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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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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OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response........ 0.5
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<TABLE>
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(Print or Type Responses)
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<S> <C> <C>
1. Name and Address of Reporting Person* 2. Date of Event Re- 4. Issuer Name and Ticker or Trading Symbol
quiring Statement U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
Theobald Thomas C. (Month/Day/Year) ----------------------------------------------------------------
- --------------------------------------------- 1/2/98 5. Relationship of Reporting Person 6. If Amendment, Date of
(Last) (First) (Middle) ---------------------- to Issuer (Check all applicable) Original
3. IRS or Social Se- X Director 10% Owner (Month/Day/Year)
curity Number of ----- ----- -------------------------
Suite 3300, 222 West Adams Street Reporting Person Officer Other (specify 7. Individual or
- ---------------------------------------------- (Voluntary) ----- (give ----- below) Joint/Group Filing
(Street) title below) (Check Applicable
Line)
----------------------------------- X Form filed by One
-----Reporting Person
Form filed by More
than One Reporting
Chicago IL 60606 -----Person
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(City) (State) (Zip) TABLE 1 - Non-Derivative Securities Beneficially Owned
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Form: Direct Ownership (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
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Common Units 5,000 D
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(Over)
SEC 1473 (7/96)
</TABLE>
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
5(b)(v).
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FORM 3 (continued) Table II - Derivative Securities Beneficially Owned (e.g.,
puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C> <C>
1. Title of Derivative Security 2. Date Exer- 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of
(Instr. 4) cisable and Securities Underlying sion or ship Indirect
Expiration Derivative Security Exercise Form of Beneficial
Date (Instr. 4) Price of Deriv- Ownership
(Month/Day/Year) Deri- ative (Instr. 5)
-------------------------------------------- vative Security:
Date Expira- Amount Security Direct
Exer- tion of (D) or
cisable Date Title Number Indirect
of (I)
Shares (Instr. 5)
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Unit Options (right to convert) + ++ Common Units 50,000 +++ D
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</TABLE>
Explanation of Responses:
+ The Unit Options will become exercisable upon the conversion of the
Subordinated Units to Common Units on a pro rata basis, which date shall be
no earlier than December 31, 2000.
++ The Unit Options expire on the tenth anniversary of the date such Unit
Option is granted or earlier in certain instances upon termination of
employment.
+++ The Unit Options will have an exercise price of $21.44, the market value of
the Common Units as of the close of trading on January 5, 1998.
** 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.
/s/ Thomas C. Theobald 1/27/98
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** Signature of Reporting Person Date
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SEC 1473 (7-96)
