FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
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<CAPTION>
[ ] Check box if no longer subject
to Section 16. Form 4
or Form 5 obligations may con-
tinue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
<S> <C> <C> <C>
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Sec. 16(a) of the Securities Exchange Act of 1934, Sec. 17(a) of
the Public Utility Holding Company Act of 1935 or Sec. 30(f) of the Investment Company
Act of 1940.
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1. Name and Address of Reporting person* 2. Issuer Name and Ticker or Trading Symbol
Sinclair Duncan Bruce WAVERIDER COMMUNICATIONS INC. WAVC
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(Last) (First) (Middle) 3. IRS or Social Security Number of 4. Statement for Month/Year
Reporting Person (Voluntary) March 2000
32 Steeplechase Avenue
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(Street) 5. If Amendment, Date of Original
(Month/Year)
Aurora, Ont., Can. L4G 6W5
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(City) (State) (Zip)
*If the Form is filed by more than one
Reporting Person, see Instruction 4(b)(v).
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6.Relationship of Reporting Person to Issuer 7. Individual or Joint/Group Filing (Check applicable
(Check all applicable) line)
X Director 10% Owner X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
X Officer (give title below) Other ------
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President and CEO
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security 2. Transaction 3. Transaction 4. Securities Acquired (A) or 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) Date Code (Instr. 8) Disposed of (D) ; (Instr. 3, Securities Form: Direct (D) Indirect
(Month/Day/Year) 4, and 5) Beneficially or Indirect (I) Beneficial
Owned at end (Instr. 4) Ownership
of Issuer's (Instr.4)
Fiscal
Month (Instr.
3 and 4)
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Amount (A) or (D) Price 2,000,000 D
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Common Stock 03/17/00 M 225,000 A $ 0.56
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03/17/00 M 20,000 D $ 11.11
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03/21/00 M 95,000 D $ 9.59
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03/22/00 M 25,000 D $ 10.26
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03/27/00 M 85,000 D $ 8.25
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly (Print or Type
Responses)
Page 1 of 2 pages (Over)
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FORM 4 (continued)
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<CAPTION>
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(eg., puts, calls, warrants, options, convertible securities)
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1. Title of 2.Conver- 3. Transac- 4. Transac- 5. Number of 6. Date Exercisable 7. Title and Amount
Derivative sion or tion Date tion Code Derivative and Expiration of Underlying
Securitiy Exer- (Month/Day/ (Instr. 8) Securities Date (Month/Day/ Securities
(Instr. 3) cise Price Year) Acquired (A) Year) (Instr. 3 and 4)
of Deriva- or Disposed
tive of (D)
Security (Instr. 3,
4, and 5)
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Date Expira- Title Amount or
Exer- tion Date Number of
cisable Shares
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(A) (D)
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Employee
Stock Option Anytime 11/18/10 Common 50,000
(1997) Plan Note 1
- - Options
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Employee
Stock Option Note 1 11/18/10 Common 950,000
(1997) Plan
- - Options
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1999
Incentive
And Anytime 10/25/09 Common 5,000
Nonqualified Note 1
Stock Option
Plan
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1999
Incentive
And Note 1 10/25/09 Common 95,000
Nonqualified
Stock Option
Plan
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Purchase
Option
Agreement Anytime None Common 775,000
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Table II (continued)
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1. Title of 8. Price 9. Number 10. Owner- 11. Nature
Derivative of of Deriva- ship of De- of
Securitiy Derivative tive rivative Indirect
(Instr. 3) Security Securi- Security; Beneficial
and ties Direct (D) Ownership
(Instr.5) Benefi- or (Instr. 4)
cially Indirect
Owned at (I)
end of (Instr. 4)
Month
(Instr. 4)
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Employee
Stock Option $0.56 50,000 (D)
(1997) Plan
- - Options
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Employee
Stock Option $0.56 950,000 (D)
(1997) Plan
- - Options
- ------------ ---------- ----------- ----------- ------------
1999
Incentive
And $0.91 5,000 (D)
Nonqualified
Stock Option
Plan
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1999
Incentive
And $0.91 95,000 (D)
Nonqualified
Stock Option
Plan
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Purchase
Option
Agreement $0.56 775,000 (D)
Explanation of Responses:
Note 1: Vesting of Stock Options is based on the achievement of certain
milestones. The first milestone, worth 5% of the total, has been achieved
and those shares have vested as shown. The balance of the shares will
vest based on the achievement of the following: 10% upon the prototype of
the LMS system being operational in one community; 15% upon receipt of at
least 25 purchase orders for LMS systems, from qualified purchasers,
having a minimum total value of CDN$5 million; 15% upon at least 25 LMS
systems, representing a minimum total revenue of CDN$5 million, having
been installed and operational; 25% upon gross revenue exceeding CDN$10
million; and, 35% upon gross revenue exceeding CDN $25 million.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)
/s/D.Bruce Sinclair April 7, 2000
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** Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2 pages.
