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FORM 5
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|_| Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instruction 1(b).
| | Form 3 Holdings Reported
|_| Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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*
Amoruso Donald J
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(Last) (First) (Middle)
2700 Westchester Ave
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(Street)
Purchase NY 10577
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Spectrum Information Technologies Inc. (SITI)
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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
03/31/1998
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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 X 10% Owner
----- -----
X Officer (give Other (specify
----- title below) ----- below)
CEO, President
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7. Individual or Joint/Group Reporting (check applicable line)
X Form Filed by One Reporting Person
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Form Filed by More than One Reporting Person
-----
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Table 1 -- Non-Derivative Securities Acquired,
Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
================================================================================================================================
1. Title of 2. Transaction 3. Transaction 4. Securities Acquired 5. Amount of 6. Ownership 7. Nature of
Security Date Code (A) or Disposed of (D) Securities Form: Direct Indirect
(Instr. 3) (Month/Day/Year) (Instr. 8) (Instr. 3, 4 and 5) Beneficially (D) or Beneficial
Owned at end of Indirect (I) Ownership
------------------------ Issuer's Fiscal (Instr. 4) (Instr. 4)
Year
(A) or (Instr. 3 and 4)
Amount (D) Price
--------- --------------- ------------ -------- ------ ----- ---------------- ----------- -----------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* If the form is filed by more than one reporting person, see
instruction 4(b)(v).
SEC 2270 (7-97)
PAGE: 1 OF 2
<PAGE>
FORM 5 (continued)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriva- 6. Date Exercis-
Derivative sion or action tion tive Securities Ac- able and Expi-
Security Exer- Date Code quired (A) or Dis- ration Date
(Instr. 3) cise (Month/ (Instr. 8) posed of (D) (Month/Day/
Price of Day/ (Instr. 3, 4 and 5) Year)
Deriva- Year) ------------------
tive Se-
curity Date Expira-
------------------- Exer- tion
(A) (D) cisable Date
------------ -------- ------- --------- ------ ---- -------- -------
Stock Option $2.1500 08/12/1997 A 25000 08/12/1997 08/12/2007
(01)
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
7. Title and Amount of 8. Price of 9. Number of 10. Ownership 11. Nature of
Underlying Securities Derivative Derivative of Derivative Indirect
(Instr. 3 and 4) Security Securities Security: Direct Beneficial
(Instr. 5) Beneficially (D) or Indirect Ownership
Owned at End (I) (Instr. 4)
of Year (Instr. 4)
(Instr. 4)
- --------------------------
Amount or
Number of
Title Shares
- ----------- -------- --------- ------------ -------------- ----------
Common Stock 25000 $2.1500 25000 D
</TABLE>
Explanation of Responses:
(01) One-half of the stock options vest in eight equal quarterly
installments through the fiscal year ended March 31, 1999.
One-half of the stock options are subject to the achievement
of defined performance objectives for the fiscal years ended
March 31, 1998 and 1999.
/s/ Donald J. Amoruso
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** Signature of Date
Reporting Person
** 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.
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 2270 (7-97)
Amoruso, Donald J. Spectrum Information Technologies Inc.
03/31/1998 PAGE: 2 of 2
