<PAGE>
As filed with the Securities and Exchange Commission on April 1, 1999
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
WINSTAR COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3585278
(State or Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
230 PARK AVENUE, SUITE 2700
NEW YORK, NEW YORK 10169
(Address of principal executive offices)
OTHER EMPLOYEE BENEFIT PLANS
(Full title of the Plans)
TIMOTHY R. GRAHAM,
Executive Vice President
WinStar Communications, Inc.
230 Park Avenue, Suite 2700
New York, New York 10169
(212) 584-4000
(Name, address and telephone number, including area code, of agent for service)
with a copy to:
DAVID ALAN MILLER, Esq.
Graubard Mollen & Miller
600 Third Avenue
New York, New York 10016
(212) 818-8800
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
Proposed
Proposed maximum maximum
Amount to be offering price aggregate Amount of
Title of Securities to be registered registered per share offering price registration fee
=================================================================================================================================
<S> <C> <C> <C> <C>
Common Stock issuable upon exercise of options 1,735,078 shares(1) $(2) $55,416,649(3) $15,394
outstanding under certain employee benefit plans
=================================================================================================================================
</TABLE>
(1) Pursuant to the Registrant's Shareholder Rights Plan adopted in July
1997, one preferred stock purchase right is attached to each share of
Common Stock.
(2) In accordance with Rule 457(h) promulgated under the Securities Act of
1933, as amended ("Securities Act"), the exercise prices payable for
the shares of Common Stock issuable upon exercise of outstanding
options granted pursuant to Benefit Plans are as follows: $13.75
(25,000 shares), $14.25 (2,500 shares), $14.38 (500 shares), $15.00
(32,603 shares), $16.31 (13,000 shares), $18.25 (1,000 shares), $19.31
(20,000 shares), 21.00 (4,500 shares), $21.50 (17,500 shares), $22.25
(36,000 shares), $23.75 (1,500 shares), $24.63 (25,000 shares), $25.69
(80,000 shares), $25.88 (1,000 shares), $25.94 (8,500 shares), $26.00
(50,500 shares), $26.25 (25,000 shares), $26.38 (3,500 shares), $26.81
(72,000 shares), $27.00 (32,500 shares), $27.44 (500 shares), $27.88
(149,500 shares), $28.81 (37,925 shares), $28.94 (8,000 shares), $29.06
(2,750 shares), $29.63 (7,750 shares), $29.94 (39,000 shares), $30.00
(38,475 shares), $30.13 (23,675 shares), $30.50 (500 shares), $30.63
(1,000 shares), $30.69 (900 shares), $31.50 (2,200 shares), $31.69
(3,175 shares), $31.75 (75,125
<PAGE>
shares), $32.00 (400 shares), $33.00 (1,500 shares), $33.25 (1,500
shares), $33.72 (10,000 shares), $33.94 (37,250 shares), $34.56 (500
shares), $35.00 (10,000 shares), $35.19 (107,100 shares), $35.38
(18,625 shares), $35.63 (290,000 shares), $36.38 (3,500 shares), $36.41
(16,950 shares), $36.44 (400 shares), $36.56 (23,550 shares), $36.63
(75,000 shares), $37.00 (1,500 shares), $37.38 (500 shares), $37.88
(1,000 shares), $38.25 (11,200 shares), $38.88 (2,100 shares), $39.00
(56,600 shares), $39.25 (1,000 shares), $39.50 (400 shares), $39.81
(10,000 shares), $40.00 (37,500 shares), $40.56 (7,200 shares), $40.75
(800 shares), $41.00 (33,700 shares), $41.25 (7,500 shares), $41.38
(2,000 shares), $41.81 (4,600 shares), $42.13 (8,525 shares), $42.38
(26,900 shares), $42.50 (400 shares), $42.75 (16,400 shares), $42.94
(60,900 shares), $43.00 (2,000 shares), $43.63 (1,500 shares), $44.38
(400 shares) and $44.44 (1,600 shares).
(3) The proposed maximum aggregate offering price is the sum of the
exercise prices of the options granted under Other Benefit Plans and
outstanding as of March 31, 1999, in accordance with Rule 457(h)
promulgated under the Securities Act.
---------------------
In accordance with the provisions of Rule 462 promulgated under the
Securities Act, the Registration Statement will become effective upon filing
with the Securities and Exchange Commission.
---------------------
<PAGE>
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information. *
Item 2. Registrant Information and Plan Annual Information.*
* Information required by Part I to be contained in the Section 10(a)
prospectus is omitted from this Registration Statement in accordance
with Rule 428 under the Securities Act and the Note to Part I of the
Instructions to Form S-8.
I-1
<PAGE>
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed by the Registrant with the
Securities and Exchange Commission (the "Commission") pursuant to the Securities
Exchange Act of 1934, as amended ("Exchange Act"), are incorporated by reference
in this Registration Statement:
(1) Annual Report on Form 10-K for the year ended December 31,
1998;
(2) Current Report on Form 8-K filed November 16, 1998, as amended
on February 2, 1999 and February 3 1999;
(3) Current Report on Form 8-K filed January 11, 1999, as amended
on February 2, 1999 and February 3, 1999; and
(4) The description of the Company's (i) Common Stock contained in
the Company's registration statement on Form 8-A under the
Exchange Act (File No. 1-10726) and (ii) Series B Preferred
Stock Purchase Rights contained in the Company's Registration
Statement on Form 8-A, as amended, under the Exchange Act
(File No. 0-20876).
All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment that indicates that all securities offered have been
sold or that deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be a part
hereof from the respective date of filing of such documents. Any statement
contained in a document incorporated by reference herein is modified or
superseded for all purposes to the extent that a statement contained in this
Registration Statement or in any other subsequently filed document that is
incorporated by reference modifies or replaces such statement.
Item 4. Description of Securities.
The Common Stock of the Registrant is registered under Section 12 of
the Exchange Act.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the General Corporation Law of the State of Delaware
empowers a Delaware corporation to indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending, or completed
action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer, employee, or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee, or agent of another corporation, partnership,
joint venture, trust, or other enterprise, against expenses (including
attorneys' fees), judgments, fines, and amounts paid in settlement actually and
reasonably incurred by such person in connection with such action, suit, or
proceeding if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the
corporation, and with respect to any criminal action or proceeding, had no
reasonable cause to believe that such person's conduct was unlawful. The
termination of any action, suit, or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, does not, of
itself, create a presumption that such person did not act
II-1
<PAGE>
in good faith and in a manner that such person reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that such
person's conduct was unlawful.
In the case of an action by or in the right of the corporation, Section
145 empowers a corporation to indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending, or completed action in
any of the capacities set forth above against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection with the
defense or settlement of such action or suit if such person acted in good faith
and in a manner such person reasonably believed to be in and not opposed to the
best interests of the corporation, except that indemnification is not permitted
in respect of any claim, issue, or matter as to which such person is adjudged to
be liable to the corporation unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought determines upon
application that, despite the adjudicate of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses that the Court of Chancery or such other court deems
proper. Section 145 further provides: that a Delaware corporation is required to
indemnify a director, officer, employee, or agent against expenses (including
attorneys' fees) actually and reasonably incurred by such person in connection
with any action, suit, or proceeding or in defense of any claim, issue, or
matter therein as to which such person has been successful on the merits or
otherwise; that indemnification provided for by Section 145 shall not be deemed
exclusive of any other rights to which the indemnified party may be entitled;
that indemnification provided for by Section 145 shall, unless otherwise
provided when authorized or ratified, continue as to a person who has ceased to
be a director, officer, employee, or agent and shall inure to the benefit of
such person's heirs, executors, and administrators; and empowers the corporation
to purchase and maintain insurance on behalf of a director or officer against
any such liability asserted against such person in any such capacity or arising
out of such person's status as such whether or not the corporation would have
the power to indemnify him against liability under Section 145. A Delaware
corporation may provide indemnification only as authorized in the specific case
upon a determination that indemnification of the director, officer, employee or
agent is proper in the circumstances because he has met the applicable standard
of conduct. Such determination is to be made (i) by the board of directors by a
majority vote of a quorum consisting of directors who were not party to such
action, suit, or proceeding, or (ii) if such a quorum is not obtainable, or,
even if obtainable a quorum of disinterested directors so directs, by
independent legal counsel in a written opinion, or (iii) by the stockholders.
The Registrant's By-Laws and Article Sixth of its Restated Certificate
of Incorporation provide for indemnification of directors and officers of the
Registrant to the fullest extent permitted by law, as now in effect or later
amended. Article IV of the Registrant's By-Laws provides that expenses incurred
by an officer or director in defending a civil or criminal action, suit, or
proceeding may be paid by the Registrant in advance of final disposition upon
receipt of an undertaking by or on behalf of such person to repay such amount if
it ultimately is determined that such person is not entitled to be indemnified
by the Registrant.
The Registrant currently provides liability insurance for each director
and certain officers for certain losses arising from claims or charges made
against them while acting in their capacities as directors or officers of the
Registrant.
Article Seventh of the Registrant's Restated Certificate of
Incorporation eliminates the personal liability of the directors of the
Registrant to the fullest extent permitted by the provisions of Section 102 of
the Delaware General Corporation Law, as the same may be amended and
supplemented.
Item 7. Exemption from Registration Claimed.
Not applicable.
II-2
<PAGE>
Item 8. Exhibits.
Exhibit No. Description
----------- -----------
4.1 Form of stock option agreement between the Registrant
and the option holder (incorporated by reference to the
Registrant Registration Statement on Form S-8, filed
with the Commission on March 5, 1998 (Commission File
No. 333-47391))
4.2 Schedule of Option Grants (filed herewith)
5.1 Opinion of Graubard Mollen & Miller (filed herewith)
23.1 Consent of Grant Thornton LLP, independent accountant
for Registrant (filed herewith)
23.2 Consent of Graubard Mollen & Miller (included in Exhibit
5.1) (filed herewith)
23.3 Consent of Grant Thornton LLP (filed herewith)
24.1 Power of Attorney (included on the signature page
hereto)
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration Statement;
(i) To include any prospectus required by
Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement (or the
most recent effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in the Registration Statement;
(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
Registration Statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the Registration
Statement.
(2) That, for the purpose of determining any liability under
the Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
II-3
<PAGE>
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing procedures, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
II-4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York, State of New York, on this 31st day of
March, 1999.
WINSTAR COMMUNICATIONS, INC.
By: /s/ William J. Rouhana, Jr.
-------------------------------------------
William J. Rouhana, Jr., Chairman of the Board
of Directors and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints William J. Rouhana, Jr. and Timothy R.
Graham his true and lawful attorneys-in-fact and agents, each acting alone, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any or all amendments to this
Registration Statement, including post-effective amendments, and to file the
same, with all exhibits thereto, and all documents in connection therewith, with
the Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, and hereby ratifies and
confirms all that said attorneys-in-fact and agents, each acting alone, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
<TABLE>
<CAPTION>
<S> <C> <C>
/s/ William J. Rouhana, Jr. Chairman of the Board of Directors and March 31, 1999
- ---------------------------------------- Chief Executive Officer (principal
William J. Rouhana, Jr. executive officer)
/s/ Nathan Kantor President, Chief Operating Officer and March 31, 1999
- ---------------------------------------- Director
Nathan Kantor
/s/ Charles T. Dickson Executive Vice President and Chief March 31, 1999
- ---------------------------------------- Financial Officer (principal financial
Charles T. Dickson officer)
/s/ Timothy R. Graham Executive Vice President, Secretary March 31, 1999
- ---------------------------------------- and Director
Timothy R. Graham
/s/ Joseph P. Dwyer Vice President, Finance (principal March 31, 1999
- ---------------------------------------- accounting officer)
Joseph P. Dwyer
/s/ Bert W. Wasserman Director March 31, 1999
- ----------------------------------------
Bert W. Wasserman
/s/ William J. vanden Heuvel Director March 31, 1999
- ----------------------------------------
William J. vanden Heuvel
/s/ Steven B. Magyar Director March 31, 1999
- ----------------------------------------
Steven B. Magyar
/s/ James I. Cash Director March 31, 1999
- ----------------------------------------
James I. Cash
</TABLE>
II-5
<PAGE>
EXHIBITS
Exhibit No. Description
----------- -----------
4.1 Form of stock option agreement between the Registrant
and the option holder (incorporated by reference to the
Registrant Registration Statement on Form S-8, filed
with the Commission on March 5, 1998 (Commission File
No. 333-47391))
4.2 Schedule of Option Grants (filed herewith)
5.1 Opinion of Graubard Mollen & Miller (filed herewith)
23.1 Consent of Grant Thornton LLP, independent accountant
for Registrant (filed herewith)
23.2 Consent of Graubard Mollen & Miller (included in Exhibit
5.1) (filed herewith)
24.1 Power of Attorney (included on the signature page
hereto)
II-6
<PAGE>
WinStar Communications, Inc. EXHIBIT 4.2
Other Benefit Plan Options
March 31, 1999
<TABLE>
<CAPTION>
Name of Option Holder Date of Grant No of Shares Exercise Price Total Exercise Price
- --------------------- ------------- ------------ -------------- --------------------
<S> <C> <C> <C> <C>
Abbey, Brandon 2/ 1/99 2,000 $42.94 $85,875
Abbott, Victoria 11/16/98 1,500 $30.13 $45,188
Ableman, Scott 9/14/98 4,500 $21.00 $94,500
Abrams, Claire 11/ 9/98 500 $33.94 $16,969
Adewole, Olu 11/16/98 500 $30.13 $15,063
Allessio, David 12/ 1/98 500 $27.88 $13,938
Ambrose, April 11/ 9/98 500 $33.94 $16,969
Anderson, Bremen 8/31/98 12,000 $22.25 $267,000
Anderson, Burke 8/31/98 12,000 $22.25 $267,000
Anderson, James 2/ 8/99 1,200 $42.38 $50,850
Anderson, Scott 1/ 4/99 800 $39.00 $31,200
Anderson, Scott 12/31/98 1,430 $15.00 $21,450
Armstead, Lisa 11/ 9/98 500 $33.94 $16,969
Arnold, Brooke 11/30/98 1,000 $28.81 $28,813
Aroner, Lee 2/ 9/99 400 $41.81 $16,725
Arthur, Robert 11/30/98 10,000 $28.81 $288,125
Ashley, Aaron 11/ 9/98 500 $33.94 $16,969
Ates, Robert 11/ 9/98 500 $33.94 $16,969
Atkins, David 11/18/98 500 $29.63 $14,813
Avery, Kimberly Nicole 11/ 2/98 500 $27.00 $13,500
Aviles, Sara 11/23/98 250 $29.94 $7,484
Bagby, Rahman 12/ 7/98 500 $30.00 $15,000
Bailey, Natalie 2/ 8/99 400 $42.38 $16,950
Baker, Glenn 2/ 1/99 700 $42.94 $30,056
Barnhart, Laura 1/21/99 200 $44.38 $8,875
Basnight, Mamie 11/30/98 500 $28.81 $14,406
Bautz, Robert 10/30/98 500 $26.38 $13,188
Bax, Floris 8/ 3/98 1,000 $33.00 $33,000
Beach, David 2/ 8/99 400 $42.38 $16,950
Beaty, Pamela D. 1/ 4/99 400 $39.00 $15,600
Bedford, Lori 2/ 1/99 3,000 $42.94 $128,813
Behneman, Madalyn 2/ 8/99 5,000 $42.38 $211,875
Beirne, Maureen E. 12/ 7/98 10,000 $30.00 $300,000
Belizaire, Alain 11/23/98 500 $29.94 $14,969
Bell, Brian 10/19/98 12,000 $16.31 $195,750
Bell, Maria 1/25/99 2,500 $42.13 $105,313
Benlazreg, Renetta 11/ 9/98 500 $33.94 $16,969
Bensman, Ian 1/19/99 400 $41.25 $16,500
Bentley, David 1/ 5/99 1,200 $38.25 $45,900
Bentley, Kevin 11/ 9/98 500 $33.94 $16,969
Berardino, Thomas 2/ 1/99 3,000 $42.94 $128,813
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Berquist, Clint 11/23/98 500 $29.94 $14,969
Bethel, Kristin 12/16/98 500 $35.19 $17,594
Beye, Rick 11/16/98 850 $30.13 $25,606
Bishop, Jeffrey 8/27/98 12,000 $26.81 $321,750
Bishop, Tracy 2/ 1/99 200 $42.94 $8,588
Blair, Jon 11/16/98 500 $30.13 $15,063
Bloemhard, Leo 11/13/98 7,500 $28.94 $217,031
Bohman, Carl 10/ 1/98 1,000 $23.75 $23,750
Borroughs, Chester 2/12/99 400 $37.88 $15,150
Boshard, Russell 11/10/98 10,000 $33.72 $337,188
Boston, Patricia 2/26/99 400 $32.00 $12,800
Boswell, William M. 3/ 9/98 10,000 $35.00 $350,000
Boucherie, Nicole 8/18/98 500 $31.75 $15,875
Boughey, Karla 1/27/99 500 $43.63 $21,813
Bowen, Fernando 2/10/99 500 $38.88 $19,438
Boyd, Richard 1/19/99 400 $41.25 $16,500
Boyle, Justin 2/ 1/99 400 $42.94 $17,175
Bozeman, Shannon 2/ 8/99 400 $42.38 $16,950
Brooks, David 1/ 4/99 500 $39.00 $19,500
Brooks, Jennifer 11/ 9/98 500 $33.94 $16,969
Brookshire, Dennis 1/11/99 400 $41.00 $16,400
Brown, Christopher 11/13/98 500 $28.94 $14,469
Brown, Denika 1/ 4/99 200 $39.00 $7,800
Brown, Denika 12/31/98 198 $15.00 $2,970
Brown, Steve 1/19/99 400 $41.25 $16,500
Brunatti, Rick 12/ 1/98 15,000 $27.88 $418,125
Bruno, Vincent 2/16/99 1,500 $36.41 $54,609
Bruske, Timothy 2/16/99 850 $36.41 $30,945
Buehler, Jane 11/ 4/98 1,000 $25.88 $25,875
Burch, Richard 1/ 4/99 200 $39.00 $7,800
Burch, Richard 12/31/98 104 $15.00 $1,560
Burke, Joseph 1/25/99 2,000 $42.13 $84,250
Burke, Owen 1/25/99 200 $42.13 $8,425
Burkert, Debbie 1/11/99 5,000 $41.00 $205,000
Busby, Kelley 11/30/98 500 $28.81 $14,406
Butkus, Algis 12/14/98 1,500 $31.75 $47,625
Buzanis, Skip 11/30/98 10,000 $28.81 $288,125
Cabrera, Rene 2/16/99 500 $36.41 $18,203
Calderon, John 1/ 4/99 200 $39.00 $7,800
Calnan, Catherine 11/ 9/98 500 $33.94 $16,969
Campbell, Val 11/16/98 500 $30.13 $15,063
Canada, Robert 11/11/98 500 $31.69 $15,844
Cancel, Jim 11/ 9/98 2,000 $33.94 $67,875
Cannon, Jr., William D. 2/ 1/99 4,000 $42.94 $171,750
Caputo, Thomas 11/16/98 1,000 $30.13 $30,125
Carmean, Douglas B. 1/ 4/99 800 $39.00 $31,200
Carmean, Douglas B. 12/31/98 148 $15.00 $2,220
Cartee, Wayne 2/16/99 2,000 $36.41 $72,812
Carton, Vincent 10/26/98 1,000 $25.94 $25,938
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Cetti, Stephanie 12/ 3/98 2,500 $26.38 $65,938
Chang, Jennifer 10/ 8/98 500 $14.38 $7,188
Chang, Lydia 1/11/99 2,000 $41.00 $82,000
Charles, Irma 11/20/98 500 $30.50 $15,250
Chertudi, John W. 1/ 4/99 400 $39.00 $15,600
Chertudi, John W. 12/31/98 99 $15.00 $1,485
Chew, Tony 11/ 2/98 4,000 $27.00 $108,000
Chidester, Jack 5/11/98 275,000 $35.63 $9,796,875
Cho, Jenni 2/ 8/99 400 $42.38 $16,950
Chung, Helen 1/ 4/99 200 $39.00 $7,800
Cintron, Miguel 11/30/98 425 $28.81 $12,245
Cipriano, Rocco 1/19/99 200 $41.25 $8,250
Clark, Gordon 1/ 4/99 800 $39.00 $31,200
Clark, Gordon 12/31/98 395 $15.00 $5,925
Clark, Jeffrey 11/ 9/98 500 $33.94 $16,969
Clark, Jennifer 11/ 9/98 250 $33.94 $8,484
Clarke, Jacqueline 2/16/99 400 $36.41 $14,562
Clarkson, Angela 2/16/99 400 $36.41 $14,562
Cockburn, Shezana 10/28/98 500 $26.00 $13,000
Cohen, Robert 11/ 6/98 1,000 $29.63 $29,625
Colbert, Wayne 11/11/98 500 $31.69 $15,844
Cole, Todd 1/ 4/99 700 $39.00 $27,300
Coleman, Kenneth 1/11/99 200 $41.00 $8,200
Coles, Michael 1/11/99 400 $41.00 $16,400
Coles, Michael 1/11/99 400 $41.00 $16,400
Colligan, Paul 1/ 4/99 400 $39.00 $15,600
Colligan, Paul 12/31/98 104 $15.00 $1,560
Cordero, Miriam 10/ 1/98 500 $23.75 $11,875
Coullahan, Irene 11/ 2/98 500 $27.00 $13,500
Craven, Laura 11/ 9/98 500 $33.94 $16,969
Crawford, Lisa 12/ 2/98 500 $27.00 $13,500
Crimi, Anna 1/27/99 500 $43.63 $21,813
Crombie, Paul 12/16/98 500 $35.19 $17,594
Crowder, Tunara D. 11/16/98 250 $30.13 $7,531
Curcio, Nicole 1/25/99 425 $42.13 $17,903
Davenport, Steven 2/ 8/99 400 $42.38 $16,950
Davis, Sara-Elizabeth 2/16/99 200 $36.41 $7,281
Davis, Tina 11/16/98 1,000 $30.13 $30,125
Davis-Akoto, Altovise 11/30/98 250 $28.81 $7,203
De Los Reyes, Maria 2/16/99 400 $36.41 $14,562
Dean, Nancy 1/ 4/99 500 $39.00 $19,500
Dean, Robert 1/ 4/99 850 $39.00 $33,150
Deas, Nannette 1/28/99 1,200 $41.38 $49,650
Defourny, Marc 1/ 4/99 2,500 $39.00 $97,500
DeLong, Phillip 12/16/98 600 $35.19 $21,113
Delvaglio, Aisha S. 2/22/99 400 $35.38 $14,150
Demshock, Alece 12/22/98 1,500 $36.38 $54,563
Denning, Penelope 1/15/99 200 $40.56 $8,113
Dennis, Maria 11/23/98 500 $29.94 $14,969
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
DeTone, Maureen 12/21/98 200 $36.56 $7,313
Devereaux, Mark 12/ 7/98 500 $30.00 $15,000
Devers, Greg 8/28/98 40,000 $25.69 $1,027,500
Diamond, Deborah 12/21/98 1,000 $36.56 $36,563
Dickson, William 1/ 4/99 200 $39.00 $7,800
Dickson, William 12/31/98 723 $15.00 $10,845
Dingle, John 1/ 4/99 500 $39.00 $19,500
Dion, Keith 2/ 1/99 400 $42.94 $17,175
Doaks, Mia 11/ 9/98 500 $33.94 $16,969
Dodd, Steven L. 12/21/98 2,500 $36.56 $91,406
Donati, Melissa D. 10/12/98 2,500 $14.25 $35,625
Draga, Nancy Anne 11/ 2/98 500 $27.00 $13,500
Drennen, Margaret 12/18/98 1,500 $37.00 $55,500
Drenon, Darryl 11/23/98 500 $29.94 $14,969
Duivenvoorden, Hans 1/ 4/99 1,000 $39.00 $39,000
Dunham, Carrie 11/16/98 500 $30.13 $15,063
The Dutko Group, Inc. 2/17/98 15,000 $35.63 $534,375
Duong, Paulette 1/19/99 400 $41.25 $16,500
Dvorak, Cherylee A. 2/22/99 400 $35.38 $14,150
Dyer, Pamela 1/ 4/99 400 $39.00 $15,600
Dyer, Pamela 12/31/98 628 $15.00 $9,420
Eagan, Tom 1/ 4/99 200 $39.00 $7,800
Ebert, Susan 11/ 9/98 500 $33.94 $16,969
Edgar, Scott 2/ 8/99 4,000 $42.38 $169,500
Ehmann, Diana 11/ 9/98 500 $33.94 $16,969
Einarsson, Kym 1/ 4/99 400 $39.00 $15,600
Ekman, Brian 12/ 7/98 500 $30.00 $15,000
Ellington, Virginia 1/ 7/99 400 $39.50 $15,800
Elliot, Kendria 2/ 9/99 200 $41.81 $8,363
Ellis, James C. 11/30/98 2,500 $28.81 $72,031
Elmore, Miriam K. 12/21/98 200 $36.56 $7,313
Eng, Corey S. 11/23/98 9,000 $29.94 $269,438
Engelhardt, Ronald 12/14/98 200 $31.75 $6,350
Engstrom, Wanda 1/ 4/99 800 $39.00 $31,200
Escobedo, German 11/ 9/98 500 $33.94 $16,969
Esslinger, Eric 2/22/99 200 $35.38 $7,075
Estrada, Jamie 11/ 2/98 500 $27.00 $13,500
Eubanks, Frederick 12/ 2/98 500 $27.00 $13,500
Evans, Victoria Devitt 1/11/99 200 $41.00 $8,200
Faber, Peter 12/28/98 500 $37.38 $18,688
Fabricant, Jay 2/ 8/99 400 $42.38 $16,950
Featherstone, Scott 11/16/98 500 $30.13 $15,063
Feingold, Jack 1/11/99 16,000 $41.00 $656,000
Feng, Larry 11/30/98 500 $28.81 $14,406
Ferguson, Scott 11/17/98 500 $30.63 $15,313
Fink, Michael 8/28/98 40,000 $25.69 $1,027,500
Fischer, Andres 1/25/99 400 $42.13 $16,850
Fischer, Brian 11/23/98 500 $29.94 $14,969
Fitch, Jason 2/ 8/99 400 $42.38 $16,950
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Flaherty, Kathleen R. 12/ 1/98 125,000 $27.88 $3,484,375
Fox, Brad 11/ 9/98 500 $33.94 $16,969
French, Kiawatha E. 2/22/99 200 $35.38 $7,075
Furr, Ronald 12/14/98 500 $31.75 $15,875
Gainer, Cass L. 2/ 8/99 400 $42.38 $16,950
Galbraith, Dennis 11/16/98 500 $30.13 $15,063
Garcia, Merle 11/11/98 250 $31.69 $7,922
Garlets, Daniel Allan 11/ 2/98 500 $27.00 $13,500
Gatimu, Karuana M. 8/27/98 12,000 $26.81 $321,750
Gayle, Jacklyn 1/ 4/99 1,200 $39.00 $46,800
Geisbush, David L. 1/ 4/99 400 $39.00 $15,600
Geisbush, David L. 12/31/98 97 $15.00 $1,455
Gestner, Kenneth 1/19/99 400 $41.25 $16,500
Gidaly, Daniella 11/ 2/98 7,500 $27.00 $202,500
Gill, Ofelia 11/23/98 500 $29.94 $14,969
Gist, Linda 1/ 4/99 500 $39.00 $19,500
Gleason, Michael 12/ 7/98 425 $30.00 $12,750
Glover, Davon 11/ 9/98 500 $33.94 $16,969
Glover, Patricia 11/ 9/98 500 $33.94 $16,969
Goldstein, Alex W. 2/ 9/99 4,000 $41.81 $167,250
Golomb, Pamela 11/23/98 1,000 $29.94 $29,938
Goncharov, Alexander 1/ 4/99 200 $39.00 $7,800
Goncharov, Alexander 12/31/98 652 $15.00 $9,780
Gonzalez, Michael 11/ 9/98 500 $33.94 $16,969
Goundar, Bal 12/14/98 400 $31.75 $12,700
Gramza, Brian 12/ 7/98 425 $30.00 $12,750
Gray, Kiviette 2/16/99 200 $36.41 $7,281
Green, John 2/ 1/99 400 $42.94 $17,175
Greene, Charles 11/16/98 500 $30.13 $15,063
Greene, George 1/20/99 1,200 $44.44 $53,325
Grogan, Barbara 12/ 7/98 500 $30.00 $15,000
Groover, Ralph 11/30/98 500 $28.81 $14,406
Gross, Rachel 2/22/99 1,200 $35.38 $42,450
Grounds, Gary 12/ 1/98 500 $27.88 $13,938
Guck, Bradley 12/14/98 500 $31.75 $15,875
Guirgis, Marie T. 12/21/98 200 $36.56 $7,313
Gurule, Tony 11/ 9/98 500 $33.94 $16,969
Gwaltney, Jon 11/ 2/98 500 $27.00 $13,500
Hackle, Kenya 11/ 9/98 500 $33.94 $16,969
Hahlen, Michael 11/ 9/98 500 $33.94 $16,969
Halfin, Bobbie 1/ 5/98 25,000 $24.63 $615,625
Hall, Patrick 12/ 7/98 2,500 $30.00 $75,000
Hammond, Kimberly 12/14/98 2,500 $31.75 $79,375
Harmon, Rick 12/14/98 500 $31.75 $15,875
Hartley, Diane 8/27/98 12,000 $26.81 $321,750
Hawk, Stephen 12/21/98 500 $36.56 $18,281
Haynes, Denise 11/23/98 500 $29.94 $14,969
Haynes, Jerry 11/23/98 500 $29.94 $14,969
Hearon, Jeffrey 12/ 7/98 425 $30.00 $12,750
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Heath-Rodriguez, Brandi 1/ 4/99 200 $39.00 $7,800
Hein, Charles 8/27/98 12,000 $26.81 $321,750
Hendon, Edmund 12/ 7/98 500 $30.00 $15,000
Hennessey, Mitzi L. 2/16/99 200 $36.41 $7,281
Hicks, Julie 2/16/99 400 $36.41 $14,562
Hidalgo, Joseph 12/ 7/98 1,000 $30.00 $30,000
Highland, Brian 1/ 4/99 400 $39.00 $15,600
Ho, Jonathan 2/ 8/99 400 $42.38 $16,950
Hoag, Michael 2/ 4/99 400 $42.50 $17,000
Hoffman, Matthew 11/ 2/98 500 $27.00 $13,500
Hogan, Michael 1/11/99 2,000 $41.00 $82,000
Hol, Renee 1/ 4/99 400 $39.00 $15,600
Housenbold, Jeffrey T. 9/ 8/98 17,500 $21.50 $376,250
Hovest, Garrett 2/ 1/99 2,000 $42.94 $85,875
Hudock, Joan 11/ 9/98 500 $33.94 $16,969
Huerta, Ralph 2/17/99 400 $36.38 $14,550
Hunter, James 2/ 8/99 400 $42.38 $16,950
Ingraham, Virginia 2/ 8/99 400 $42.38 $16,950
Ingram, Kenneth 11/16/98 500 $30.13 $15,063
Ivey, William 3/ 1/99 700 $31.50 $22,050
Jacobsen, Andrea 2/16/99 200 $36.41 $7,281
Jaeckel, Gary R. 1/19/98 50,000 $26.00 $1,300,000
Jenkins, Wendell 1/19/99 400 $41.25 $16,500
Joaquin, Brian 11/25/98 750 $29.06 $21,797
Johnson, Gary 11/ 6/98 5,000 $29.63 $148,125
Johnson, Lori 11/23/98 500 $29.94 $14,969
Johnson, Mark 12/ 9/98 500 $33.00 $16,500
Johnson, Mark W. 12/ 7/98 500 $30.00 $15,000
Johnson, Michelle 11/23/98 250 $29.94 $7,484
Johnson, Robert A. 1/ 4/99 200 $39.00 $7,800
Jones, Dena 11/ 9/98 500 $33.94 $16,969
Jones, Lisa 1/11/99 500 $41.00 $20,500
Karickhoff, Julie 1/25/99 400 $42.13 $16,850
Karriem, Aqueelah 11/23/98 250 $29.94 $7,484
Kearney-Vatter, Shannon 11/ 6/98 250 $29.63 $7,406
Keimig, John 1/22/99 2,000 $43.00 $86,000
Kekoolani, Barbara 11/ 9/98 500 $33.94 $16,969
Kelly, Joseph 12/ 1/98 500 $27.88 $13,938
Kendall, Vicki 2/ 8/99 400 $42.38 $16,950
Kenlaw, Dorothy 11/23/98 500 $29.94 $14,969
Keplar, Kristie 2/ 8/99 400 $42.38 $16,950
Keyes, Beth-Ellen 11/ 2/98 4,000 $27.00 $108,000
Khaliq, Naurin 2/22/99 400 $35.38 $14,150
Kilmer, Lawrence 11/11/98 1,000 $31.69 $31,688
Kindell, Rodney 11/30/98 1,500 $28.81 $43,219
King, Tracey A. 2/22/99 400 $35.38 $14,150
Knies, Kenneth 11/23/98 1,000 $29.94 $29,938
Koppoe, Solomon N. 11/ 2/98 2,000 $27.00 $54,000
Kosciuk, Marc 11/ 9/98 2,500 $33.94 $84,844
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Kosinski, Stephen J. 2/22/99 500 $35.38 $17,688
Kutz, Tom 1/11/99 1,000 $41.00 $41,000
Ladd, Jennifer L. 1/ 4/99 400 $39.00 $15,600
Lakshminarayana, Potharaju 2/ 1/99 2,000 $42.94 $85,875
Lang, Susan 11/16/98 500 $30.13 $15,063
Larson, Peter J. 1/ 5/99 10,000 $38.25 $382,500
Latimore, Craig 2/ 8/99 500 $42.38 $21,188
Lattimore, Vernon 11/23/98 500 $29.94 $14,969
Lau, Harrison 1/ 4/99 800 $39.00 $31,200
Lau, Harrison 12/31/98 1,209 $15.00 $18,135
Lauritzen, Bill 1/13/99 400 $40.75 $16,300
Lawrence, Kevin 2/16/99 1,500 $36.41 $54,609
Lee, Timothy 1/ 4/99 800 $39.00 $31,200
Lee, Timothy 12/31/98 533 $15.00 $7,995
Lehner, Ari 12/14/98 500 $31.75 $15,875
Lekas, Bill 12/21/98 200 $36.56 $7,313
Leppek, Wendy 11/16/98 500 $30.13 $15,063
Lerer, Kenneth B. 8/1/98 37,500 $40.00 $1,500,000
Levy, Allyson 12/10/98 1,000 $33.25 $33,250
Levy, Andrew 12/ 7/98 1,500 $30.00 $45,000
Lewin, Linda 11/23/98 2,500 $29.94 $74,844
Lewis, Darryl 1/11/99 500 $41.00 $20,500
Lewis, Gregory 1/13/99 400 $40.75 $16,300
Leyton, Walter 2/ 8/99 400 $42.38 $16,950
Liang, John 1/25/99 1,000 $42.13 $42,125
Liburd, Jasmine 12/14/98 500 $31.75 $15,875
Lier, Sonya 11/ 3/98 500 $27.44 $13,719
Lin, Ivy 2/ 1/99 400 $42.94 $17,175
Lindenhofen, Beth A. 2/22/99 200 $35.38 $7,075
Lindquist , Sherri 11/23/98 500 $29.94 $14,969
Lines, Shannon 11/30/98 750 $28.81 $21,609
Litteken, Joyce 11/30/98 500 $28.81 $14,406
Lofthus, Stephanie 11/23/98 500 $29.94 $14,969
Lombardo, Kevin 12/21/98 2,500 $36.56 $91,406
Longerbeam, Teresa 1/25/99 400 $42.13 $16,850
Lopez, Alverta 11/30/98 1,500 $28.81 $43,219
Lorimor, Rodney 1/ 4/99 400 $39.00 $15,600
Lorimor, Rodney 12/31/98 104 $15.00 $1,560
LoRusso, Nicole 11/30/98 250 $28.81 $7,203
Loryea, Robert 1/18/99 800 $40.56 $32,450
Lott, Leroy 12/22/98 400 $36.38 $14,550
Loughlin, Martin 11/16/98 2,000 $30.13 $60,250
Louis, Steven 10/19/98 500 $16.31 $8,156
Lowe, Ted 2/ 2/99 16,000 $42.75 $684,000
Luby, John 2/ 2/99 400 $42.75 $17,100
Luong, Xuan 11/ 9/98 250 $33.94 $8,484
Lyons, Fred 2/ 1/99 2,000 $42.94 $85,875
Lyons, Michael 8/27/98 12,000 $26.81 $321,750
Lyons, Roger Lee 1/ 4/99 400 $39.00 $15,600
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Ma, Ivan 11/23/98 500 $29.94 $14,969
Madison, Michael 2/ 1/99 400 $42.94 $17,175
Maher, John 12/21/98 6,000 $36.56 $219,375
Maleki, Chris 12/10/98 500 $33.25 $16,625
Marantz, Jane 12/16/98 5,000 $35.19 $175,938
Marquina, Elsa 1/18/99 1,000 $40.56 $40,563
Marsh, James 2/ 1/99 700 $42.94 $30,056
Martin, Lori 2/12/99 200 $37.88 $7,575
Martsvalov, Eduard 12/14/98 425 $31.75 $13,494
Masih, Bhavnita 11/30/98 500 $28.81 $14,406
Masters, Thomas 12/17/98 500 $34.56 $17,281
Matthews II, Daniel 11/ 9/98 500 $33.94 $16,969
Maynes, Julie 1/21/99 200 $44.38 $8,875
McCawley, Beth Ann 12/ 8/98 400 $30.69 $12,275
McDonnell, Michael 2/16/99 1,000 $36.41 $36,406
McDonnell, Thomas 1/ 4/99 1,500 $39.00 $58,500
McElroy, Mary 2/ 1/99 6,000 $42.94 $257,625
McEvoy, Jodie 11/30/98 500 $28.81 $14,406
McGregor, Katherine 11/23/98 500 $29.94 $14,969
McLaughlin, Bob M. 11/ 9/98 3,000 $33.94 $101,813
McLenigan, Michael 11/ 9/98 1,250 $33.94 $42,422
Mensinga, Jeroen 1/18/99 1,000 $40.56 $40,563
Metzger, Erich F. 8/27/98 12,000 $26.81 $321,750
Mielke, Jeffrey 11/ 9/98 500 $33.94 $16,969
Miles, James 1/19/99 1,000 $41.25 $41,250
Miller, Jonathan 3/ 1/99 1,500 $31.50 $47,250
Miller, Kim 11/23/98 500 $29.94 $14,969
Miller, Miriam 12/ 7/98 5,000 $30.00 $150,000
Miller, Sheila 2/ 1/99 1,200 $42.94 $51,525
Mills, George 11/23/98 500 $29.94 $14,969
Mills, Mary Ann 2/16/99 400 $36.41 $14,562
Mims, Del 11/30/98 500 $28.81 $14,406
Mirovsky, Frank 11/16/98 200 $30.13 $6,025
Mohanty , Madhumita 1/ 4/99 400 $39.00 $15,600
Molinaro, Sandra 2/ 8/99 800 $42.38 $33,900
Moore, Brent 2/ 1/99 9,000 $42.94 $386,438
Moore, Leroy 2/ 1/99 400 $42.94 $17,175
Morgan, Dave 11/23/98 500 $29.94 $14,969
Morgan, Tina 2/ 8/99 400 $42.38 $16,950
Morin, Edward 12/31/98 8,000 $39.00 $312,000
Morris, Bertina 12/ 3/98 500 $26.38 $13,188
Mourtaza, Maryam 11/16/98 500 $30.13 $15,063
Muldoon, Mary 2/ 1/99 1,200 $42.94 $51,525
Mullan, Evans 1/15/99 2,000 $40.56 $81,125
Murphy, William 11/16/98 250 $30.13 $7,531
Murray, Stephen 1/11/99 2,000 $41.00 $82,000
Nason, Christopher 2/ 8/99 400 $42.38 $16,950
Neeves, Rejane 11/16/98 500 $30.13 $15,063
Neuman, Eric 1/ 4/99 400 $39.00 $15,600
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Newell, Lori 2/ 8/99 400 $42.38 $16,950
Newman, Chad 2/ 8/99 400 $42.38 $16,950
Newman, Keea 2/ 1/99 400 $42.94 $17,175
Newton-Dala, Ingrid 2/ 8/99 400 $42.38 $16,950
Nguyen, Thai 2/ 1/99 400 $42.94 $17,175
Nguyen, Thai N. 1/ 4/99 200 $39.00 $7,800
Nickerson, Annette 12/ 7/98 200 $30.00 $6,000
Nishida, Lyle 1/ 4/99 800 $39.00 $31,200
Nix, Corianne 11/ 2/98 500 $27.00 $13,500
Nonnweiler, Cecile 9/ 1/98 1,000 $18.25 $18,250
Nunn, Susan 11/25/98 2,000 $29.06 $58,125
O'Doherty, Margaret 11/23/98 5,000 $29.94 $149,688
O'Gara, Mark 11/23/98 3,000 $29.94 $89,813
Ogletree, Tracie 12/ 1/98 500 $27.88 $13,938
Ohlson, Barry J. 10/26/98 5,000 $25.94 $129,688
Oladoyinbo, Lola 11/23/98 500 $29.94 $14,969
Olsby, Gregory S. 1/ 4/99 400 $39.00 $15,600
Olsby, Gregory S. 12/31/98 198 $15.00 $2,970
Ong, Daniel 11/ 2/98 500 $27.00 $13,500
Orellana, Orlando 11/23/98 500 $29.94 $14,969
Orr, Debra 2/ 1/99 400 $42.94 $17,175
Oswald, Marci 2/ 8/99 400 $42.38 $16,950
Otten, Sheryl 1/27/99 500 $43.63 $21,813
Pace, Donna 11/16/98 200 $30.13 $6,025
Pack, Bonnita 11/ 9/98 500 $33.94 $16,969
Palinkas, Paul 1/ 4/99 200 $39.00 $7,800
Panth, Naina 12/16/98 500 $35.19 $17,594
Patel, Samir 11/16/98 500 $30.13 $15,063
Patil, Sheila 2/ 1/99 400 $42.94 $17,175
Pattee, Anthony 11/ 2/98 500 $27.00 $13,500
Pauley, Aaron 11/ 9/98 500 $33.94 $16,969
Payne, Andrew 2/ 8/99 400 $42.38 $16,950
Pearce, Robin 2/ 1/99 400 $42.94 $17,175
Perry, Christopher 1/15/99 1,500 $40.56 $60,844
Perzan, Jeffrey D. 2/22/99 425 $35.38 $15,034
Peterson, Brian 2/ 1/99 400 $42.94 $17,175
Petty, Dwyatt 2/ 8/99 400 $42.38 $16,950
Pewitt, Clark 11/18/98 1,000 $29.63 $29,625
Pickett, Tonya 11/ 9/98 500 $33.94 $16,969
Poceous, Jennifer A. 2/16/99 200 $36.41 $7,281
Poholsky, Scott 1/ 4/99 2,950 $39.00 $115,050
Posey, Aleasia 2/ 8/99 400 $42.38 $16,950
Potere, William 2/ 1/99 1,000 $42.94 $42,938
Precopio, David 2/ 8/99 400 $42.38 $16,950
Prentice, Andrew 12/ 7/98 500 $30.00 $15,000
Price, Terry 12/ 7/98 2,000 $30.00 $60,000
Prieskorn, Alan 1/18/99 500 $40.56 $20,281
Pucci, Rick 1/ 8/99 10,000 $39.81 $398,125
Puccio, Alex 12/ 7/98 500 $30.00 $15,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Purcell, Michelle Leigh 2/ 8/99 400 $42.38 $16,950
Quinones, Joseph 1/11/99 700 $41.00 $28,700
Ragsdale, Tammie 11/23/98 500 $29.94 $14,969
Ramsay, Kristen 1/11/99 400 $41.00 $16,400
Ranson, Bradley 11/ 9/98 2,500 $33.94 $84,844
Redrup, Marsha 1/ 4/99 1,000 $39.00 $39,000
Reed, Candis 2/ 8/99 1,000 $42.38 $42,375
Reid, Derek 1/19/99 400 $41.25 $16,500
Renfro, Louis 11/17/98 500 $30.63 $15,313
Ricalde, Les 12/21/98 5,000 $36.56 $182,813
Richardson, Rania 2/ 8/99 1,200 $42.38 $50,850
Ridge, Maureen P. 2/22/99 400 $35.38 $14,150
Rieley, Margie 1/25/99 600 $42.13 $25,275
Roakes, Robert 11/23/98 500 $29.94 $14,969
Robinson, Erin 11/ 9/98 500 $33.94 $16,969
Robinson, Regina 11/23/98 500 $29.94 $14,969
Rocco, Vince 12/21/98 4,000 $36.56 $146,250
Rodrigez, Roland 1/ 4/99 200 $39.00 $7,800
Rodrigue, Patrick 2/22/99 200 $35.38 $7,075
Romano, Nicholas 12/ 1/98 5,000 $27.88 $139,375
Rose, Terry 11/ 9/98 500 $33.94 $16,969
Rosenthal, Mindy 1/19/98 25,000 $26.25 $656,250
Rosmus, Timothy E. 1/ 4/99 800 $39.00 $31,200
Rosmus, Timothy E. 12/31/98 99 $15.00 $1,485
Rouse, Moses 2/ 1/99 800 $42.94 $34,350
Rump, Genifer 11/23/98 500 $29.94 $14,969
Rupp, Richard 10/21/98 20,000 $19.31 $386,250
Ryan, Kevin S. 2/22/99 5,000 $35.38 $176,875
Salino, Jeffrey 11/16/98 2,000 $30.13 $60,250
Salloum, Jessica J. 2/17/99 400 $36.38 $14,550
Salvino, Patricia 11/ 2/98 250 $27.00 $6,750
Samantar, Yusuf 11/30/98 500 $28.81 $14,406
Sammarco, Patrick 1/11/99 2,000 $41.00 $82,000
Sanders, Anna 12/ 7/98 500 $30.00 $15,000
Sando, Arthur 12/14/98 65,000 $31.75 $2,063,750
Sanford, Matthew 2/10/99 1,000 $38.88 $38,875
Saunders, Michael 11/ 9/98 500 $33.94 $16,969
Schleiss, Sabina 2/16/99 400 $36.41 $14,562
Schneider, J.D., Donald S. 6/ 8/98 75,000 $36.63 $2,746,875
Schrutt, Lisa 2/22/99 4,000 $35.38 $141,500
Schumacher, Tresia 12/14/98 600 $31.75 $19,050
Sciacca, Andrew 11/30/98 1,000 $28.81 $28,813
Scott, Carlotta 12/14/98 500 $31.75 $15,875
Scott, Robert 11/30/98 500 $28.81 $14,406
Seidelman, Jason 11/ 2/98 500 $27.00 $13,500
Seinfeld, Kevin 1/19/99 1,500 $41.25 $61,875
Serano, Paul 1/ 4/99 500 $39.00 $19,500
Sheffield, Ramona 11/16/98 500 $30.13 $15,063
Shelley, Brian 2/12/99 400 $37.88 $15,150
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Sicinski, Tammy 12/21/98 500 $36.56 $18,281
Silberfarb, Jake 11/11/98 425 $31.69 $13,467
Simms, Jr., James 11/ 2/98 2,500 $27.00 $67,500
Simonson, Caridad 11/ 9/98 500 $33.94 $16,969
Sims, Benjamin 1/ 4/99 200 $39.00 $7,800
Sims, Ralph 1/ 4/99 3,000 $39.00 $117,000
Sinclair, Tracey 12/21/98 250 $36.56 $9,141
Skidmore, Chad 1/ 4/99 1,000 $39.00 $39,000
Skidmore, Chad 12/31/98 387 $15.00 $5,805
Skinner, Donna 11/23/98 500 $29.94 $14,969
Skipworth, Melanie 11/11/98 500 $31.69 $15,844
Smalls, Tonya 1/19/99 400 $41.25 $16,500
Smit, Michel 2/ 1/99 1,000 $42.94 $42,938
Smith, Allen 11/16/98 500 $30.13 $15,063
Smith, Bertha L. 2/16/99 4,000 $36.41 $145,624
Smith, Jeffrey M. 2/ 8/99 400 $42.38 $16,950
Snedeker, Thomas C. 10/26/98 2,500 $25.94 $64,844
Snider, Stacy 1/ 4/99 200 $39.00 $7,800
Snider, Stacy 12/31/98 104 $15.00 $1,560
Snook, John 2/22/99 2,500 $35.38 $88,438
Snyder, Joseph 11/16/98 500 $30.13 $15,063
Sohn, Michael 12/ 7/98 500 $30.00 $15,000
Somers, Gordon 2/22/99 200 $35.38 $7,075
Spangler, Jesse 11/ 9/98 500 $33.94 $16,969
Spaulding, Regina 2/16/99 200 $36.41 $7,281
Sperling-Dawson, Pamela 1/ 4/99 400 $39.00 $15,600
Spero, Matthew 2/11/99 400 $36.44 $14,575
Sprague, Amy K. 2/22/99 1,000 $35.38 $35,375
Steinberg, Benjamin 2/17/99 400 $36.38 $14,550
Stockamp, Jeff 1/ 4/99 400 $39.00 $15,600
Stockamp, Jeff 12/31/98 510 $15.00 $7,650
Stokes, Jair 2/ 1/99 2,000 $42.94 $85,875
Storck, Thane 1/ 1/99 2,500 $39.00 $97,500
Strong, Audrey 11/ 9/98 500 $33.94 $16,969
Sullivan, Daryl 12/ 7/98 10,000 $30.00 $300,000
Sundgren, Dan 2/10/99 600 $38.88 $23,325
Swearingen, Jill 11/30/98 250 $28.81 $7,203
Talich, Jeanne 1/ 4/99 200 $39.00 $7,800
Talich, Jeanne 12/31/98 1,866 $15.00 $27,990
Tan, Felix 8/31/98 12,000 $22.25 $267,000
Taylor, Chris 1/18/99 200 $40.56 $8,113
Taylor, Scott 12/ 1/98 2,000 $27.88 $55,750
Thompson, Janette 2/ 8/99 400 $42.38 $16,950
Thorne, Kathleen 11/30/98 500 $28.81 $14,406
Thurber, Mark 2/17/99 400 $36.38 $14,550
Tibbs, Donyell 11/23/98 500 $29.94 $14,969
Tidey, James 1/25/99 400 $42.13 $16,850
Tinknell, Rodrick 11/16/98 1,000 $30.13 $30,125
Todd, John J. 10/16/98 25,000 $13.75 $343,750
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Towson-Bailey, Paula 11/23/98 500 $29.94 $14,969
Tran, Juliette 11/ 9/98 1,000 $33.94 $33,938
Trekell, William 11/16/98 425 $30.13 $12,803
Tresnak, Christopher 11/16/98 500 $30.13 $15,063
Trieu, Thanh 1/20/99 400 $44.44 $17,775
Trotter, Donald 12/21/98 500 $36.56 $18,281
Trower, Christopher 1/19/99 400 $41.25 $16,500
Turner, Drew 11/ 9/98 500 $33.94 $16,969
Umstetter, April 11/ 2/98 250 $27.00 $6,750
Underwood, John Michael 2/ 8/99 1,200 $42.38 $50,850
Underwood, Kimberly 10/19/98 500 $16.31 $8,156
Uze, Barton 1/19/99 800 $41.25 $33,000
van de Graaf, Laura 2/ 1/99 1,000 $42.94 $42,938
van Veen, David 1/ 4/99 1,000 $39.00 $39,000
van Veen, David 12/31/98 2,204 $15.00 $33,060
Vance-Smith, Adriane 11/30/98 500 $28.81 $14,406
Varga, Tom 12/31/98 1,452 $15.00 $21,780
Varga, Tom 12/31/98 11,200 $15.00 $168,000
Varga, Tom 12/31/98 8,000 $39.00 $312,000
Vazquez-Hodgson, Lissette 11/ 9/98 500 $33.94 $16,969
Venable, Michelle A. 2/22/99 1,000 $35.38 $35,375
Vogel, William 12/16/98 100,000 $35.19 $3,518,750
Waggoner, Ellen 1/ 4/99 2,000 $39.00 $78,000
Waggoner, Ellen 12/31/98 395 $15.00 $5,925
Waggoner, Ellen 12/31/98 7,467 $15.00 $112,005
Wagner, Benjamin 11/30/98 2,500 $28.81 $72,031
Walker, Michael 1/ 4/99 500 $39.00 $19,500
Wallis, James 11/ 9/98 500 $33.94 $16,969
Walton, John A. 2/ 1/99 2,400 $42.94 $103,050
Walton, Trina 11/ 9/98 500 $33.94 $16,969
Ward, Terry O. 1/28/99 800 $41.38 $33,100
Ware, John 11/16/98 500 $30.13 $15,063
Wasserman, Stephen 2/ 1/99 8,000 $42.94 $343,500
Waters, Terry 12/14/98 500 $31.75 $15,875
Waters, Wanda 2/ 8/99 400 $42.38 $16,950
Watson, John 11/16/98 1,000 $30.13 $30,125
Weber, Becky 1/ 4/99 400 $39.00 $15,600
Weber, Becky 12/31/98 198 $15.00 $2,970
Welling, Michael 11/ 9/98 2,500 $33.94 $84,844
White, Brian 12/ 8/98 500 $30.69 $15,344
Whitney, Rebecca 11/ 9/98 500 $33.94 $16,969
Wick, Corey 2/ 8/99 400 $42.38 $16,950
Wiget, Sherrie 11/ 9/98 500 $33.94 $16,969
Wild, Sam 2/16/99 1,000 $36.41 $36,406
Wiley, Tonya 2/ 8/99 400 $42.38 $16,950
Wilhour, Mark 11/23/98 500 $29.94 $14,969
Williams, Chad B. 2/ 1/99 700 $42.94 $30,056
Williams, Monique 1/25/99 200 $42.13 $8,425
Williamson, Darian 11/23/98 500 $29.94 $14,969
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Willis, Shawndra 11/16/98 500 $30.13 $15,063
Wilson, Matthew 1/14/99 1,000 $39.25 $39,250
Wilson, Robert 2/16/99 1,000 $36.41 $36,406
Winters, Lisa 11/23/98 250 $29.94 $7,484
Wojciechowski, Jodi 11/ 9/98 500 $33.94 $16,969
Wolf, Lynn 11/ 2/98 5,000 $27.00 $135,000
Woodle, Jeffrey 1/19/99 400 $41.25 $16,500
Wright, Brian 1/ 4/99 200 $39.00 $7,800
Wright, Brian 12/31/98 99 $15.00 $1,485
Wright, Earl 11/16/98 1,000 $30.13 $30,125
Wright, Kristopher 11/ 2/98 500 $27.00 $13,500
Yamada, Tom 11/23/98 2,000 $29.94 $59,875
Yang, James 2/ 1/99 2,000 $42.94 $85,875
Yang, Sam 12/ 1/98 500 $27.88 $13,938
Yankee, Eric 11/16/98 1,000 $30.13 $30,125
Yeager, Jennifer 11/ 9/98 500 $33.94 $16,969
Yemma, Beth 2/ 5/99 200 $42.94 $8,588
Young, Elaine 11/16/98 500 $30.13 $15,063
Young, Shayne 12/14/98 500 $31.75 $15,875
---------------- -------------------
TOTALS 1,735,078 $55,416,649
$15,393.51
</TABLE>
<PAGE>
EXHIBIT 5.1
GRAUBARD MOLLEN & MILLER
600 Third Avenue
New York, NY 10016
March 31, 1999
WinStar Communications, Inc.
230 Park Avenue, Suite 2700
New York, New York 10169
Re: Registration Statement on Form S-8
----------------------------------
Ladies and Gentlemen:
We have acted as counsel to you in connection with the
offering by WinStar Communications, Inc. ("Company"), of up to 1,735,078 shares
of the Company's Common Stock, $.01 par value per share ("Common Stock"),
pursuant to options outstanding under certain of the Company's employee benefit
plans.
In such capacity, we have examined, among other documents, the
plans and the forms of the Stock Option Agreements between the Company and the
grantees of options under the plans, copies of the Restated Certificate of
Incorporation, as amended, and By-Laws, as amended, of the Company, and copies
of resolutions adopted by the Company's Board of Directors relating to the
authorization and sale of the shares of Common Stock to be sold pursuant to the
plans. We have assumed that all of the Stock Option Agreements between the
Company and the grantees of options under the plans are in the same form as the
forms of Stock Option Agreements we examined. In addition, we have examined and
relied upon, to the extent we deemed such reliance proper, certificates of
officers and directors of the Company, certificates of certain public officials
and such other records and documents as we have considered necessary and proper
in order that we may render the opinion hereinafter set forth. We have assumed
the authenticity of such Restated Certificate of Incorporation, as amended,
By-Laws, as amended, resolutions, certificates, records and other documents
examined by us and the correctness of all statements of fact contained therein,
and nothing has come to our attention that indicates that such documents and
other items are not authentic or correct. With respect to such examination, we
have assumed the genuineness of all signatures appearing on all documents
presented to us as originals and the conformity to originals of all documents
presented to us as conformed or reproduced documents. We have not examined the
certificates for the shares of Common Stock other than specimens thereof.
As members of the Bar of the State of New York, we do not
purport to be experts in the laws of any jurisdiction other than the State of
New York and with respect to the federal laws of the United States.
Based on the foregoing, we are of the opinion that the shares
of Common Stock being offered pursuant to the plans, and the terms of the plans,
have been duly authorized and, when issued and delivered against payment
therefor, as contemplated by the Stock Option Agreements, will be validly issued
and fully paid and non-assessable.
We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement, to the use of our name as your counsel, and to
all references made to us in the Registration Statement. In giving this consent,
we do not hereby admit that we are in the category of persons whose consent is
required under Section 7 of the Securities Act, or the rules and regulations
promulgated thereunder.
<PAGE>
WinStar Communications, Inc.
March 31, 1999
Page 2
This opinion is being delivered to you solely for your benefit
and may not be relied upon in any manner by any other person.
Very truly yours,
/s/ Graubard Mollen & Miller
----------------------------
GRAUBARD MOLLEN & MILLER
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We have issued our reports dated March 25, 1999, accompanying the consolidated
financial statements and schedule of WinStar Communications, Inc. and
Subsidiaries appearing in the Annual Report on Form 10-K for the year ended
December 31, 1998, which are incorporated by reference in this Registration
Statement on Form S-8. We consent to the incorporation by reference of the
aforementioned reports in the Registration Statement.
/s/ GRANT THORNTON LLP
- ----------------------
GRANT THORNTON LLP
New York, New York
March 25, 1999
