UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Deborah A. Garrett
17304 Preston Road, Suite 700
Dallas, TX 75252
2. Issuer Name and Ticker or Trading Symbol
American Pad & Paper Company
AMPP
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/31/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President - Human Resources
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 I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Options (1)|$4.500 |10/01| A | 2,400 |A |(1) |10/01|Common Stock| 2,400|$4.500 | | | |
| |/1998| | | | |/2008| | | | | | |
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Common Stock Options (1)|$2.125 |09/01| A | 7,000 |A |(1) |09/01|Common Stock| 7,000|$2.125 | | | |
| |/1998| | | | |/2008| | | | | | |
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Common Stock Options (1)|$2.0625 |09/21| A | 10,600 |A |(1) |09/21|Common Stock| 10,600|$2.0625| 20,000 | D | |
| |/1998| | | | |/2008| | | | | | |
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Explanation of Responses:
(1) Common Stock Options are excersiable at 1/3 per year, beginning one year
after grant date.
SIGNATURE OF REPORTING PERSON
/s/ Deborah A. Garrett
DATE
February 11, 1998