stock 12/20/2005 M 78,000 A $1.2681 357,642 D
Common Stock 12/20/2005 S 53,500 D $3.105 304,142 D
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $1.2681 12/19/2005 M 36,500 12/03/1990 05/14/2006 Common Stock 36,500 $1.2681 124,675 D
Non-Qualified Stock Option (right to buy) $1.2681 12/20/2005 M 78,000 12/03/1990 05/14/2006 Common Stock 78,000 $1.2681 46,675 D
Non-Qualified Stock Option (right to buy) $2.3 05/31/2005 06/30/2009 Common Stock 300,000 300,000 D
Non-Qualified Stock Option (right to buy) $2.5 12/07/2004 06/07/2014 Common Stock 200,000 200,000 D
Non-Qualified Stock Option (right to buy) $2.94 10/01/1999 10/01/2009 Common Stock 100,000 100,000 D
Non-Qualified Stock Option (right to buy) $3.32 04/30/2000 04/30/2009 Common Stock 50,000 50,000 D
Non-Qualified Stock Option (right to buy) $9 04/18/1997 04/18/2007 Common Stock 30,000 30,000 D
Explanation of Responses:
By: Arlen Anderson For:Clarke H. Bailey 12/21/2005
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.