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| FORM 3 | U.S. SECURITIES AND EXCHANGE COMMISSION
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
Shepherd Mark A.
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(Last) (First) (Middle)
332 Minnesota Street, Suite 600
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(Street)
Saint Paul Minnesota 55101
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) 11/22/97
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3. IRS or Social Security Number of Reporting Person (Voluntary) 000-00-0000
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4. Issuer Name and Ticker or Trading Symbol Green Tree Financial Corporation
("GNT")
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5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
Senior Vice President
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6. If Amendment, Date of Original (Month/Day/Year) 11/25/97
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TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Bene- Direct (D) or Indirect Bene-
Security ficially Owned Indirect (I) ficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock 3,000 (D)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
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FORM 3 (continued)
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of In-
Security (Instr. 4) cisable and Underlying Derivative Security or Form of direct Bene-
Expiration (Instr. 4) Exercise Derivative ficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or In-
---------------------------------------------------- Security direct (I)
Date Expira- Amount or (Instr. 5)
Exer- tion Title Number of
cisable Date Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
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Stock Options (1) (2) 12/26/2005 Common Stock 40,000 $24.00 (D)
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Stock Options (1) (3) 05/15/2006 Common Stock 30,000 $33.375 (D)
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Stock Options (1) (4) 12/07/2006 Common Stock 30,000 $28.375(5) (D)
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Stock Options (1) (6) 11/22/2007 Common Stock 30,000 $33.50 (D)
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</TABLE>
Explanation of Responses:
**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.
/s/ MARK A. SHEPHERD Dec. 1, 1997
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**Signature of Reporting Person Date
By:
For:
(1) Granted pursuant to the Company's 1995 Employee Stock Option Plan.
(2) Vest in 1/5 increments annually beginning one year from date of grant
(12/26/95).
(3) Vest in 1/5 increments annually beginning one year from date of grant
(5/15/96).
(4) Vest in 1/5 increments annually beginning one year from date of grant
(12/7/96).
(5) If options are not exercised until after 12/7/2001, the price shall be
$23.375.
(6) Vest in 1/5 increments annually beginning one year from date of grant
(11/22/97).
