UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Jean, Raymond A
1130 Green Bay Road
Lake Forest, IL 60045
2. Issuer Name and Ticker or Trading Symbol
Varlen Corporation
VRLN
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
January 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Operating Officer
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock | |J | | | |(b) 7,320 | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |19.9375 |4/7/9|A |8,000 |A |(a) |4/7/0|Common Stock|8,000 | |99,051 |D | |
| |7 | | | | |7 | | | | | | |
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Purchase Right |7.35 | |J | | | | |Common Stock| | |(b) 40,837 |D | |
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Explanation of Responses:
(a) On April 7, 1997, pursuant to the Corporation's 1989 Incentive Stock
Option Plan, the reporting person received an incentive stock option grant for
8,000 shares. Options vest at 20% per year from date of
grant.
(b) On September 29, 1997, Varlen Corporation declared a fifty percent stock
dividend payable to all holders of record of common stock on October
31, 1997. As a result of the stock dividend, the reporting person received on
November 18, 1997, the following: a) 2,440 shares of common stock; b)
13,612 shares of common stock in an employee stock purchase right; and c) an
increase in outstanding options of 33,017 shares.
SIGNATURE OF REPORTING PERSON
/s/Raymond A. Jean
DATE
February 17, 1998
