------------------------------
OMB APPROVAL
------------------------------
OMB Number 3235-0287
Expires: February 1, 1997
Estimated average burden
hours per response ....... 0.5
------------------------------
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 1934 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
================================================================================
1. Name and Address of Reporting Person*
Gleason John S.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Kellstrom Industries, Inc., 14000 NW 4th Street
- --------------------------------------------------------------------------------
(Street)
Sunrise FL 33325
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer Name and Ticker or Trading Symbol
Kellstrom Industries, Inc. (KELL)
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
================================================================================
4. Statement for Month/Year
September 1998
================================================================================
5. If Amendment, Date of Original (Month/Year)
================================================================================
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ x ] Director [ ] % Owner
[ x ] Officer (give title below) [ ] Other (specify below)
Executive Vice President and Treasurer
================================================================================
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 I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
<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)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 9/23/98 P 6,000 A 17.06/sh. 16,200 sh. D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
* 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.
Page 1 of 2
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<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)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock
Options Common 65,000
(Right to buy) $18.63/sh. (1) 10/27/07 Stock shrs. 65,000 D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Options Common 100,000
(Right to buy) $ 8.38/sh. (2) 01/02/07 Stock shrs. 100,000 D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Options Common 50,000
(Right to buy) $ 7.63/sh. (3) 09/19/06 Stock shrs. 50,000 D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Options Common 30,000
(Right to buy) $ 5.00/sh. (4) 09/07/05 Stock shrs. 30,000 D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Options Common 50,000
(Right to buy) $25.75/sh. (5) 06/19/08 Stock shrs. 50,000 D N/A
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
(1) These Employee Stock Options were acquired on 10/27/1997 and vest in three
equal annual installments beginning 10/27/1998.
(2) These Employee Stock Options were acquired on 01/02/1997 and vest in three
equal annual installments beginning 01/02/1998.
(3) These Employee Stock Options were acquired on 09/19/1996 and vest in three
equal annual installments beginning 09/19/1997.
(4) These Employee Stock Options were acquired on 09/07/1995 and vest in three
equal annual installments beginning 09/07/1996.
(5) These Employee Stock Options were acquired on 06/19/1998 and vest in three
equal annual installments beginning 06/19/1999.
/s/ John S. Gleason October 13, 1998
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
John S. Gleason
** 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 5 for procedures.
Alternatively, this Form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to rule 101(b)(4) of Regulation S-T.
Page 2 of 2