<TABLE>
<CAPTION>
<S> <C>
/ / CHECK BOX IF NO LONGER ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
SUBJECT TO SECTION 16.
FORM 4 OR FORM 5 OBLI- Filed pursuant to Section 16(a) of the Securities
GATIONS MAY CONTINUE Exchange Act of 1934, Section 17(a) of the Public
SEE INSTRUCTION 1(b). Utility Holding Company Act of 1935 or Section 30(f)
/ / FORM 3 HOLDINGS REPORTED of the Investment Company Act of 1940
/X/ FORM 4 TRANSACTIONS REPORTED
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<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(s) |
| |to Issuer |
ASHMAN, JAMES P. | CAI WIRELESS SYSTEMS, INC.(CWSS) |(Check all applicable) |
(Last) (First) (Middle)| ----------------------------------- |____ Director ____ 10% Owner |
|3. I.R.S. Identification 4. Statement for |_X__ Officer (give ____ Other |
| Number of Reporting Month/Year | title (specify |
18 CORPORATE WOODS BOULEVARD | Person, if an entity March 1999 | below) below) |
(Street) | (voluntary) 5. If Amendment, | EVP AND CFO |
| Date of |7. Individual or Joint/Group Reporting |
ALBANY, NEW YORK 12211 | Original | (check applicable line) |
(City) (State) (Zip) | (Month/Year) | _X__ Form Filed by One Reporting Person|
| | ____ Form Filed by More than One |
| | Reporting Person |
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</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Title of Security |2. Transaction |3. Transaction |4. Securities Acquired (A)|5. Amount of |6. Ownership |7. Nature of|
(Instr. 3) |Date (Month/ |Code (Instr. 8) |or Disposed of (D) |Beneficially |Form: Direct |Indirect |
|Day/Year) | |(Instr. 3,4 and 5) |Owned at end |(D) or |Beneficial |
| | | ----------------------- |of Issuer's |Indirect (I) |Ownership |
| | | | | |Fiscal Year |(Instr. 4) |(Instr. 4) |
| | | |(A) or| |(Instr. 3 | | |
| | | Amount | (D) | Price |and 4) | | |
| | | | | | | | |
- -------------------------------------------------------------------------------------------------------------------------------|
None | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
- -------------------------------------------------------------------------------------------------------------------------------|
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FORM 5 (continued
Table II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
1.Title |2.Conver-|3.Trans- |4.Trans- |5.Number of |6.Date |7. Title and |8. Price |9. Number |10. Owner- |11. Nature|
of |sion or |action |action |Derivative |Exercisable |Amount of |of Deriva-|of Deri- |ship of |of |
Derivative|Exercise |Date |Code |Securities |and Expiration |Underlying |tive |vative |Derivative |Indirect |
Security |Price of |(Month/ |(Instr. |Acquired(A) |Date(Month/ |Securities |Security |Securities|Security: |Beneficial|
(Instr.3) |Deriva- |Day/Year)|8) |or Disposed |Day/Year) |(Instr.3 |(Instr.5) |Benefic- |Direct (D) |Ownership |
|tive | | |of(D) | |and 4) | |ially |or Indirect|(Inst. 4) |
|Security | | |(Instr. 3, |----------------|--------------| |Owned at |(I) | |
| | | |4 and 5) |Date | Expira-| |Amount | |End of |(Instr. 4) | |
| | | |-------------|Exer- | tion |Title |Number | |Year | | |
| | | |(A) | (D) |cisable| Date | |of | |(Instr.4) | | |
| ($) | | | | | | | |Shares | | | | |
- ----------|---------|---------|---------|-----|-------|-------|--------|------|------ |----------|----------|-----------|----------|
Option to | * |01/19/99 | D4* | |171,150| * | * |Common|171,500| * | 0 | | |
Purchase | | | | | | | |Stock | | | | | |
- ----------|---------|---------|---------|-----|-------|-------|--------|------|--- ---|----------|----------|-----------|----------|
Option to | $0.875 |01/19/99 | A4** | ** | | ** | ** |Common|150,000| ** | ** | (D) | |
Purchase | | | | | | | |Stock | | | | | |
- ----------|---------|---------|---------|-----|---- -|-------|--------|------|--- ---|----------|----------|-----------|----------|
</TABLE>
Explanation of Responses:
SEE ATTACHED PAGE.
<TABLE>
<CAPTION>
<S> <C> <C>
** Intentional misstatements or omissions of facts /s/ James P. Ashman 5-13-99
constitute Federal Criminal Violations, ** Signature of Reporting Person Date
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
</TABLE>
Note: File three copies of this Form, one of which must be manually signed.
If space provided 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>
Form 5 - Statement of Changes in Beneficial Ownership
Reporting Person: James P. Ashman (the "Reporting Person")
CAI Wireless Systems, Inc. (the "Issuer")
Explanation of Responses
* The Reporting Person was awarded options to purchase 171,150 shares of
common stock, par value $.01 per share (the "CAI Common Stock"), of CAI
Wireless Systems, Inc. on October 14, 1998 pursuant to the Issuer's Plan
of Reorganization and Issuer's 1998 Stock Option Plan (the "Option Plan").
The Reporting Person's award consists of options to purchase 34,230 shares
of CAI Common Stock having an exercise price of $4.76 per share, options
to purchase 34,230 shares of CAI Common Stock having an exercise price of
$6.78 per share, options to purchase 34,230 shares of CAI Common Stock
having an exercise price of $8.79 per share and options to purchase 68,460
shares of CAI Common Stock having an exercise price of $10.81 per share.
All options granted to the Reporting Person were to vest upon the
occurrence of a "Trigger Event," as defined in the Option Plan.
The options expired on the tenth anniversary of the granting thereof,
provided that unvested options lapse and expire to the extent of 50% thereof
after the 18-month anniversary of the granting thereof and 100% thereof lapse
and expire after the 24-month anniversary of the granting thereof. On January
19, 1999, Reporting Person surrendered these options in exchange for options to
purchase 150,000 shares of CAI Common Stock, more fully described below.
** On January 19, 1999, the Reporting Person was awarded options to purchase
150,000 shares of CAI Common Stock under the Option Plan. These options have
an exercise price of $0.875 per share and vest on the earlier to occur of (i) a
change of control of Issuer, (ii) consummation of a material third party
acquisition or merger, a material equity investment in Issuer, a material joint
venture and/or take-or-pay arrangement, any other material third party
transaction with respect to the use of Issuer's MMDS spectrum, and/or any other
material third party transaction having a substantially similar economic effect
on Issuer as the foregoing, determined by the Governance and Compensation
Committee of Issuer's Board of Directors, in its good faith, reasonable
judgment; provided that, in the case of any such event other than an
acquisition, merger or equity investment, when considered with any such other
event in which CAI is participating, such event(s), taken together, in the good
faith judgment of the Governance and Compensation Committee, based on the
advice of Issuer's financial advisor, would permit the Issuer to finance its
business plan, or (iii)(a) to the extent of one-half of the options when the
average trading price of Issuer's common stock has been at or above $12.82 per
share for 60 consecutive trading days, or (b) in whole, when the average
trading price of Issuer's common stock has been at or above $19.23 per share
for 45 consecutive trading days. The options expire on the tenth anniversary of
the granting thereof, provided that unvested options lapse and expire to the
extent of 50% thereof after the 18-month anniversary of the granting thereof
and 100% thereof lapse and expire after the 24-month anniversary of the
granting thereof.
