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- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
- -------- -----------------------------
/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: SEPTEMBER 30, 1998
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
Perlmutter, Norman Horizon Group, Inc./HGI (1) X Director 10% Owner
---- ----
- --------------------------------------------------------------------------------------------- Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
c/o Heitman Financial Person (Voluntary) ----------------- ------------------
180 N. LaSalle Street 6/98
- -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, (Check Applicable Line)
Date of Original -X-Form filed by One Reporting Person
(Month/Year) ---Form filed by More than One
Chicago Illinois 60601 Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ ------------------------------------------- Month Indirect Owner-
Year) (A) or (I) ship
Code V Amount (D) Price (Instr. 3 (Instr. 4) (Instr. 4)
and 4)
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Common Stock, par value
$0.01 per share, of Horizon 6/15/98 J(2) 1,344 D (2) 0 D
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6/15/98 J(2) 1,280 D (2) 0 I By Self as
Trustee for
children
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6/15/98 J(2) 8,672 D (2) 0 I By Spouse
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Common Stock, par value
$0.01 per share, of Prime 6/15/98 J(2) 802 A (2) D
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6/15/98 J(2) 764 A (2) I By Self as
Trustee for
children
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6/15/98 J(2) 5,177 A (2) I By Spouse
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6/19/98 C 154,500 A (3) I By Spouse
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6/24/98 C 77,100 A (3) I By Spouse
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6/17/98 S 90,000 D 13.25 I By Spouse
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6/18/98 S 26,300 D 13.25 I By Spouse
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6/19/98 S 38,200 D 13.25 I By Spouse
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6/22/98 S 77,100 D 13.19 6,743 I By Spouse
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v). SEC 1474 (7-97)
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 CONTROL NUMBER.
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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 Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
--------------------
Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
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Horizon Director/Employee $12.50 6/15/98 J(4) 125,000
Stock Option
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Prime Director/Employee $12.50 6/15/98 J(4) 114,912 6/15/98 3/31/07
Stock Option
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Horizon Director/Employee $24.38 6/15/98 J(4) 5,000
Stock Option
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Prime Director/Employee
Stock Option $24.38 6/15/98 J(4) 4,596 6/15/98 6/30/05
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Prime Nonemployee Director
Stock Option $13.44 6/15/98 A 5,000 6/15/98 6/15/08
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Prime Series B Preferred
Stock, par value $0.01 per share (5) 6/15/98 J(2) 268 6/15/98 none
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(5) 6/15/98 J(2) 256 6/15/98 none
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(5) 6/15/98 J(2) 1,734 6/15/98 none
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Prime Retail, L.P. Common Unit (6) 6/15/98 J(6) 1,003,213
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(7) 6/15/98 J(6) 922,253 6/15/98 none
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(7) 6/19/98 C 154,500 6/15/98 none
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(7) 6/24/98 C 77,100 6/15/98 none
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- ------------------------------------------------------------------------------------------
7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
<S><C>
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Common Stock 125,000 (4) 0 D
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Common Stock 114,912 (4) 114,912 D
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Common Stock 5,000 (4) 0 D
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Common Stock 4,596 (4) 4,596 D
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Common Stock 5,000 N/A 5,000 D
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Common Stock 320 (2) D
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Common Stock 306 (2) I By Self as
Trustee for
children
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Common Stock 2,074 (2) 2,700 I By Spouse
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Common Stock 1,003,213 (6) 0 I By Spouse
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Common Stock 922,253 (6) I By Spouse
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Common Stock 154,500 (3) I By Spouse
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Common Stock 77,100 (3) 690,653 I By Spouse
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Explanation of Responses: SEE PAGE 3 OF 3 (ATTACHED)
/s/ Norman Perlmutter July 10, 1998
----------------------------------- -----------
**Intentional misstatements or omissions of facts constitute **Signature of Reporting Person Date
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 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 (7-97)
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FORM 4 - CONTINUED
1. NAME AND ADDRESS OF REPORTING PERSON: Norman Perlmutter
2. ISSUER NAME AND TICKER OR TRADING SYMBOL: Horizon Group, Inc./HGI
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY):
4. STATEMENT FOR THE MON/YEAR: June/1998
**************************
(1) On June 15, 1998, Horizon Group, Inc. ("Horizon") merged into Sky Merger
Corp., a wholly owned subsidiary, and immediately thereafter, Prime
Retail, Inc. ("Prime") merged into Sky Merger Corp. (the "Merger").
The surviving corporation in the Merger changed its name to Prime
Retail, Inc. and is trading under the symbol PRT.
(2) Common shares of Horizon were converted into common shares of Prime and
Series B Preferred Stock of Prime at the exchange ratio of 0.597 of a
share of Prime common stock and 0.20 of a share of Prime Series B
Preferred Stock per share of Horizon common stock in the Merger.
(3) Conversion of common units of Prime Retail, L.P. into common shares of
Prime was on a one for one basis.
(4) The Horizon Director/Employee Stock Options were assumed by Prime and
are now exercisable for shares of Prime common stock, equal to the
product of (A) 0.9193 times (B) the number of common shares of Sky
Merger Corp. subject to such option, on the same terms except the
options continue to be exercisable regardless of death, disability or
termination of optionee.
(5) Shares of Prime Series B Preferred Stock are convertible on a 1.19617 to
one basis into shares of common stock of Prime.
(6) Common units of Horizon Group, L.P., which were exchangeable on a one to
one basis into shares of common stock of Horizon, were converted into
common units of Prime Retail, L.P. at the exchange ratio of 0.9193 of a
common unit of Prime Retail, L.P. per common unit of Horizon Group, L.P.
(7) Common units of Prime Retail, L.P. are exchangeable on a one to one
basis into shares of common stock of Prime.
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