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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 3 OMB APPROVAL
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OMB NUMBER: 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ...... 0.5
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section16(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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1. Name and Address of Reporting Person*
Stephens John J.
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(Last) (First) (Middle)
PO Box 10 6400 Highway 66
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(Street)
Klamath Falls OR 97601
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/12/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
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5. Relationship of Reporting Person to Issuer:
(Check all applicable)
x Director 10% Owner
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x Officer (give Other (Specify
----- title below) ------ below)
President and CEO
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group
Filing (Check Applicable Line)
x Form filed by One Reporting Person
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__ Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
Table 1 -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Direct (D) or (Instr. 5)
(Instr. 4) Indirect (I)
(Instr. 5)
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<S> <C> <C> <C>
Common Units 0 N/A
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</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, Instruction 5(b)(v)
(Print or Type Responses)
(Over)
SEC 1473 (7/96)
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of
cisable and Underlying Derivative Security or Exercise Form of Indirect
Expiration (Instr. 4) Price of Derivative Beneficial
Date Derivative Security: Ownership
(Month Day Security Direct (D) (Instr. 5)
Year) or
------- ------- --------------------------------- Indirect (I)
Date Expira- Amount (Instr. 5)
Exer- tion or
cisable Date Title Number
of
Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
Unit Options (right to convert + ++ Common Units 93,233 +++ D
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Subordinated Units ++ ++++ Common Units 95,238 None 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 equal to the initial public
offering price of the Common Units.
++ The earliest date the Subordinated Units will become convertible is
December 31, 2000.
++++ The Subordinated Units will automatically convert into Common Units at the
termination of the Subordination Period pursuant to Section 11.4 of the
Agreement of Limited Partnership.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ John J. Stephens 11/10/97
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**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 Page 2
of information contained in this form are not required SEC 1473(7-96)
to respond unless the form displays a currently
valid OMB Number.
