- --------
FORM 4
- --------
- --
Check this box if no longer
- -- subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
---------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB Approval
Washington, D.C. 20549 ---------------------------
OMB Number: 3235-0287
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Expires: September 30, 1988
Estimated average burden
Filed pursuant to Section 16(a) hours per response .....0.5
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 of 1940
<TABLE>
<CAPTION>
(Print or Type Responses)
- ------------------------------------------------------------------------------------------------------------------------------------
6. Relationship of Reporting Person(s) to
Issuer
1. Name and Address of Reporting Person* 2. Issuer name and Ticker or Trading Symbol (Check all applicable)
- ---------------------------------------- ------------------------------------------- -----------------------------------------
<S> <C> <C>
Rittereiser, Fredric W. The Ashton Technology Group, Inc.; "ASTN" Director 10% Owner
(Last) (First) (Middle) -------- ---------
X(1)(2)
c/o UTTC
1900 Market Street, Suite 701 Officer Other
(Street) (give title below) (specify below)
------------------ ---------------
Philadelphia, PA 19103-0012 X
(City) (State) (Zip)
CEO and President (3)
-----------------------------------------
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3. IRS or Social Security 5. If Amendment,
Number of Reporting 4. Statement for Date of Original 7. Individual or Joint/Group Filing
Person (Voluntary) Month/Year (Month/Day/Year) (Check Applicable Line)
------------------------- ---------------- ---------------- -----------------------------------
<S> <C> <C> <C> <C>
October 1996 Form (filed by Form (filed by More
One Reporting than One Reporting
Person Person
-------------- -------------------
X
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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5. Amount of 6. Ownership
4. Securities Securities Form: 7. Nature of
Acquired (A) or Beneficially Direct (D) Indirect
1. Title of 3. Transaction Disposed of (D) Owned at or Beneficial
Security 2. Transaction Date Code (Instr. 3, 4 End of Month Indirect (I) Ownership
(Instr. 3) (Month/Day/Year) (Instr. 8) and 5) (Instr. 3 and 4) (Instr. 4) (Instr. 4)
- ------------- ------------------- -------------- ------------------ ------------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
(A)
or
Code V Amount (D) Price
---- - ------ --- -----
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<FN>
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).
</FN>
</TABLE>
(Over)
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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2. Conversion 5. Number of 6. Date
or Derivative Exercisable 7. Title and
1. Title of Exercise Securities and Amount of
Derivative Price of 3. Transaction 4. Transaction Acquired (A) or Expiration Underlying
Security Derivative Date Code Disposed of (D) Date Securities
(Instr. 3) Security (Month/Day/Year) (Instr. 8) (Instr. 3, 4, and 5) (Month/Day/Year) (Instr. 3 and 4)
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<S> <C> <C> <C> <C> <C> <C>
Date Expira- Amount or
Exer- tion Number of
Code V (A) (D) cisable Date Title Shares
-------- --- --- --- ------- ------- ----- ---------
Common Stock $4.50 10/22/96 J(4) V 1,000,000 4/2/97 6/2/97 Common 1,000,000
Call Options Stock
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Common Stock $4.50 10/22/96 J(5) V 107,500 (5) (5) Common 107,500
Put Options Stock
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<PAGE>
9. Number of 10. Ownership
derivative Form of
Securities Derivative 11. Nature of
1. Title of 8. Price of Beneficially Security: Indirect
Derivative Derivative Owned at Direct (D) or Beneficial
Security Security End of Month Indirect (I) Ownership
(Instr. 3) (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- ------------- ------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Common Stock N/A 1,000,000 D
Call Options
- ------------- ------------- --------------- ----------------- --------------
Common Stock N/A 107,500 D
Put Options
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<FN>
Explanation of Responses:
See Exhibit A for Explanation of Responses (1)-(5).
/s/Fredric W. Rittereiser 11/1/96
------------------------------- ----------
** International misstatements or omissions of facts constitute Federal Criminal **Signature of Reporting Person Date
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.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
</FN>
</TABLE>
Page 2
SEC 1474 (7-96)
<PAGE>
Exhibit A
Addendum to FORM 4 for Fredric W. Rittereiser for October 1996
(1) Fredric W. Rittereiser was part of a group of Reporting Persons (the
"Group") that filed a Schedule 13D on September 13, 1996. The aggregate
number of shares of common stock of Ashton owned by the members of the
Group was 1,601,000 shares, comprising approximately 21.17% of the
outstanding shares of Ashton. As of September 13, 1996 Fredric W.
Rittereiser did not have a pecuniary interest in any shares of common stock
of Ashton. The Reporting Persons disbanded the Group with the filing of
Amendment No. 2 to Schedule 13D on October 28, 1996. As of October 28,
1996, Fredric W. Rittereiser was no longer a 10% Owner of Ashton.
(2) Neither the filing of this Form 4 nor any of its contents shall be deemed
to constitute an admission that Mr. Rittereiser is or was the beneficial
owner of any shares of common stock of Ashton held by other members of the
Group, for purposes of ss.16 of the Exchange Act or for any other purpose,
and such beneficial ownership is expressly disclaimed.
(3) Fredric W. Rittereiser was appointed Chief Executive Officer and President
of Ashton on October 22, 1996.
(4) Subject to the terms and conditions of a Settlement Agreement, dated
October 22, 1996, and in consideration for $250,000 payable by Fredric W.
Rittereiser to Helen J. Tate, as trustee for the Tate Trusts, Mr.
Rittereiser or his designee shall have the right and option (the "Call
Option") to purchase and acquire all of the 1,000,000 Trust Shares of
Ashton Common Stock for a total purchase price of $4,500,000.
(5) Subject to the terms and conditions of a Settlement Agreement, dated
October 22, 1996, Mr. Rittereiser granted to Raymond T. Tate the right and
option (the "Put Option"), exercisable by written notice by Rittereiser or
his designee, at any time during the period beginning at 12:00 a.m., New
York time, on the business day immediately following exercise of the Call
Option and ending at 11:59 p.m. on the fifth business day immediately
following exercise of the Call Option (the "Put Exercise Period"), to
require Mr. Rittereiser or his designee to purchase and acquire from
Raymond T. Tate all 107,500 of the Tate Shares for a total purchase price
of $483,750 (the "Put Exercise Price").
