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FORM 4
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[ ] 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
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
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<S> <C> <C> <C> <C> <C> <C>
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticket or Trading Symbol 6. Relationship of Reporting Person(s)
Brayfield, Sharon K. Silverleaf Resorts, Inc. --SVR to Issuer (Check all applicable)
- --------------------------------------------- ---------------------------------------------- X Director 10% Owner
(Last) (First) (Middle) 3. IRS Identification 4. Statement for ---- ---
Number of Reporting Month/Year X Officer (give Other (Specify
1221 Riverbend Drive, Ste. 120 Person, if an entity ---- title --- below)
- --------------------------------------------- (voluntary) ------------------- below)
(Street) 5. If Amendment,
Dallas, TX 75247 Date of Original President
- --------------------------------------------- -------------------- (Month/Year) --------------------------------
(City) (State) (Zip) 6-98 7. Individual or Joint/Group Filing
------------- (Check Applicable Line)
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. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. 8) End of Month Direct Benefi-
(Month/ (Instr. 3 and 4) (D) or cial
Day/ --------------------------------------- Indirect Owner-
Year) Code V Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
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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).
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Ac- Expiration Securities Deriv-
Price of (Month/ (Instr. 8) quired (A) or Date (Instr. 3 and 4) ative
Deriv- Day/ Disposed of (D) (Month/Day/ Secur-
ative Year) (Instr. 3, 4, Year) ity
Security and 5) (Instr. 5)
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Date Expira- Amount or
-------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
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Incentive Option $16.00 6-25-98 A 25,096 * 6-25-08 Common 25,096
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Non-Qualified $16.00 6-25-98 A 99,904 * 6-25-08 Common 99,904
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<C> <C> <C>
9. Number of 10. Ownership 11. Nature of
Derivative Form of Indirect
Securities Derivative Beneficial
Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect (I)
(Instr. 4) (Instr. 4)
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25,096 D
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99,904 D
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Explanation of Responses:
*See the Attached
/s/ Sharon K. Brayfield 8-17-98
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
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.
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The Form 4 filed on July 9, 1998 to report an acquisition of employee stock
options in June 1998 is hereby amended to correct the number of options granted
on June 25, 1998. The correct number of options granted is 25,096 Incentive
Options and 99,904 Non-Qualified Options. The vesting schedule is also
corrected to read:
From 6-25-99, to and including 6-24-00, 6,274 incentive options and 24,976
non-qualified options;
from 6-25-00, to and including 6-24-01, an additional 6,274 incentive
options and 24,976 non-qualified options;
from 6-25-01, to and including 6-24-02, an additional 6,274 incentive
options and 24,976 non-qualified options;
from 6-25-02, all remaining options.
