U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 box if no longer subject to 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*
Stern Howard B
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(Last) (First) (Middle)
5698 St. Anne's Way
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(Street)
Boca Raton FL 33496
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
First Entertainment Holding Corp. FTET
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
###-##-####
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4. Statement for Month/Year
11/00
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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)
[X] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chief Executive Officer
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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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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 11/03/00 J 318,137 A .03 3,717,741 D
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
(Over)
(Form 4-07/99)
<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>
10.
9. Owner-
Number ship
of Form
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>
Options to purchase Common 1,250,000 1,250,000
Common Stock fn(2) fn(2) fn(2) fn(2) Stock fn(2) fn(2) fn(2) D
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</TABLE>
Explanation of Responses:
(1) Includes 2,500,000 shares authorized to be issued pursuant to the
Company's 2000 Management Compensation Plan described below in
footnote 3. The 2,500,000 shares will not be issued unless
either the Company's authorized capital is increased to at least
75,000,000 shares of common stock or the Company's Board Of
Directors (the "Board") otherwise determines that the Company's
authorized capital is sufficient to satisfy the Company's needs.
See below, footnote 3, "Cancellation And Reissuance Of Options In
September 2000".
(2) The 1,250,000 options issued to the Reporting Person pursuant to
the 2000 Management Compensation Plan as described below in
footnote 3, "Cancellation And Reissuance Of Options In September
2000", may be exchanged for additional options as described in
footnote 3. The Reporting Person has agreed to refrain from
exercising any of these options until the Company has increased
its authorized number of shares of common stock to at least 75
million or the Board otherwise determines that the Company's
authorized capital, assuming exercise of these options, is
sufficient to satisfy the Company's needs. Options relinquished
by the Reporting Person on September 15, 2000 included options
to purchase 25,000 shares for $.21 per share until March 11,
2002; options to purchase 50,000 shares for $.61 per share until
January 4, 2005, which options would have become exercisable if
and when the average closing price per share of the Company's
common stock is at least $2.25 for 10 consecutive business days;
options to purchase 75,000 shares for $.61 per share until
January 4, 2005, which options would have become exercisable
if and when the Company achieves annual revenues of at least
$4.25 million; options to purchase 125,000 shares for $.61
per share until January 4, 2005, which options would have
become exercisable if and when the Company achieves earnings
per share of at least $.05; options to purchase 750,000 shares
for $.61 per share until January 4, 2005, which options would
have become exercisable upon a change-in-control of the Company;
and options to purchase 75,000 shares for $1.33 per share until
January 25, 2005, which options would have become exercisable
if and when the Company's common stock trades for at least
$4.50 per share for 10 consecutive business days during the
period from January 25, 2000 through July 1, 2001. See
footnote 3, below, entitled "Cancellation And Reissuance Of
Options In September 2000".
(3) Cancellation And Reissuance Of Options In September 2000
On September 15, 2000, the Board enacted the Company's 2000
Management Compensation Plan to compensate directors, officers
and consultants and to provide incentives for those persons
in acting on behalf of the Company. In order to participate
in the Management Compensation Plan, the Reporting Person was
required to relinquish any options previously granted to him.
Options to purchase 1,250,000 shares of common stock have been
issued, and 2,500,000 shares of common stock were authorized
to be issued, to the Reporting Person pursuant to the Management
Compensation Plan. The options are exercisable at a price of
$.08 per share until September 15, 2005. The closing sales
price for the common stock on September 15, 2000 was $.08.
The options are exercisable 25% immediately and 25% on each of
the first three anniversaries of the date of grant provided
that the Reporting Person continues to be a director, officer,
employee or consultant at each respective time. In addition,
the options provide that when the last sales price for the common
stock is at least $.16 per share for three consecutive trading
days, the Reporting Person may elect to exchange each option
exercisable at $.08 per share for two options exercisable at
$.16 per share. Similarly, the Reporting Person may exchange
each of his options for two options to purchase one share of
common stock each at $.32 per share at such time as the last
sales price for the common stock is at least $.32 per share for
three consecutive trading days. The Reporting Person will not
be issued the shares authorized by the Management Compensation
Plan, and he may not exercise the options granted pursuant to
the Management Compensation Plan, unless either the Company's
authorized capital is increased to at least 75,000,000 shares
of common stock or the Board otherwise determines that the
Company's authorized capital, assuming issuance of the shares
and exercise of options granted pursuant to the Management
Compensation Plan, is sufficient to satisfy the Company's needs.
Stockholder approval of an increase in authorized capital to
250,000,000 shares is being sought at a proposed special meeting
of the Company's stockholders which currently is anticipated to
be held in December 2000.
/s/ Howard Stern 12/08/00
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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 provided is insufficient, see Instruction 6 for procedure.
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