<PAGE>
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
(Print or Type Responses)
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Agway Inc. (1)
-----------------------------------------------------------------------
(Last) (First) (Middle)
333 Butternut Drive
-----------------------------------------------------------------------
(Street)
DeWitt New York 13214
-----------------------------------------------------------------------
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) 1/11/99
-------------------
3. IRS Identification Number of Reporting Person
if an Entity (Voluntary) 15-0277720
-------------------
4. Issuer Name and Ticker or
Trading Symbol Planet Polymer Technologies, Inc. (POLY)
----------------------------------------
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
Director Officer X 10% Owner X Other
--- --- --- ---
(give title below) (specify below)
Member of 13d group owning more than 10%. (1)
-----------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year) N/A
-----------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
Form Filed by One Reporting Person
----
X Form filed by More than One Reporting Person
----
*If this Form is filed by more than one Reporting Person, See Instruction
5(b)(v).
<PAGE>
<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
- -----------------------------------------------------------------------------------------------------------------
1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Beneficially Direct (D) or Indirect Beneficial
Security Owned (Instr. 4) Indirect (I) (Instr. 5.) Ownership (Instr. 5)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock,
No Par Value 1,000,000 shares D (AHI) (1) I (Agway and AFC) (1)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<TABLE>
<CAPTION>
TABLE II-DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
- ------------------------------------------------------------------------------------------------------------------
1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount of Securities
(Instr. 4) Expiration Date Underlying Derivative Security
(Month/Day/Year) (Instr. 4)
----------------------------------------------------------------------------
Amount or
Date Expiration Number of
Exercisable Date Title Shares
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock Common Stock,
Purchase Warrants 1/11/99 (2) 1/11/01 (2) No Par Value 2,000,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
4. Conversion or Exercise 5. Ownership Form of 6. Nature of Indirect Beneficial
Price of Derivative Derivative Security: Direct Ownership (Instr. 5)
Security (D) or Indirect (I) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D (AHI) (1) See Note (1) which describes
$1.00/share I (Agway and AFC) (1) relationship between parties
</TABLE>
<PAGE>
Explanation of Responses:
(1) This Form is filed on behalf of (i) Agway Inc., a Delaware corporation
("Agway"); (ii) Agway Financial Corporation (IRS Identification Number
06-1174232), a Delaware corporation and wholly owned subsidiary of Agway
("AFC"); and (iii) Agway Holdings Inc. (IRS Identification Number 06-1174231), a
Delaware corporation and wholly owned subsidiary of AFC ("AHI"). Each of the
foregoing is hereinafter referred to, individually, as a "Reporting Person" and,
collectively, as the "Reporting Persons." All securities reported herein are
owned directly by AHI.
(2) The Warrant Shares are exercisable on the following terms: for a period of
twelve (12) months following the date of the acquisition of the Shares, AHI will
have the right to purchase up to all or any part of 2,000,000 Warrant Shares.
After the expiration of the first twelve (12) month period, and for the twelve
(12) month period immediately thereafter, and provided that AHI had acquired at
least 1,000,000 Warrant Shares during the first twelve (12) months following the
initial acquisition of the Shares, AHI shall have the right to purchase up to
all or any part of the Warrant Shares not acquired by AHI prior to the
expiration of the previous twelve (12) month period. AHI may transfer the
Warrant to any of its subsidiaries or affiliates.
January 15, 1999
/s/ Peter J. O'Neill
--------------------------
Agway Inc.
by: Peter J. O'Neill
Senior Vice President
Finance & Control
/s/ Peter J. O'Neill
------------------------------
Agway Financial Corporation
by: Peter J. O'Neill
Vice President & Director
/s/ Peter J. O'Neill
------------------------------
Agway Holdings Inc.
by: Peter J. O'Neill
Vice President & Director
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S. C. 78ff(a).
