<PAGE>
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*
Grimes Robert
(Last) (First) (Middle)
RS Grimes Co.
152 West 57th Street, 24th Floor
(Street)
New York NY 10019
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Philips International Realty Corp.
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
May 1998
5. If Amendment, Date of Original (Month/Year)
May 1998
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
/X/ Director / / 10% Owner
/ / Officer (give title below) / / Other (specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
of Secu-
rities
4. Securities Acquired (A) Bene- 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) ficially Form:
action action (Instr. 3, 4 and 5) Owned Direct 7. Nature of
Date Code ----------------------------- at End (D) or Indirect
(Month/ (Instr. 8) (A) of Month 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 5/8/98 P 10,000(2) A $17.50 10,000 I By L.P.
Common Stock 5/11/98 P 1,400(2) A $17.56 11,400 I By L.P.
Common Stock 5/11/98 P 1,400(1) A $17.56 12,800 I By Spouse
</TABLE>
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Reponses)
<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>
Options to purchase Common Stock $50.00(3) 5/13/98 D(4) V 4,000(3) (5) 1/1/08
Options to purchase Common Stock $17.50 5/13/98 A(4) V 6,820 (5) 1/1/08
Options to purchase Common Stock $17.50 5/13/98 A(6) V 3,180 (3) 1/1/08
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
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>
Options to purchase Common Stock 4,000 -0- D
Common Stock
Options to purchase Common Stock 6,820 6,820 D
Common Stock
Options to purchase Common Stock 3,180 10,000 D
Common Stock
</TABLE>
Explanation of Responses:
(1) Purchased by Mr. Grimes' spouse, Ellen Grimes.
(2) Purchased by SEJ Properties, L.P. of which Mr. Grimes is the President/
Treasurer and a shareholder of the general partner, SEJ Properties, Inc.
(3) Prior to 1.7051:1.00 stock split effectuated on 5/8/98.
(4) Cancellation of options granted on 1/1/98, replaced by options granted on
5/13/98 reflecting lower exercise price ($17.50) and increased number of
options (6,820) resulting from 1.7501:1.00 stock split effectuated on
5/8/98.
(5) Options will vest 33 1/3% on January 1 of each of 1999, 2000 and 2001.
(6) Additional Grant.
/s/ Robert Grimes 7/2/98
- --------------------------------------- --------------------------
**Signature of Reporting Person Date
** Intentinal mistatements 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.
