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FORM 4
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|_| Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
OMB APPROVAL
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OMB Number: 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response.....................0.5
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(Print or Type Responses)
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1. Name and Address of Reporting Person*
COPPOLA DAVID J.
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(Last) (First) (Middle)
500 Craig Road
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(Street)
Manalapan, NJ 07726
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
CALTON, INC. (CN)
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3. I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)
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4. Statement for Month/Year
2/99
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5. If Amendment, Date of Original
(Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
___ Director ____ 10% Owner
_X_ Officer (give ____ Other (specify
title below) below)
Vice-President and Treasurer
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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
<TABLE>
<CAPTION>
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TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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<S> <C> <C> <C> <C>
1. Title of Security 2. Transaction 3. Transaction 4. Securities Acquired (A) 5. Amount of
(Instr. 3) Date Code or Disposed of (D) Securities
(Month/Day/ (Instr. 8) (Instr. 3, 4 and 5) Beneficially
Year) -------------- -------------------------- Owned at
| | | | (A) or | End of Month
| Code | V | Amount | (D) | Price (Instr. 3 and 4)
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Common Stock 2/18/99 M 10,000 A $ .41
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Common Stock 2/18/99 S 1,400 D $1.37
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Common Stock 2/22/99 S 8,600 D $1.35
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Common Stock 12,574
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<CAPTION>
<S>
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1. Title of Security 6. Ownership Form: 7. Nature of Indirect
(Instr. 3) Direct (D) or Beneficial Ownership
Indirect (I) (Instr. 4)
(Instr. 4)
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Common Stock D
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Common Stock
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Common Stock
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Common Stock I By 401(K) Plan
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number. SEC 1474 (7-97)
(Over)
<PAGE>
<TABLE>
<CAPTION>
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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<S> <C> <C> <C> <C> <C> <C>
1. Title of Derivative Security 2. Conver- 3. Trans- 4. Trans- 5. Number of Deriv- 6. Date Exer- 7. Title and Amount
(Instr. 3) sion or action action ative Securities cisable and of Underlying
Exercise Date Code Acquired (A) or Expiration Securities
Price of (Month/ (Instr. 8) Disposed of (D) Date (Month/ (Instr. 3 and 4)
Derivative Day/ (Instr. 3, 4 and 5) Day/Year)
Security Year) ------------ -------------------- -------------- ---------------
| | | | Date Expira- Amount or
| | | | Exer- ation Number of
| Code | V | (A) | (D) cisable Date Title Shares
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Common
Stock Option (Right to Buy) .41 2/18/99 X 10,000 (1) 1/25/05 Stock 10,000
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<CAPTION>
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<S> <C> <C> <C> <C>
1. Title of Derivative Security 8. Price of 9. Number of 10. Ownership 11. Nature of
(Instr. 3) Derivative Derivative Form of Indirect
Security Securities Derivative Beneficial
(Instr. 5) Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect
(Instr. 4) (I) (Instr. 4)
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Stock Option (Right to Buy) -- 0 D
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</TABLE>
EXPLANATION OF RESPONSES:
(1) Exercisable in three equal annual installments commencing January 26, 1996.
March 10, 1999
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**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).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number. SEC 1474 (7-97)
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