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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)
Under the Securities Exchange Act of 1934
PROJECT SOFTWARE & DEVELOPMENT, INC.
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(Name of Issuer)
Common Stock, $0.01 par value per share
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(Title of Class of Securities)
743 39P 101
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(CUSIP Number)
Robert L. Daniels, 20 University Road
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Cambridge, Massachusetts 02138 (617) 661-1444
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 25, 1997
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ] (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 2 OF 10 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert L. Daniels, in his individual capacity
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not Applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.A.
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SOLE VOTING POWER
7
NUMBER OF 1,117,002
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,139,631
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,139,631
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
21.7%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 2 of 10 pages
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 3 OF 10 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Susan H. Daniels, in her individual capacity
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not Applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.A.
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SOLE VOTING POWER
7
NUMBER OF 35,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 35,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,051,129
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,051,629
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.7%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 3 of 10 pages
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 4 OF 10 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert L. Daniels, as Trustee of the 1996 Daniels Voting Trust
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not Applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF 2,038,758
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,016,129
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,038,758
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.7%
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TYPE OF REPORTING PERSON*
14
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 4 of 10 pages
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 5 OF 10 PAGES
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This Amendment No. 3, dated November 25, 1997, hereby amends the Schedule
13D filed by Robert L. Daniels, Susan H. Daniels and Robert L. Daniels, as
trustee of the 1996 Daniels Voting Trust. The amendments to items 2 and 5
reflect the transfers and sales of shares described in item 5(c) below; the
amendment to item 4 reflects a change in the plans of Robert L. Daniels and
Susan H. Daniels with respect to the possible sale of their shares; the
amendment to item 6 reflects an agreement with respect to certain of the shares
owned by Robert L. Daniels.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended to read in its entirety as follows:
This Schedule is being filed pursuant to Rule 13d-1(a) on behalf of
each of Robert L. Daniels, in his individual capacity, Susan H.
Daniels, in her individual capacity, and Robert L. Daniels, as
Trustee of the 1996 Daniels Voting Trust. Under Section 13(d) of the
Securities Exchange Act of 1934, Robert L. Daniels, Susan H. Daniels
and Robert L. Daniels, as Trustee of the 1996 Daniels Voting Trust,
may be deemed to be a "group."
Mr. Daniels is the Trustee of the 1996 Daniels Voting Trust. There
are 2,038,758 shares subject to the 1996 Daniels Voting Trust of
which 1,022,629 are owned beneficially by Mr. Daniels and 1,016,129
shares are owned beneficially by Mrs. Daniels. Mr. Daniels owns
1,117,002 shares of common stock of the issuer free of trust and as a
result of the transactions described in 5(c) below, Mrs. Daniels owns
35,000 shares free of trust. Robert L. Daniels and Susan H. Daniels
are divorced.
Each of Robert L. Daniels, Susan H. Daniels and Robert L. Daniels, as
Trustee of the 1996 Daniels Voting Trust disclaims beneficial
ownership of all shares owned by the others for purposes of Section
16 of the Securities Exchange Act of 1934, as amended.
(a) Robert L. Daniels
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 6 OF 10 PAGES
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(b) 20 University Road, Cambridge, Massachusetts 02138
(c) Director, Project Software & Development, Inc.,
20 University Road, Cambridge, Massachusetts 02138
(d) Mr. Daniels has not been convicted during the past five years
in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) Mr. Daniels has not during the last five years been a party to
civil proceedings of a judicial or administrative body of
competent jurisdiction and as a result of which proceeding was
or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws.
(f) Mr. Daniels is a citizen of the United States of America.
(a) Susan H. Daniels
(b) 33 Circuit Road, Brookline, Massachusetts 02167
(c) At home.
(d) Mrs. Daniels has not been convicted during the past five years
in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) Mrs. Daniels has not during the last five years been a party to
civil proceedings of a judicial or administrative body of
competent jurisdiction and as a result of which proceeding was
or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws.
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 7 OF 10 PAGES
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(f) Mrs. Daniels is a citizen of the United States of America.
The 1996 Daniels Voting Trust is a voting trust created under the
laws of the Commonwealth of Massachusetts. Its address is Robert L.
Daniels, Trustee, 1996 Daniels Voting Trust, 20 University Road,
Cambridge, Massachusetts 02138. The 1996 Daniels Voting Trust has not
been convicted during the past five years in a criminal proceeding
(excluding traffic violations or similar misdemeanors). The 1996
Daniels Voting Trust has not during the last five years been a party
to civil proceedings of a judicial or administrative body of
competent jurisdiction and as a result of which proceeding was or is
subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended to read in its entirety as follows:
The 1996 Daniels Voting Trust replaces the 1994 Daniels Voting Trust,
which terminated on or about August 19, 1996.
Robert L. Daniels and Susan Daniels have concluded that they would
support a sale of the Company at an appropriate premium over the
current market prices for its shares as being in the stockholders'
best interests. They expect to speak to others, including
stockholders, about the possible sale of the Company. Mr. Daniels
also intends to nominate a candidate for election to the Company's
Board of Directors at the next annual meeting who supports Mr.
Daniel's position regarding a sale of the Company at a premium price.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended to read in its entirety as follows:
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 8 OF 10 PAGES
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(a) Shares beneficially owned:
Robert L. Daniels 2,139,631 (21.7%)
Susan H. Daniels 1,051,129 (10.7%)
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 2,038,758 (20.7%)
Percentages are based on the number of shares of common stock
outstanding as of July 31, 1997 (9,842,383) as contained in the
issuer's Form 10-Q for the quarter ended June 30, 1997, the most
recent filing by the issuer with the Commission.
(b) Number of shares as to which each person has:
(i) Sole power to vote or direct the vote:
Robert L. Daniels 1,117,002
Susan H. Daniels 35,000
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 2,038,758
(ii) Shared power to vote or direct the vote:
Robert L. Daniels None
Susan H. Daniels None
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust None
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 9 OF 10 PAGES
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(iii) Sole power to dispose or direct the disposition of:
Robert L. Daniels 2,139,631
Susan H. Daniels 35,000
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust None
(iv) Shared power to direct the disposition of:
Robert L. Daniels None
Susan H. Daniels 1,016,129*
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 1,016,129*
* These shares are subject to certain restrictions on transfer contained in
the 1996 Daniels Voting Trust Agreement.
(c) On May 28, 1997, Susan Daniels sold 6,000 shares of the Company's
Common Stock at $20.12 per share.
On December 27, 1996, Susan Daniels gifted 2,500 shares of the Company's
Common Stock to a charitable foundation.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Item 6 is amended to add the following:
On or about October 2, 1996, Robert L. Daniels granted an option on
4,000 of the common shares of the Company owned by him to Alan L.
Stanzler, Esquire for service rendered to the Company and Mr. Daniels.
The terms of the option are reflected in a letter attached hereto as
Exhibit 3.
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 10 OF 10 PAGES
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SIGNATURE
After reasonable inquiry and to the best of his or her knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement with respect to him or her is true, complete and correct.
November 25, 1997
/s/ Robert L. Daniels
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Robert L. Daniels
/s/ Robert L. Daniels
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Susan H. Daniels
THE 1996 DANIELS VOTING TRUST
By: /s/ Robert L. Daniels
___________________________
Robert L. Daniels, as
Trustee
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October 2, 1996
Alan L. Stanzler, Esquire
Davis, Malm & D'Agostine
One Boston Place
Boston, Massachusetts 02108
Deal Alan:
This letter will confirm our agreement regarding the option I have granted
to you to acquire 4,000 shares of the Common Stock of Project Software &
Development, Inc. ("PSDI") owned by me at price of $31 per share, the closing
price on August 14, 1996. The option shall be for a period of five (5) years and
shall expire on August 12, 2001.
During the first two (2) years of the option term, the option will take the
form of a shared appreciation right ("SAR") and in the event I sell an aggregate
of 400,000 or more shares of my stock of PSDI, I shall notify you of the price
per share of the sale and, at your request, I shall pay to you an amount equal
to the value of the SAR (4,000 times the difference between the price per share
of the sale and $31).
In the event the SAR is not realized within two (2) years, then you shall
have the option to acquire the shares from me at $31 per share.
This letter shall take effect as a sealed instrument.
Sincerely yours,
/s/ Robert L. Daniels
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Robert L. Daniels
ACCEPTED AND AGREED
/s/ Alan L. Stanzler
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Alan L. Stanzler
