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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[_] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Sarna David E.Y.
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(Last) (First) (Middle)
Continental Plaza, Building III
433 Hackensack Avenue
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(Street)
Hackensack NJ 07601
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
ObjectSoft Corporation - OSFT
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
12/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chairman, Co-Chief Executive Officer & Secretary
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock, par
value $.0001 per share 12/22/98 P 10,000 A $0.75 607,000(1)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Option to
Purchase
Common Stock $1.45(2) (2) 6/30/01 Common 50,000 D
Stock
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Option to
Purchase
Common Stock $1.45 (3) 7/8/03 Common 50,000 D
Stock
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Warrant to
Purchase
Common Stock $ .50 4/15/93 4/30/00 Common 50,000 150,000 D
Stock
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</TABLE>
Explanation of Responses:
(1) Includes 150,000 shares of common stock owned by The David E. Y. Sarna
Family Trust of which Mr. Sarna's wife and Melvin Weinberg are the trustees
and as to which shares Mr. Sarna disclaims beneficial ownership.
(2) On July 9, 1998, the Stock Option Committee of the Board of Directors of
the Issuer resolved to reprice an option to purchase 50,000 shares of
common stock granted to the Reporting Person under the Issuer's Stock
Option Plan. The exercise price of the option was repriced to $1.45 from
$3.50 and the option which was previously fully vested was changed to
provide for the vesting of 25,000 shares of common stock as of July 9, 1998
and 25,000 shares of common stock as of July 9, 1999.
(3) The option is exercisable as to 25,000 shares of common stock as of July 9,
1998 and 25,000 shares of common stock as of July 9, 1999.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ David E.Y. Sarna December 23, 1998
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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 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.
Page 2 SEC 1474 (7-96)
