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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL 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 box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
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1. Name and Address of Reporting Person*
Lin, Syaru Shirley
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(Last) (First) (Middle)
c/o Goldman, Sachs & Co.
85 Broad Street
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(Street)
New York, New York, 10004
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Clarent Corporation
(CLRN)
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3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
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4. Statement for Month/Year
FYE December 31, 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Reporting
(Check applicable line)
[ X ] Form Filed by One Reporting Person
[ ] Form Filed by More than One Reporting Person
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<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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| | | | | | |
| | | |5. |6. | |
| | |4. |Amount of |Owner- | |
| | |Securities Acquired (A) or |Securities |ship | |
| | |Disposed of (D) |Beneficially |Form: |7. |
| | |(Instr. 3, 4 and 5) |Owned at end |Direct |Nature of |
|2. | 3. |-------------------------------|of Issuer's |(D) or |Indirect |
1. |Transaction |Transaction | | (A) | |Fiscal Year |Indirect |Beneficial|
Title of Security |Date |Code | Amount | or | Price |(Instr. 3 |(I) |Ownership |
(Instr. 3) |(Month/Day/Year) |(Instr. 8) | | (D) | |and 4) |(Instr.4)|(Instr. 4)|
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | |
Common Stock | | | | | | 1,727,658 | I | 01 |
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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, see Instruction
4(b)(v).
FORM 5 (continued)
<TABLE>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially owned |
(e.g., puts, calls, warrants, options, convertible securities) |
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| | | | | | | | | | |
| | | | | | | |9. |10. | |
| | | | | | | |Number |Owner-| |
| | | | | | | |of |ship | |
|2. | | | | | | |Deriv- |of | |
|Conver-| | |5. | |7. | |ative |Deriv-|11. |
|sion | | |Number of | |Title and Amount | |Secur- |ative |Nature|
|or | | |Derivative |6. |of Underlying |8. |ities |Secur-|of |
|Exer- | | |Securities |Date |Securities |Price |Bene- |ity: |In- |
|cise |3. | |Acquired (A) |Exercisable and |(Instr. 3 and 4) |of |ficially |Direct|direct|
|Price |Trans- |4. |or Disposed |Expiration Date |--------------------|Deriv- |Owned |(D) or|Bene- |
1. |of |action |Trans-|of (D) |(Month/Day/Year) | |Amount |ative |at End |In- |ficial|
Title of |Deriv- |Date |action|(Instr. 3, |---------------------| |or |Secur- |of |direct|Owner-|
Derivative |ative |(Month/ |Code |4 and 5) |Date |Expira- | |Number |ity |Year |(I) |ship |
Security |Secur- |Day/ |(Instr|---------------|Exer- |tion | |of |(Instr.|(Instr. |(Instr|(Instr|
(Instr. 3) |ity |Year) |8) | (A) |(D) |cisable |Date |Title |Shares |5) |4) |4) |4) |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option | | | | | | | | | | | | | |
(right to buy)|$15.00 | 06/30/99 | A |5,000 | | 02 | 02 |Common Stock|5,000 | | -0-(02)| 02 | 01,02|
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Option | | | | | | | | | | | | | |
(right to buy)|$63.75 | 12/27/99 | A |2,000 | | Immed. | 12/26/09 |Common Stock|2,000 | | 2,000 | 03 | 01,03|
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</TABLE>
Explanation of Responses:
01: The Reporting Person is a managing director of Goldman Sachs (Asia) L.L.C.,
an affiliate of The Goldman Sachs Group, Inc. ("GS Group"). Goldman, Sachs & Co.
("Goldman Sachs") is an indirect wholly-owned subsidiary of GS Group. GS Group
may be deemed to own beneficially and directly 1,234,042 shares of Common Stock.
Goldman Sachs and GS Group may be deemed to own beneficially and indirectly, in
the aggregrate, 493,616 shares of Common Stock through certain investment
partnerships of which affiliates of Goldman Sachs and GS Group are the general
partner or managing general partner (the "Investment Partnerships"). The
Reporting Person disclaims beneficial ownership of the securities reported
herein as indirectly owned, except to the extent of her pecuniary interest
therein, if any.
02: These options may be deemed to have been granted pursuant to the Issuer's
1999 Non-Employee Directors' Stock Option Plan, which as of the date of the
Issuer's initial public offering had provided that upon the Issuer's initial
public offering all non-employee directors would automatically receive a grant
of options to purchase 5,000 shares of the Issuer Common Stock. This automatic
grant was intended to apply to new non-employee directors but not to existing
non-employee directors (such as the Reporting Person), and the Issuer's 1999
Non-Employee Directors' Stock Option Plan has been revised accordingly. To the
extent that these options are deemed to have been granted, they have been
cancelled with no value received.
03: These options were granted to the Reporting Person pursuant to the Issuer's
1999 Non-Employee Directors' Stock Option Plan. The Reporting Person has an
understanding with GS Group pursuant to which she holds the stock options for
the benefit of GS Group.
By: s/ Roger S. Begelman February 14, 2000
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**Signature of Reporting Person Date
Attorney-in-fact
** 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.
Alternatively, this Form is permitted to be submitted to the Commission in
electronic format at the option of the Reporting Person pursuant to Rule
101(b)(4) of Regulation S-T.