4 1 may2002f4.txt F O R M 4 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [ ] Check this box if OMB APPROVAL no longer subject OMB Number 3235-0287 to Section 16 Expires: December 31, 2001 Estimated ave. burden hours per response _____ 0.5 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 1940
---------------------------------------------------------------------------------------------------------------------------- 1.Name and Address of 2.Issuer Name and Ticker 6.Relationship of Reporting Reporting Person* or Trading Symbol Person to Issuer (check all Applicable) Probex Corp. (PRB) Hollingshad Nicholas W. 05/2002 X Director 10% Owner --------------------------------------- ----------------------- ----------------- --- --- (Last) (First) (MI) 3.IRS or Soc.Sec.No. 4.Statement for Officer Other of Reporting Person Month/Year --- --- (Voluntary) (Give title (specify below) below) 2701 Cross Timbers, Suite 214/218 --------------------------------------------------------- ------------------------------------ (Street) ---------------- 5.If Amendment, 7.Individual or Joint/Group Date of Original Filing (Check Applicable Flower Mound TX 75028 (Month/Year) Line) -------------------------------------------------------- (City) (State) (Zip) 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 2. Transaction 3. Transaction 4. Security Acquired (A) (Inst.3) Date Code or Disposed of (D) (Month/ (Instr.8) (Inst.3, 4 & 5) Day/Yr) -------------------------------------------------- (A) Code V Amount (D) Price ----------------------------------------- ------------------- ------- ----- ---------------- ---- ------------- ----------------------------------------- ------------------- ------- ----- ---------------- ---- ------------- ----------------------------------------- ------------------- ------- ----- ---------------- ---- ------------- ----------------------------------------- ------------------- ------- ----- ---------------- ---- ------------- ----------------------------------------- ------------------- ------- ----- ---------------- ---- ------------- ----------------------------------------- ------------------- ------- ----- ---------------- ---- -------------
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5. Amount of Securities 6. Ownership Form 7. Nature of Indirect Beneficially Owned at Direct (D) or Beneficial Ownership at End of Month Indirect (I) (Inst. 4) (Inst. 3 & 4) (Inst. 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). Page 2 of 4
---------------------------------------------------------------------------------------------------------------------------- Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible security) ---------------------------------------------------------------------------------------------------------------------------- 1. Title of 2. Conversion 3. Transaction 4. Transaction Derivative or Exercise Date (Month Code Security Price of (Day/Year) (Instr. 8) (Instr.3) Derivative Security Code V Warrant $0.75 5/22/02 A(1) ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $0.75 5/22/02 A(1) ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $1.579 4/30/02 D(2) V ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $0.75 4/30/02 A(2) V ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $1.243 4/30/02 D(3) V ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $0.75 4/30/02 A(3) V ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $1.243 4/30/02 D(4) V ------------------------------------------ -------------------- ---------------- --------------------------- Warrant $0.75 4/30/02 A(4) V ------------------------------------------ -------------------- ---------------- ---------------------------
5. Number of Derivative 6. Date Exercisable 7. Title & Amount of Securities Acquired & Expiration Date Underlying Securities (A) or Disposed of (D) (Mon./Day/Year) (Inst. 3 & 4) (Instr. 3, 4 & 5) ---------------------------------------------------------------------------------------------------------------------------- (A) (D) Date Expiration Title Amount or number Exercisable Date of Shares 10,500 5/22/02 5/22/07 Common Stock 10,500 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 17,500 5/22/02 5/22/07 Common Stock 17,500 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 22,500 4/30/01 4/30/06 Common Stock 22,500 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 22,500 4/30/01 4/30/06 Common Stock 22,500 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 5,000 10/01/01 4/30/06 Common Stock 5,000 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 5,000 10/01/01 4/30/06 Common Stock 5,000 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 19,500 10/01/01 (6) Common Stock 19,500 ----------------- ----------------- ------------ -------------- -------------- -------------------------- 19,500 10/01/01 (6) Common Stock 19,500 ----------------- ----------------- ------------ -------------- -------------- --------------------------
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8. Price of Derivative 9. Number of Derivative Securities 10. Ownership Form of 11. Nature of Indirect Security (Inst.5) Beneficially Owned at end of Derivative Security Beneficial Month (Instr. 4) Direct (D) or Ownership (Instr.4) Indirect (I) (Instr.4) (1) 10,500 D ----------------------- ----------------------------------- -------------------------- ------------------------------ (1) 17,500 D ----------------------- ----------------------------------- -------------------------- ------------------------------ (2) -0- D ----------------------- ----------------------------------- -------------------------- ------------------------------ (2) 22,500 D ----------------------- ----------------------------------- -------------------------- ------------------------------ (3) -0- D ----------------------- ----------------------------------- -------------------------- ------------------------------ (3) 5,000 D ----------------------- ----------------------------------- -------------------------- ------------------------------ (4) -0- (5) D ----------------------- ----------------------------------- -------------------------- ------------------------------ (4) 19,500 (5) D ----------------------- ----------------------------------- -------------------------- ------------------------------ Explanation of Responses: Note: (1) Issued as consideration for extensions of obligations of the Registrant. (2) The reported transactions involved the application of ratchet pricing provisions contained in the warrant originally granted on April 30, 2001, which automatically reduces the exercise price of the warrant upon the occurrence of certain events. As a result, the transaction is reflected on this Form 4 as a cancellation of the original warrant issued on April 30, 2001, and the grant of a replacement warrant with the adjusted exercise price. (3) The reported transactions involved the application of ratchet pricing provisions contained in the warrant originally granted on October 1, 2001, which automatically reduces the exercise price of the warrant upon the occurrence of certain events. As a result, the transaction is reflected on this Form 4 as a cancellation of the original warrant issued on October 1, 2001, and the grant of a replacement warrant with the adjusted exercise price. (4) The reported transactions involved the application of ratchet pricing provisions contained in the warrant originally granted on October 1, 2001, which automatically reduces the exercise price of the warrant upon the occurrence of certain events. As a result, the transaction is reflected on this Form 4 as a cancellation of the original warrant issued on October 1, 2001, and the grant of a replacement warrant with the adjusted exercise price. (5) Mr. Hollingshad previously reported an indirect interest in the original warrant to purchase 107,250 shares of the Registrant's common stock issued to Probex Southwest Partnership, L.P on October 1, 2001, by virtue of his ability to control the limited partnership. The right to purchase shares under the original warrant was subsequently distributed by the limited partnership to the limited partners. As a result, the original warrant was canceled and the Registrant issued replacement warrants to purchase shares of the Registrant's common stock to the limited partners aggregating the shares acquirable under the original warrant, including the warrant to purchase 19,500 shares of the Registrant's common stock received by Mr. Hollingshad, which represents his pro rata share of the shares purchasable under the original warrant by the limited partnership. (6) Expires five years from the date that the outstanding principal and accrued but unpaid interest on that certain promissory note made by the Registrant in favor of Mr. Hollingshad is paid in full.
/s/ Nicholas W. Hollingshad 6/10/02 **Intentional misstatements or omissions of facts constitute Federal -------------------------------------------- Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
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