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FORM 4
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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 1934
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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| 1. Name and Address of Reporting Person* | 2. Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person to|
| Gleason John S. | Kellstrom Industries, Inc. (KELL) | Issuer (Check all applicable) |
|--------------------------------------------|----------------------------------------------| |
| (Last) (First) (Middle) | 3. IRS Number of | 4. Statement for | [ ] Director [ ] 10% Owner |
| | Reporting Person | Month/Year | [X] Officer (give [ ] Other (specify|
| | (Voluntary) | | title below) below) |
| c/o Kellstrom Industries, Inc. | | May and June 1999 | |
| 1100 International Parkway | | |Executive Vice President and Treasurer|
|--------------------------------------------| |--------------------|--------------------------------------|
| (Street) | | 5. If Amendment, |7. Individual or Joint/Group Filing |
| | | Date of Original| (Check applicable line) |
| | | (Month/Year) | [X] Form Filed by One |
| Sunrise FL 33323 | | | Reporting Person |
|--------------------------------------------|----------------------------------------------| [ ] Form Filed by More Than |
| (City) (State) (Zip) | | One Reporting Person |
| | | |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security |2. Transaction |3. Transac- |4. Securities Acquired (A) | 5. Amount of Se- |6. Owner- |7. Nature |
| (Instr. 3) | Date | tion Code | or Disposed of (D) | curities Benefi-| ship | of In- |
| | (Month/Day/ | (Instr. 8) | (Instr. 3, 4 and 5) | cially Owned at | Form: | direct |
| | Year) | | | End of Month | Direct | Benefi-|
| | | | | (Instr. 3 and 4)| (D) or | cial |
| | |--------------|-----------------------------| | Indirect | Owner- |
| | | Code | V | Amount | (A) or| Price | | (I) | ship |
| | | | | | (D) | | | (Instr. 4)| (Instr.|
| | | | | | | | | | 4) |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/05/99 | M | -- | 30,000 | A | $5.00/sh.| 16,200 | D | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/05/99 | M | -- | 33,333 | A | $7.63/sh.| 16,200 | D | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/06/99 | S | -- | 25,000 | D |$20.00/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/07/99 | S | -- | 5,000 | D |$20.07/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/10/99 | S | -- | 2,000 | D |$20.00/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/12/99 | S | -- | 6,000 | D |$18.51/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/14/99 | S | -- | 200 | D |$18.38/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/14/99 | S | -- | 500 | D |$18.06/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/17/99 | S | -- | 8,133 | D |$17.95/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 05/18/99 | S | -- | 16,500 | D |$18.77/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 06/05/99 | M | -- | 56,667 | A | $8.38/sh.| 16,200 | D | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 06/07/99 | S | -- | 16,267 | D |$18.81/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 06/08/99 | S | -- | 14,000 | D |$18.51/sh.| 16,200 | -- | N/A |
|---------------------|-----------------|-------|------|----------|-------|----------|--------------------|-------------|----------|
| Common Stock | 06/09/99 | S | -- | 26,400 | D |$18.38/sh.| 16,200 | -- | N/A |
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* 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.
(Print or Type Response) over
</TABLE>
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<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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|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) | | or (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 | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
|Employee Stock Options | $ 5.00/sh. | 05/05/99 | M | -- | -- | 30,000 | (1) |09/07/05|Common | 30,000 sh.| -- |
|(Right to buy) | | | | | | | | | Stock | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
|Employee Stock Options | $ 7.63/sh. | 05/05/99 | M | -- | -- | 33,333 | (2) |09/19/06|Common | 33,333 sh.| -- |
|(Right to buy) | | | | | | | | | Stock | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
|Employee Stock Options | $ 8.38/sh. | 06/05/99 | M | -- | -- | 56,667 | (3) |07/01/05|Common | 56,667 sh.| -- |
|(Right to buy) | | | | | | | | | Stock | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
|Employee Stock Options | $10.125/sh.| -- | -- | -- | -- | -- | (4) |10/08/08|Common | 65,000 sh.| -- |
|(Right to buy) | | | | | | | | | Stock | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
|Employee Stock Options | $10.125/sh.| -- | -- | -- | -- | -- | (5) |10/08/08|Common | 50,000 sh.| -- |
|(Right to buy) | | | | | | | | | Stock | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
| | | | | | | | | | | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
| | | | | | | | | | | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|--------|-----------|-------------|
| | | | | | | | | | | | |
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<CAPTION>
<S> <C> <C>
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| 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | Form of | Indirect |
| Securities | Derivative | Beneficial |
| Beneficially | Security: | Ownership |
| Owned at End | Direct (D) | (Instr. 4) |
| of Month | or Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
| | | |
|---------------------|-------------------------------|----------------------|
| -0- | D | N/A |
|---------------------|-------------------------------|----------------------|
| 16,667 | D | N/A |
|---------------------|-------------------------------|----------------------|
| 43,333 | D | N/A |
|---------------------|-------------------------------|----------------------|
| 65,000 | D | N/A |
|---------------------|-------------------------------|----------------------|
| 50,000 | D | N/A |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
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Explanation of Responses:
(1) These Employee Stock Options were acquired 09/07/95 and vest in three equal installments on 09/07/96, 09/07/97 and 09/07/98.
(2) These Employee Stock Options were acquired 09/19/96 and vest in three equal installments on 09/19/97, 09/19/98 and 09/19/99.
(3) These Employee Stock Options were acquired 01/02/97 and vest in three equal installments on 07/01/96, 07/01/97 and 07/01/98.
(4) These Employee Stock Options were acquired 10/08/98 and vest in three equal installments on 04/27/99, 10/27/00 and 04/27/02.
(5) These Employee Stock Options were acquired 10/08/98 and vest in three equal installments on 12/19/99, 06/19/01 and 12/19/02.
**Intentional misstatements or omissions of facts constitute Federal Criminal /s/ John S. Gleason 06/10/99
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). -------------------------------- ----------
Signature of Reporting Person Date
John S. Gleason
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.
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