<TABLE>
------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION ------------------------------
FORM 4 Washington, D.C. 20549 OMB Approval
------------------------- STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ------------------------------
[X] Check this box if no OMB Number: 3235-0287
longer subject to Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Expires: December 31, 2001
Section 16. Form 4 Section 17(a) of the Public Utility Holding Company Act of 1935 or Estimated average burden
or Form 5 obligations Section 30(f) of the Investment Company Act of 1940 hours per response.......0.5
may continue. See ------------------------------
Instruction 1(b).
<CAPTION>
(Print or Type Responses)
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker 4. Statement for 6. Relationship of Reporting Person(s)
or Trading Symbol Month/Year to Issuer
(Check all applicable)
Posner Kenneth R. Lodgian, Inc. (LOD) 05/00 [ ] Director [ ] 10% Owner
------------------------------------ [X] Officer (give [ ] Other
(Last) (First) (Middle) title below) (specify below)
Chief Financial Officer(1)
1221 Hinman ---------------------------------------
------------------------------------ -----------------------------------------------------------------------------------------
(Street) 3. I.R.S. Identification 5. If Amendment, 7. Individual or Joint/Group Filing
Number of Reporting Date of (Check Applicable Line)
Person, if an entity Original [X] Form Filed by One Reporting Person
Evanston, IL 60202 (Voluntary) (Month/Year) [ ] Form Filed by More than One
------------------------------------ Reporting Person
(City) (State) (Zip) 05/00
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) action Code (Instr. or Disposed of (D) Securities Form: Indirect
Date 8) (Instr. 3, 4 and 5) Beneficially Direct (D) Beneficial
(Month/ Owned at End or Indirect Ownership
Day/ of Month (I) (Instr. 4)
Year) (Instr. 3 (Instr. 4)
and 4)
------------------------------------------------------------------------------------------------------------------------------------
Code V Amount (A) or (D) Price
------------------------------------------------------------------------------------------------------------------------------------
Common Stock(2) 05/25/00 P 10,000 A 2.00 20,000 D(3)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
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).
Page 1 of 2
SEC 1475 (3-99)
</TABLE>
<PAGE>
<TABLE>
FORM 4 (continued)
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
1. Title 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date 7. Title 8. Price 9. Number 10. Owner- 11. Nature of
of sion or action action Derivative Exer- and of of ship Indirect
Deri- Exercise Date Code Securities cisable Amount Deri- Deri- Form Beneficial
vative Price of (Instr. Acquired (A) and Expi- of vative vative of Deri- Ownership
Secu- Deri- (Month/ 8) or Disposed ration Under- Secu- Secu- vative (Instr. 4)
rity vative Day/ of (D) Date lying rity rities Security:
(Instr. Security Year) (Instr. 3, (Month/ Securi- (Instr. Benefi- Direct
3) 4, and 5) Day/ ties 5) cially (D) or
Year) (Instr. Owned Indirect
3 and 4) at End (I)
of (Instr.
Month 4)
(Instr.
4)
------------------------------------------------------------------------------------------------------------------------------------
Code V (A) (D) Date Expir- Title Amount
Exerci- ation or
sable Date Number
of
Shares
------------------------------------------------------------------------------------------------------------------------------------
Option to $5.00 4/9/00 4/9/10 Common 80,000 D
Purchase Stock
Common Stock
------------------------------------------------------------------------------------------------------------------------------------
Option to $5.00 4/9/01 4/9/11 Common 80,000 D
Purchase Stock
Common Stock
------------------------------------------------------------------------------------------------------------------------------------
Option to $5.00 4/9/02 4/9/12 Common 80,000 D
Purchase Stock
Common Stock
------------------------------------------------------------------------------------------------------------------------------------
Option to $5.00 4/9/03 4/9/13 Common 80,000 D
Purchase Stock
Common Stock
------------------------------------------------------------------------------------------------------------------------------------
Option to $5.00 4/9/04 4/9/14 Common 80,000 D
Purchase Stock
Common Stock
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses:
(1) Mr. Posner was Executive Vice President and Chief Financial Officer of the Company at the time of transaction on 5/25/00.
On June 1, 2000 Mr. Posner submitted a letter of resignation resigning from the position of Chief Financial Officer.
Mr. Posner is now Executive Vice President.
(2) Filing dated 6/9/00 inadvertently stated that Mr. Posner had purchased 25,000 shares of Common Stock.
(3) Held in joint tenancy with wife.
<PAGE>
** Intentional misstatements or omissions of
facts constitute Federal Criminal Violations.
See 18 U.S.C. and 15 U.S.C. 78ff(a). By: /s/ Kenneth R. Posner July 24, 2000
-------------------------------------- ---------------------------
Kenneth R. Posner
** Signature of Reporting Person Date
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 form
displays a currently valid OMB number.
Page 2 of 2
SEC 1475 (3-99)
</TABLE>
