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FORM 4 OMB APPROVAL
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[ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: September 30, 1998
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response............. 0.5
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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
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1. Name and Address of Reporting Person*
POCOCK TERENCE H.
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(Last) (First) (Middle)
5210 E. Williams Circle, Ste 200
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(Street)
Tucson AZ 85711
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(City (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Wavetech, Inc. (ITEL)
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3. IRS Or Social Security
Number of Reporting
Person (Voluntary)
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4. Statement for Month/Year
02/20/98
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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)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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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
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<PAGE>
Form 4 (continued)
<TABLE>
<CAPTION>
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Month/ (Instr. 8) Owned at Direct Owner-
Day/ ---------- ------------------------ End of Month (D) or ship
Year) (A) or (Instr. 3 and 4) Indirect(I) (Instr. 4)
Code V Amount (D) Price (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Table II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Derivative
Security (Instr. 3) sion or action tion Securities Acquired
Exercise Date Code (A) or Disposed
Price of (Month/ (Instr. 8) of (D)(Instr. 3,4, and 5)
Derivative Day/ ----------- -------------------------
Security Year) Code V (A) (D)
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Non-Employee
Director Stock Option
(right to buy) (1) 2/20/98 J(2) 20,000
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10.Owner- 11. Nature
cisable and Underlying Securities of of Deriv- ship of
Expiration (Instr. 3 and 4) Deriv- ative Form of Indirect
Date (Month/ ative Securities Deriv- Benefi-
Day/Year) Security Bene- ative cial
---------------- ----------------------- (Instr.5) ficially Security: Owner-
Date Expira- Amount or Owned at Direct (D) ship
Exer- tion Title Number of End of Month or Indirect (Instr.4)
cisable Date Shares (Instr. 4) (I)(Instr.4)
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2/20/99 (3) Common Stock 20,000 (2) 70,000 D
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</TABLE>
Explanation of Responses:
(1) These shares may be exercised at a price equal to the mean of the bid and
asked prices of the Company's Common Stock on the Nasdaq SmallCap Market on
the date of grant.
(2) Grant to reporting person of option to buy shares of Common Stock under the
Non-Employee Director Stock Option Grants portion of the Company's 1997
Stock Incentive Plan.
(3) The option will terminate on the earlier of (i) the tenth anniversary of
the date of grant or (ii) 60 days after the reporting person ceased to
serve as a Director of the Company. The option may be exercised during such
60 day period only as to the shares which were exercisable prior to the
last day the reporting person was a Director.
/s/ Terence H. Pocock 3/ /98
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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.
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