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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 box if no longer subject of Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Schneider Henry
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(Last) (First) (Middle)
c/o U.S. Energy Systems, Inc.
515 N. Flagler Drive, Suite 702
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(Street)
West Palm Beach Florida 33401
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
U.S. Energy Systems, Inc. (USEY)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
July 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Vice President
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
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<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Series A Convertible 7/31/00 M 861,110 A $9.00 (1) (1) (1)
Preferred Stock
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</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 Responses)
<PAGE>
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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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
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- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (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> <C>
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Option to Buy $9.00 7/31/00 M 861,110 (1) (1) Series A 861,110 0
Convertible
Preferred Stock
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</TABLE>
Explanation of Responses: (1) The option was granted on August 26, 1998 and was
to expire on or about August 26, 2000. The option was exercised by the payment
of $8,611.10 in cash and the $7,741,378.90 balance of the purchase price was
paid in the form of a one year limited recourse promissory note (the "Note")
made by Energy Systems Investors LLC ("ESI"), of which the Reporting Person is
a manager, in favor of the Issuer. The obligations evidenced by the Note are
secured by a pledge of the 861,110 shares of Series A Convertible Preferred
Stock (the "Series A Stock"). At the end of July 2000, the Reporting Person
owned an aggregate of 916,666 shares of Series A Stock of which 55,556 shares
were owned by Henry Schneider directly and 861,110 shares were owned by ESI.
The 55,556 shares of Series A Stock had previously been transferred by ESI
to Henry Schneider (individually) in accordance with Rule 16a-13. Each share of
Series A Stock is currently convertible into four shares of the Issuer's Common
Stock.
/s/ Henry Schneider August 9, 2000
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Henry Schneider Date
** 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.
