UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Feldman, Jerome I.
145 West Patent Road
Bedford Hills, NY 10507
2. Issuer Name and Ticker or Trading Symbol
National Patent Development Corporation
NPD
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
7/1/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Executive Officer
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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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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |7/1/97|J(1)|V|3,764 |A |$7.8125 |67,977 |D | |
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| | | | | | |526 |I |By Spouse |
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| | | | | | |647 |I |By Daughter |
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Class B Capital Stock | | | | | | |31,250 |D | |
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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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |$7.8125 |7/1/9|A(1)| |3,764 |A |(2) |12/31|Common Stock|3,764 |$7.8125|(2) |D | |
(Right to Buy) | |7 | | | | | |/04 | | | | | | |
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Employee Stock Option |$7.75 |7/1/9|A | |100,000 |A |(3) |7/1/0|Common Stock|100,000|$7.75 |100,000 |D | |
(Right to Buy) | |7 | | | | | |2 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Acquisition on 7/ 1/97 of 3,764 shares of National Patent Common Stock at
a price of $7.8125 per share, the
closing price on the American Stock Exchange, Inc. on 6/ 30/97, pursuant to the
provisions of Section 2.1(c)(1)
of the Agreement and Plan of Merger among the Issuer, General Physics
Corporation and GPX Acquisition, Inc.
dated as of 11/19/96 and amended on
12/18/96.
(2) The number of derivitive securities is not determinable at this time
because the number of securities that
might be issued is dependent upon on a formula based on the last business day
before 7/ 1/98 and 7/1/99.
(3) Exercisable, cumulatively, at the rate of 20% per annum, beginning on
7/1/97, the date of grant.
SIGNATURE OF REPORTING PERSON
Jerome I. Feldman
DATE
August 8, 1997
