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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person
Waldrop Susan S.
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(Last) (First) (Middle)
268 West 400 South, Suite 201
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(Street)
Salt Lake City, UT 84101
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
The Canton Industrial Corporation
CICP, CND
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
May 1996
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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)
[ ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Chief Financial Officer and Secretary/Treasurer
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock May 09, 1996 J(1) 25,169(2) A $1.47 28,069 D
Par Value $0.001
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Common Stock May 24, 1996 J(1) 51,020(2) A $1..47 79,089 D
Par Value $0.001
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(1) On May 9, 1966 and May 24, 1996, The Canton Industrial Corporation granted Susan S. Waldrop an option to purchase 25,169
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and 51,020 shares respectively, of its common stock pursuant to its 1996 Stock Option Plan, which option she immediately exercised
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in full. The 1996 Stock Option Plan is not a Rule 16b-3 Plan.
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(2) Although Susan S. Waldrop received a total of 76,189 shares on two different dates, all such shares bear an exercise price of
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90% of the closing price of the value of the common stock on May 9, 1996.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
<PAGE>
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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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option None May J(1) A 5/24/96 12/1/97 Commnon 5,462 Consid- one I (3)
24, 1996 Stock eration option
other
than cash
(2)
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</TABLE>
Explanation of Responses:
(1) On May 24, 1996 The Canton Industrial Corporation granted Susan S.
Waldrop an option to purchase 5,462 shares of its common stock pursuant to its
1996 Stock Option Plan, none of which have been exercised. The 1996 Stock Option
Plan is not a Rule 16b-3 Plan.
(2) The consideration for the grant of the option was services previously
rendered to The Canton Industrial Corporation by Susan S. Waldrop.
(3) Beneficial Ownership in the form of an unexercised option to purchase Common
Stock.
/s/ Susan S. Waldrop June 10, 1996
**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 provided is insufficient, see Instruction 6 for procedures.
