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FORM 4
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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OMB APPROVAL
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OMB Number 3235-0287
Expires:September 30, 1998
Estimated average burden
hours per response ....0.5
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
|_| Check this box if no longer
subject to Section 16. Form
4 or Form 5 obligations may
continue. See Instruction 1(b)
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding
Company Act of 1935 or Section 30(f) of the Investment
Company Act of 1940
<TABLE>
<CAPTION>
(Print or Type Responses)
- --------------------------------------- -------------------------------------
<S> <C>
1. Name and Address of Reporting Person 2. Issuer Name and Ticker or Trading
Symbol
ASV, Inc. (ASVI)
Dahl James H.
- ------------------------------------------- -------------------------------------
(Last) (First) (Middle) 3. IRS or Social Security
Number of Reporting
1200 Riverplace Blvd., Suite 920 Person (Voluntary)
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(Street)
Jacksonville FL 32207
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(City) (State) (Zip)
===========================================
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4. Statement for 5. If Amendment,
Month/Year Date of Original
November 1998 (Month/Year)
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6. Relationship of Reporting Person to Issuer 7. Individual or Joint/Group Filing
(Check all applicable) (Check Applicable Line)
__X__ Director __X__ 10% Owner _X_ Form filed by One Reporting
Person
_____ Officer (give _____ Other (specify ___ Form filed by More than One
below) Reporting Person
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</TABLE>
<PAGE>
<TABLE>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<CAPTION>
- ---------------------- ----------- ----------- -------------------------- ----------------- -------------- ----------------
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities Form: Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Direct Beneficial
(Month/ (Instr. 8) Owned at End (D) or Ownership
Day/ of Month Indirect (Instr. 4)
Year) (Instr. 3 and (I)
4) (Instr. 4)
- --------------------- --------- ---------- -------------------------- ------------- ---------- -------------
(A) or
Code V Amount (D) Price
- ------------ ---- --- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock I By Rock Creek
Partners, Ltd.
- --------------------- ------------- ----- - ------- ----- ----- ------- ---------- ----------------
Common Stock 11/20/98 A 136,363 A $7.33 763,330 I By Rock Creek
Partners, Ltd.
- --------------------- ------------- ----- - ------- ----- ----- ------- ---------- ----------------
Common Stock 20,883 D
- --------------------- ------------- ----- - ------- ----- ----- ------- ---------- ----------------
Common Stock 70,550 I By Trust FBO Son
- --------------------- ------------- ----- - ------- ----- ----- -------- ---------- ----------------
Common Stock 70,150 I By Trust FBO
Daughter
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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 (7/96)
</TABLE>
<TABLE>
<CAPTION>
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 2. 3. 4. 5. Number 6. Date 7. Title and Amount
Security Conversion Trans- Transaction of Exercisable of Underlying
(Instr. 3) or action Code Derivative and Expiration Securities
Exercise Date (Instr. Securities Date (Instr. 3 and 4)
Price of (Month/ 8) Acquired (Month/Day/
Deriv-ative Day/ (A) or Year)
Security Year) Disposed
of (D)
(Instr.
3, 4 and
5)
Date Amount or
Exercis- Expiration Number of
able Date Title Shares
-------- --------- ------ ---------
Code V (A) (D)
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Options $12.11 12/21/97 Common 2,812
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $12.11 12/21/97 Common 2,812
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $12.11 12/21/97 Common 2,812
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $12.11 12/21/97 Common 2,812
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Convertible Subordinated $16.50 11/20/98 D D 10/8/96 10/15/06 Common 136,363
Debenture Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $18.33 12/12/98 12/12/02 Common 3,758
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $18.33 12/12/99 12/12/02 Common 3,758
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $18.33 12/12/00 12/12/02 Common 3,758
Stock
- ----------------------- ------------ -------- ------- ----- ------ ------ ---------- ---------- -------- --------
Common Stock Options $18.33 12/12/01 12/12/02 Common 3,758
Stock
</TABLE>
<TABLE>
<CAPTION>
------------ --------------- ------------- ---------------
8. Price 9. Number 10. Ownership 11. Nature
of of Form of
Derivative Derivative of Indirect
Security Securities Derivative Beneficial
(Instr. Beneficially Security; Ownership
5) Owned Direct (Instr.
at End (D) or 4)
of Indirect
Month (I)
(Instr. (Instr.
4) 4)
- ------------------------ - ------- ------ -----------
<S> <C> <C> <C> <C>
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Convertible Subordinate By Rock Creek
Debenture - Partners, Ltd.
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
- ------------------------ - ------- ----- -----------
Common Stock Options 1 D
</TABLE>
Explanation of Responses: $1,000 Convertible Subordinated Debenture was
exchanged for 136,363 shares of common stock after approval by the Board of
Directors of ASV, Inc. in accordance with the requirements of Rule 16b-3(d).
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
___/s/James H. Dahl 12/9/98__
** Signature of Reporting Person Date
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 2
SEC 1474 (7/96)
