:----------: :---------------------------:
: FORM 4 : : OMB APPROVAL :
:----------: :---------------------------:
:OMB NUMBER 3235-0287 :
:EXPIRES: SEPTEMBER 30, 1998:
:ESTIMATED AVERAGE BURDEN :
:HOURS PER RESPONSE.... 0.5 :
:---------------------------:
U.S. 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,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
|_| 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
SOFTBANK Holdings Inc.
-----------------------------------------------------------------------------
(Last) (First) (Middle)
10 Langley Road, Suite 403
-----------------------------------------------------------------------------
(Street)
Newton Center MA 02159
-----------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer Name and Ticker or Trading Symbol
First Virtual Holdings Incorporated ("FVHI")
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
================================================================================
4. Statement for Month/Year
6/98
================================================================================
5. If Amendment, Date of Original (Month/Year)
================================================================================
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director __X_ 10% Owner
_____ Officer (give title below) ____ Other (Specify below)
================================================================================
7. 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
<TABLE>
<CAPTION>
1.Title of Security 2.Trans- 3.Trans- 4.Securities Acquired (A) 5.Amount of 6.Ownership 7.Nature of
(Instr. 3) action action or Disposed of (D) Securities Bene- Form: Direct Indirect
Date Code (Instr. 3, 4 and 5) ficially Owned (D) or Beneficial
(Month/ (Instr. 8) ------------------------ at End of Indirect (I) Ownership
Day/ ------------ Amount (A) or Price Month (Instr. (Instr. 4) (Instr. 4)
Year) Code V (D) 3 and 4)
- ------------------- --------- ------------ ------------------------ ------------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock (1) 6/12/98 P 312,500 A $1.20 19,510,524 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (1) 6/12/98 P 312,500 A $1.20 19,510,524 I (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (3) 6/25/98 C 2,979,158 A (3) 19,510,524 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (3) 6/25/98 C 2,979,158 A (3) 19,510,524 I (3)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (4) 6/25/98 S 416,667 D $0.60 19,510,524 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (4) 6/25/98 S 416,666 D $0.60 19,510,524 I (4)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (5) 6/25/98 C 1,280,271 A (5) 19,510,524 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock (5) 6/25/98 C 1,280,270 A (5) 19,510,524 I (5)
====================================================================================================================================
<FN>
Reminder: Report on a separate line for each class of securities beneficially (Over)
owned directly or indirectly SEC 1474 (7-96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
</FN>
</TABLE>
Page 1 of 4
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option to Purchase $5,274.81 4/30/98 X 1 Immed. 7/31/98 Series A 328 (3) 0 D
Series A Conver-
Convertible tible
Preferred Preferred
Stock(3) Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option to Purchase $5,274.81 4/30/98 X 1 Immed. 7/31/98 Series A 327 (3) 0 I (3)
Series A Conver-
Convertible tible
Preferred Preferred
Stock(3) Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Series A (3) 6/25/98 C 1 Immed. N/A Common 2,979,158 (3) 0 D
Convertible Stock
Preferred (3)
- ------------------------------------------------------------------------------------------------------------------------------------
Series A (3) 6/25/98 C 1 Immed. N/A Common 2,979,158 (3) 0 I (3)
Convertible Stock
Preferred (3)
- ------------------------------------------------------------------------------------------------------------------------------------
Promissory Notes (5) 4/30/98 P 1 Immed. N/A Common 1,280,271 (5) 0 D
(Convertible) (5) Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Promissory Notes (5) 4/30/98 P 1 Immed. N/A Common 1,280,270 (5) 0 I (5)
(Convertible) (5) Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Promissory Notes (5) 6/25/98 C 1 Immed. N/A Common 1,280,271 (5) 0 D
(Convertible) (5) Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Promissory Notes (5) 6/25/98 C 1 Immed. N/A Common 1,280,270 (5) 0 I (5)
(Convertible) (5) Stock
====================================================================================================================================
</TABLE>
Explanation of Responses:
1. Pursuant to the Supplementary Purchase Agreement, dated as of June 12, 1998
(the "Supplementary Purchase Agreement"), by and among First Virtual
Holdings Incorporated (the "Company"), SOFTBANK Holdings Inc. ("SOFTBANK
Holdings") and SOFTBANK Technology Ventures IV L.P. ("SOFTBANK
Technology"), consummated on June 25, 1998, SOFTBANK Holdings and SOFTBANK
Technology each acquired 312,500 shares of common stock of the Company
("Common Stock") for a purchase price of $1.20 per share.
2. SOFTBANK Holdings, the sole owner of STV IV LLC, the general partner of
SOFTBANK Technology, is deemed to be the beneficial owner of the shares of
Common Stock acquired by SOFTBANK Technology pursuant to the Supplementary
Purchase Agreement.
3. Pursuant to the Option Agreement, dated as of April 30, 1998, by and among
SOFTBANK Holdings, SOFTBANK Technology and the persons and entities whose
names appear on the signature page thereto, SOFTBANK Holdings and SOFTBANK
Technology acquired an option to purchase 655 shares of Series A Convertible
Preferred Stock of the Company. On June 25, 1998, SOFTBANK Holdings and
SOFTBANK Technology exercised the option and purchased 655 shares of Series
A Convertible Preferred Stock for $5,274.81 per share. The 655 shares of
Series A Convertible Preferred Stock were then converted into Common Stock
pursuant to the Conversion Agreement, dated as of April 30, 1998 (the
"Conversion Agreement"), by and among SOFTBANK Holdings, SOFTBANK Technology
and the Company, at a conversion rate equal to the quotient obtained by
Page 2 of 4
<PAGE>
dividing $5458 by $0.60, rounded down to the nearest whole share. Because
SOFTBANK Technology's general partner is wholly-owned by SOFTBANK Holdings,
SOFTBANK Holdings is deemed to have acquired an aggregate of 5,958,316
shares of Common Stock.
4. Pursuant to the Stock Purchase Agreement, dated as of June 23, 1998, by and
among SOFTBANK Holdings, SOFTBANK Technology and E*TRADE Group, Inc.,
consummated on June 25, 1998, SOFTBANK Holdings and SOFTBANK Technology
sold 416,667 and 416,666 shares of Common Stock, respectively, to E*TRADE
Group, Inc. for a purchase price of $0.60 per share. Because SOFTBANK
Technology's general partner is wholly-owned by SOFTBANK Holdings, SOFTBANK
Holdings is deemed to have disposed of an aggregate of 833,333 shares of
Common Stock.
5. Pursuant to the Promissory Note and Stock Purchase Agreement, dated as of
April 30, 1998, by and among SOFTBANK Holdings and the holders of
promissory notes and common stock listed on Exhibit A thereto, consummated
on June 25, 1998, SOFTBANK Holdings purchased promissory notes (the
"Promissory Notes") with an aggregate principal amount plus accrued and
unpaid interest equal to $1,536,324.71 from certain holders of Promissory
Notes. Pursuant to an Assignment Agreement, dated as of June 25, 1998,
SOFTBANK Holdings assigned a 50% interest in each Promissory Note to
SOFTBANK Technology. The Promissory Notes were converted on June 25, 1998
into shares of Common Stock pursuant to the Conversion Agreement at a
conversion rate equal to the ratio obtained by dividing (1) the principal
amount of, and accrued but unpaid interest owing on, such Promissory Notes
as of the date of conversion by (ii) $0.60. Because SOFTBANK Technology's
general partner is wholly-owned by SOFTBANK Holdings, SOFTBANK Holdings is
deemed to have acquired an aggregate of 2,560,541 shares of Common Stock.
Page 3 of 4
<PAGE>
** 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 provided 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.
SOFTBANK Holdings Inc.
By: /s/ Ronald D. Fisher 7/10/98
----------------------------------- --------
Name: Ronald D. Fisher Date
Title: Vice Chairman
SEC 1474 (7-96)
Page 4 of 4
