<PAGE> 1
- ------
FORM 4
- ------
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / CHECK BOX IF NO
LONGER SUBJECT TO Filed pursuant to Section 16(a) of the Securities
SECTION 16. FORM 4 Exchange Act of 1934, Section 17(a) of the
OR FORM 5 OBLIGATIONS Public Utility Holding Company Act of 1935
MAY CONTINUE. SEE or Section 30(f) of the Investment Company
INSTRUCTION 1(b). Act of 1940
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Sincox David S. I. Diamond Technology, Inc. (SIDT) Issuer (Check all applicable)
- --------------------------------------------- ---------------------------------------------- X Director 10% Owner
(Last) (First) (Middle) 3. IRS Identification 4. Statement for ---- ---
3006 Longhorn Blvd., Suite 107 Number of Reporting Month/Year Officer (give Other (Specify
- --------------------------------------------- Person, if an Entity 5/98 ---- title --- below)
(Street) (Voluntary) ------------------ below)
Austin, Texas 78758 5. If Amendment,
- --------------------------------------------- Date of Original --------------------------------------
(City) (State) (Zip) (Month/Year)
7. Individual or Joint/Group Filing
------------------ (Check applicable line)
X Form filed by one
---- Reporting Person
Form filed by more than
---- one Reporting Person
- ------------------------------------------------------------------------------------------------------------------------------------
TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. 8) End of Month Direct Benefi-
(Month/ (Instr. 3 and 4) (D) or cial
Day/ --------------------------------------- Indirect Owner-
Year) Code V Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 61,213 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
*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. (Over)
(Print or Type Response)
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Expiration Securities Deriv-
Price of (Month/ (Instr. Acquired (A) Date (Instr. 3 and 4) ative
Deriv- Day/ 8) or Disposed (Month/Day/ Secur-
ative Year) of (D) Year) ity
Security (Instr. 3, (Instr. 5)
4, and 5) -----------------------------------------------------
Date Expira- Amount or
---------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option - Rt. to Buy $4.670 5/11/98 D 15,000 (1) Common Stock 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 15,000 (1) 1/19/05 Common Stock 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $2.00 5/11/98 D 5,000 (1) Common Stock 5,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 5,000 (1) 1/19/05 Common Stock 5,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $2.3125 5/11/98 D 15,000 (1) Common Stock 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 15,000 (1) 7/29/06 Common Stock 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $2.00 5/11/98 D 5,000 (1) Common Stock 5,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 5,000 (1) 7/29/06 Common Stock 5,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $1.125 5/11/98 D 20,000 (2) Common Stock 20,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 20,000 (2) Common Stock 20,000
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy $0.375 5/11/98 A 150,000 (2) 5/11/08 Common Stock 150,000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative Form of Indirect
(Instr. 3) Securities Derivative Beneficial
Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect (I)
(Instr. 4) (Instr. 4)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy 15,000 D
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy 5,000 D
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy 15,000 D
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy 5,000 D
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy -0-
- -------------------------------------------------------------------------------------------------------
Stock Option - Rt. to Buy 150,000 D
- -------------------------------------------------------------------------------------------------------
Explanation of Responses:
(1) These options vest in the following portions: 1/16 of the options every 3 months for the first year following the original grant
date and 1/4 of the options remaining on the anniversary date of the original grant for the next succeeding 3 years.
(2) These options are fully vested on the date of grant.
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. /s/ David Sincox 6-9-98
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
</TABLE>
