<PAGE> 1
- ------
FORM 4
- ------
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check box if no
longer subject to Filed pursuant to Section 16(a) of the Securities
Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the
or Form 5 obligations Public Utility Holding Company Act of 1935
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Hefner Larry D. Fresh Foods, Inc. (NASDAQ: FOOD) Issuer (Check all applicable)
- --------------------------------------------- ---------------------------------------------- Director X 10% Owner
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- ---
P.O. Box 399 Number of Reporting Month/Year Officer (give Other (Specify
- --------------------------------------------- Person (Voluntary) August 1998 ---- title --- below)
(Street) ------------------ below)
Claremont NC 28610 5. If Amendment,
- --------------------------------------------- Date of Original -------------------------------------
(City) (State) (Zip) (Month/Year)
7. Individual or Joint/Group Filing
------------------ (Check applicable line)
X Form filed by one
---- Reporting Person
Form filed by more than
---- one Reporting Person
- ------------------------------------------------------------------------------------------------------------------------------------
TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. 8) End of Month Direct Benefi-
(Month/ (Instr. 3 and 4) (D) or cial
Day/ --------------------------------------- Indirect Owner-
Year) Code V Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
Common Stock 8/7/98 P 34(1) A $14
- ------------------------------------------------------------------------------------------------------------------------------------
8/13/98 P 270(2) A $13.625
- ------------------------------------------------------------------------------------------------------------------------------------
8/17/98 P 236(3) A $13.625
- ------------------------------------------------------------------------------------------------------------------------------------
82,838(4) I by HERTH
- ------------------------------------------------------------------------------------------------------------------------------------
Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 7,020(5) I by Columbia
- ------------------------------------------------------------------------------------------------------------------------------------
Hill, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 10,000 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
*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. (Over)
(Print or Type Response) (8/96)
</TABLE>
Page 1 of 3
<PAGE> 2
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Expiration Securities Deriv-
Price of (Month/ (Instr. Acquired (A) Date (Instr. 3 and 4) ative
Deriv- Day/ 8) or Disposed (Month/Day/ Secur-
ative Year) of (D) Year) ity
Security (Instr. 3, (Instr. 5)
4, and 5) -----------------------------------
Date Expira- Amount or
---------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Option (right to buy)--
- ------------------------------------------------------------------------------------------------------------------------------------
1987 Incentive Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option Plan $5.20 (6) 2/22/05 Common Stock 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Option (right to buy)--
- ------------------------------------------------------------------------------------------------------------------------------------
1997 Incentive Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option Plan $10.50(7) (8) 2/23/08 Common Stock 25,000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative Form of Indirect
(Instr. 3) Securities Derivative Beneficial
Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect (I)
(Instr. 4) (Instr. 4)
- -------------------------------------------------------------------------------------------------------
Option (right to buy)--
- -------------------------------------------------------------------------------------------------------
1987 Incentive Stock
- -------------------------------------------------------------------------------------------------------
Option Plan 15,000 D
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
Option (right to buy)--
- -------------------------------------------------------------------------------------------------------
1997 Incentive Stock
- -------------------------------------------------------------------------------------------------------
Option Plan 25,000 D
- -------------------------------------------------------------------------------------------------------
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. /s/ Larry D. Hefner 9/10/98
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
</TABLE>
Page 2 of 3
<PAGE> 3
(1) The Reporting Person is a 15% owner of Columbia Hill, LLC ("Columbia"),
which owns 45% of HERTH Management, Inc. ("HERTH"), which purchased 500
shares of Common Stock. Pursuant to Rule l6a-1 of the Securities
Exchange Act of 1934 (the "Act"), this filing shall not be deemed an
admission that the Reporting Person is the beneficial owner of any
equity securities covered by this statement.
(2) The Reporting Person is a 15% owner of Columbia, which owns 45% of
HERTH, which purchased 4,000 shares of Common Stock. Pursuant to Rule
l6a-1 of the Act, this filing shall not be deemed an admission that the
Reporting Person is the beneficial owner of any equity securities
covered by this statement.
(3) The Reporting Person is a 15% owner of Columbia, which owns 45% of
HERTH, which purchased 3,500 shares of Common Stock. Pursuant to Rule
l6a-1 of the Act, this filing shall not be deemed an admission that the
Reporting Person is the beneficial owner of any equity securities
covered by this statement.
(4) The Reporting Person is a 15% owner of Columbia, which owns 45% of
HERTH. HERTH owns 1,227,235 shares of Common Stock. Pursuant to Rule
16a-1 of the Act, this filing shall not be deemed an admission that the
Reporting Person is the beneficial owner of any equity securities
covered by this statement.
(5) The Reporting Person is a 15% owner of Columbia, which owns 46,799
shares of Common Stock. Pursuant to Rule l6a-1 of the Act, this filing
shall not be deemed an admission that the Reporting Person is the
beneficial owner of any equity securities covered by this statement.
(6) The options were granted on February 22, 1995 and become exercisable at
a rate of 20% per year over five years. The first 20% became
exercisable on February 22, 1996.
(7) The Board of Directors of the Issuer repriced the options granted under
the 1997 Incentive Stock Option Plan on August 27, 1998. In such
repricing, the option exercise price was lowered from $16.00 to $10.50.
(8) The options were granted on February 23, 1998 and become exercisable at
a rate of 20% per year over five years. The first 20% become
exercisable on February 23, 1999.
Page 3 of 3
