FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Meyer, Edward H.
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2. Issuer Name and Ticker or Trading Symbol
Grey Advertising Inc.
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
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4. Statement for Month/Year
February 1998
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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 TITLE BELOW)
Chairman of the Board and Chief Executive Officer
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7. Individual, or Joint/Group Filing (Check all applicable)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Common Stock
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2. Transaction Date (Month/Day/Year)
February 3, 1998
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3. Transaction Code (Instr. 8)
Z*
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
(D) 3,731 shares deposited into 1994 Voting Trust.
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
197,137
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
Indirect
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
By Voting Trust
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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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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1. Title of Derivative Security (Instr. 3)
Employee Stock Options
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2. Conversion or Exercise Price of Derivative Security
$332.50 per share
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3. Transaction Date (Month/Day/Year)
1/23/98
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4. Transaction Code (Instr. 8)
Column 1: A and G** Column 2: V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
Column 1: 30,000 (A) Column 2: 15,000 (D)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Column 1: ** Column 2: 1/23/05
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Column 1: Common Stock Column 2: 30,000 shares
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8. Price of Derivative Securities (Instr. 5)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
75,000
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
D
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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EXPLANATION OF RESPONSES:
* Represents deposit into 1994 Voting Trust by the reporting person of
shares of common stock previously reported as indirectly owned through
the company's Employee Stock Ownership Plan (the "ESOP"). The shares
were distributed to the reporting person on 2/3/98 by the ESOP and
deposited immediately thereafter into the 1994 Voting Trust.
** Grant to reporting person on 1/23/98 to buy 30,000 shares of common
stock under the Grey Advertising Inc. 1994 Stock Incentive Plan. The
options are exercisable as to one-third of the shares of common stock
as of 1/23/98 (the "1998 Effective Date") and will become exercisable
as to the remaining two-thirds in equal increments on the first and
second anniversaries of the 1998 Effective Date, respectively. The
reporting person has assigned the right to exercise 15,000 of the
options to a trust set up for the benefit of his spouse and children.
Excluding these 15,000 shares, the reporting person beneficially owned
75,000 options as of 2/3/98, which includes options to buy 40,000
shares of common stock granted in 1995 in a transaction reported to
the SEC on Form 4 on 3/13/95 and 20,000 shares of common stock granted
in 1996 in a transaction reported to the SEC on Form 5 on 2/11/97.
/s/ Edward H. Meyer 3/13/98
** SIGNATURE OF REPORTING PERSON DATE
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
