U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
Hobbs Peter D.
(Last) (First) (Middle)
10650 Scripps Ranch Blvd. #220
(Street)
San Diego CA 92131
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Tollycraft Yacht Corporation (TLLY)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
November 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
/x/ Director / / 10% Owner
/x/ Officer (give title below) / / Other (specify below)
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5.Amount
of Secu-
rities
Bene-
ficially
4. Securities Acquired (A) Owned at 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) End of Form:
action action (Instr. 3, 4 and 5) Month Direct 7. Nature of
Date Code ----------------------------- (D) or Indirect
(Month/ (Instr. 8) (A) Indirect Beneficial
1. Title of Security Day/ ------------- Amount or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- ---------- ------ ----- ------------ --- ---------- ----------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock, no par 11-8-96 Z 36,210,792 D 0 0
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<TABLE>
<CAPTION>
Table II--Derivative Securities Acquired, Disposed of or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- ative Securities and Expiration Date
Exercise action 4. Transac- Acquired (A) or (Month/Day/Year)
Price of Date tion Code Disposed of (D) ---------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ------------- -------------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
- ---------------------------------------- ----------- ---------- ------ ----- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
One Year Performance Agreement (2) 11-8-96 D 18,105,396 (1) 10-19-97
Two Year Option Agreement (3) 11-8-96 D 14,484,313 (3) 9-8-98
<CAPTION>
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
---------------------------------------- 8. Price of Owned at (D) or Indirect
Amount or Derivative End of Indirect Beneficial
1. Title of Derivative Title Number of Security Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- - --------------------------- --------------------------- ----------- ------------- ------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
One Year Performance Agree. Common Stock 18,105,396 (2) 0 D
Two Year Option Agreement Common Stock 14,484,313 $.30 0 D
</TABLE>
Explanation of Responses:
(1)Exercisable option prorata as a debt of $3,254,792 is retired.
(2)Consideration is payoff of the aforementioned debt thus price/share=
($3,254,792+$100)/18,105,396=$.18
(3)Contingent on full exercise of One Year Performance Agreement and
granted in consideration thereof.
By: /s/ Peter D. Hobbs December 2, 1996
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
