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- -------- U.S. SECURITIES AND EXCHANGE COMMISSION --------------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
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[_] Check this box if no STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB Number: 3235-0287
longer subject to Expires: December 31, 2001
Section 16. Form 4 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Estimated average burden
or Form 5 obligations Section 17(a) of the Public Utility Holding Company Act of 1935 hours per response.......... 0.5
may continue. See or Section 30(f) of the Investment Company Act of 1940 --------------------------------
Instruction 1(b).
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1. Name and Address of 2. Issuer Name and Ticker or 6. Relationship of Reporting Person to Issuer
Reporting Person* Trading Symbol (Check all applicable)
Interplay Entertainment Corporation
Titus Interactive SA (NASDAQ-NMS:IPLY) [_] Director [X] 10% Owner
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(Last) (First) (Middle) 3. IRS or Social 4. Statement for ____ Officer (give ____ Other (specify
Security Number of Month/Year title below)
c/o Titus Software Corp. Reporting Person below)
20432 Corisco Street (Voluntary) April, 2000
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(Street) 5. If Amendment,
Date of Original
Chatsworth CA 91311 (Month/Year)
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Instr. 8) Owned at Direct Ownership
(Month/ ------------------------------------------- End of Month (D) or In- (Instr. 4)
Day/ (A) or (Instr. 3 direct (I)
Year) Code V Amount (D) Price and 4) (Instr. 4)
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Common Stock, par value
$0.001 per share 6/30/99 J 1,151,771 A (1) 3,633,571 D
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Common Stock, par value
$0.001 per share 8/20/99 J 883,684 A (1) 4,567,255 D
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Common Stock, par value
$0.001 per share 11/2/99 P 6,250,000 A $4.00 10,817,255 D
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Common Stock, par value
$0.001 per share 11/9/99 P 2,000,000 A $4.00 12,817,255 D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount of
Security (Instr. 3) sion or action action Derivative cisable and Underlying Securities
Exercise Date Code Securities Expiration (Instr. 3 and 4)
Price of (Month/ (Instr. 8) Acquired (A) Date (Month/
Deriv- Day/ or Disposed Day/Year)
ative Year) of (D) (Instr. ----------------------------------------
Security 3, 4, and 5) Date Expira- Amount or
-------------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
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Warrant (right to buy) $3.79 4/14/00 P 350,000 Immed. 4/14/10 Common Stock 350,000
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Series A Preferred Stock (3) 4/14/00 P 719,424 (3) Common Stock (3)
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1. Title of Derivative 8. Price 9. Number 10. Ownership 11. Nature of
Security (Instr. 3) of of Form of Indirect
Deriv- Deriv- Derivative Beneficial
ative ative Security: Ownership
Security Securities Direct (D) (Instr. 4)
(Instr. 5) Beneficially or Indirect
Owned at (I)
End of Month (Instr. 4)
(Instr. 4)
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(2) 1,069,424 D
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$20,000,000 1,069,424 D
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Explanation of Responses:
(1) Pursuant to a Stock Purchase Agreement, dated March 18, 1999, by and among
Interplay Entertainment Corp. ("Interplay"), the Reporting Person, and Brian
Fargo (the "Purchase Agreement"), the Reporting Person agreed to purchase up to
5,000,000 shares of the common stock ("Common Stock") of Interplay. A total of
2,500,000 shares of Common Stock were received by the Reporting Person at the
closing of the Purchase Agreement on March 18, 1999. Pursuant to an adjustment
mechanism in the Purchase Agreement based on the closing price of the Common
Stock on the NASDAQ-NMS on certain specified dates as described in Sections 3.3
through 3.5 of the Purchase Agreement, Titus received an additional 1,161,771
shares of Common Stock on June 30, 1999 and an additional 883,684 shares of
Common Stock on August 20, 1999. The aggregate purchase price paid by the
Reporting Person for the 2,500,000 shares of Common Stock received on March 18,
1999, the 1,161,771 shares of Common Stock received on June 30, 1999 and the
883,684 shares of Common Stock received on August 20, 1999 was $10,000,000.
(2) This warrant was issued in connection with a Stock Purchase Agreement,
dated April 14, 2000, by and between Interplay and the Reporting Person,
pursuant to which the Reporting Person purchased from Interplay 719,424 shares
of Interplay's Series A Preferred Stock for an aggregate purchase price of
$20,000,000.
(3) On April 14, 2000, Interplay and the Reporting Person entered into a Stock
Purchase Agreement pursuant to which the Reporting Person purchased 719,424
shares of Series A Preferred Stock (the "Series A Shares") of Interplay for an
aggregate purchase price of $20,000,000. The Series A Shares are convertible, at
the option of the Reporting Person, at any time after the earlier to occur of
May 31, 2001, or 180 days after the occurrence of an Adjustment Event (as
defined below), which is not cured by Interplay within the Cure Period (as
defined below), into a number of shares of Interplay's Common Stock determined
by dividing $27.80 by the Series A Conversion Price in effect on the date of
conversion. The Series A Conversion Price is equal to the lower of (i) $2.78 or
(ii) the product of (a) 0.85 and (b) the average of the closing price of
Interplay's Common Stock as reported by Nasdaq for the twenty (20) trading days
immediately preceding the date of conversion. Notwithstanding the immediately
preceding sentence, in the event that a demand for payment is made by Greyrock
Capital pursuant to the guaranty (the "Guaranty") issued by Titus in favor of
Greyrock Capital (an "Adjustment Event"), the Series A Conversion Price shall
automatically be adjusted to $0.466818926, provided, however, if no amounts are
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paid by the Reporting Person pursuant to the Guaranty, or, within 180 days of
the Adjustment Event
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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)
(the "Cure Period"), Interplay reimburses the Reporting Person for any amounts
paid by the Reporting Person pursuant to the Guaranty, the Series A Conversion
Price shall automatically be increased to the Series A Conversion Price in
effect immediately prior to the Adjustment Event. If, however, the Reporting
Person pays any amounts under the Guaranty and such amounts are not reimbursed
by Interplay within the Cure Period, then, as of the first day following the
Cure Period, the Series A Conversion Price shall be automatically adjusted to an
amount obtained by the following formula (provided, however, that in no event
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shall the resulting Series A Conversion Price be less than $0.466818926 or more
than $2.78):
X = 20,000,000
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Z + 5,000,000 (10-Y)
where: X = the Series A Conversion Price;
Y = the lesser of (a) $10.00 per share (subject to adjustment for
stock splits, combinations and dividends following the date hereof
with respect to the Common Stock) or (b) the average closing price
per share as reported by Nasdaq for the twenty (20) trading days
immediately preceding the last day of the Cure Period; and
Z = the greater of (a) $20,000,000 divided by $2.78 (subject to
adjustment for stock splits, combinations and dividends following
the date hereof with respect to the Common Stock) or (b)
$20,000,000 divided by the product of 0.85 and Y.
The formula set forth above shall be equitably adjusted in the event of any
stock splits, combinations and dividends following the date hereof with respect
to Interplay's Common Stock so as to preserve, as closely as possible, the
conversion rights of the Series A Shares.
Notwithstanding the foregoing, in no event shall the Series A Shares be
convertible into more than 5,504,507 shares of Interplay's Common Stock unless
the issuance of the Series A Shares is approved by Interplay's stockholders in
accordance with Delaware law and Interplay's Certificate of Incorporation,
provided, however, that this limitation will cease to apply upon the occurrence
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of an Adjustment Event.
The Series A Shares possess a number of voting rights equal to the number
of shares of Interplay's Common Stock into which the Series A Shares may be
converted, without regard to any restrictions on when the Series A Shares may
be converted and subject to the cap on the conversion of the Series A Shares set
forth in the immediately preceding paragraph. As of the date of this filing,
the Series A Shares issued to the Reporting Person are entitled to an aggregate
of 5,504,507 votes.
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/s/ Herve Caen
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** Intentional misstatements or omissions of facts constitute **Signature of Reporting Person Date
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Herve Caen, President
On Behalf of Titus Interactive SA May 10, 2000
Note: File three copies of this Form, one of which must be manually signed.
If space 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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