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
Tancredi, Michael A.
c/o Porta Systems Corp.
575 Underhill Boulevard
Syosset, New York 11791
2. Issuer Name and Ticker or Trading Symbol
Porta Systems Corp.
PSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
November 1998*
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)
Senior Vice President, Secretary and Treasurer
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, par value $.0|11/20/|P | |10,000* |A |$1.50 |21,657** |D | |
1 per share |98* | | | | | | | | |
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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>
Non-Qualified Stock Op|$2.00 |08/07| | | | | |05/07|Common Stock|2,470 |*** |2,470 |D | |
tion | |/96 | | | | | |/02 | | | | | | |
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Non-Qualified Stock Op|$1.50 |05/08| | | | | |05/07|Common Stock|42,530 |*** |42,530 |D | |
tion | |/97 | | | | | |/07 | | | | | | |
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Non-Qualified Stock Op|$65.3125|11/01| | | | | |11/01|Common Stock|2,470 |**** |2,470 |D | |
tion | |/89 | | | | | |/99 | | | | | | |
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Non-Qualified Stock Op|$3.25 |02/02| | | | | |02/01|Common Stock|30,000 |***** |30,000 |D | |
tion | |/98 | | | | | |/04 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
* These shares are being purchased pursuant to the Company's Stock Purchase
Program (the "Program"). The
date shown is the date of approval of the Program by the Company's board of
directors. The agreement to
purchase the shares was executed in December 1998 or January 1999. Payment
for the shares are being made
by payroll deductions for
officers.
** Includes798 shares of Common Stock pledged to the Company to secure certain
obligations to the Company.
*** These options are granted pursuant to the Company's 1996 Long-Term
Incentive Plan, a 16b-3 plan, and are
exercisable in
installments.
**** These options are granted pursuant to the Company's 1986 Stock Option
Plan, a 16b-3 plan, and are
exercisable in
installments.
***** These options are granted pursuant to the Company's 1998 Non-Qualified
Stock Option Plan, a 16b-3 plan, and
are exercisable in
installments.
SIGNATURE OF REPORTING PERSON
/s/ Michael A. Tancredi
DATE
January 20, 1999
