UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Schmitt, Peter
c/o Isolyser Company, Inc.
650 Engineering Drive, Technology Park
Norcross, GA 30092
USA
2. Issuer Name and Ticker or Trading Symbol
Isolyser Company, Inc.
OREX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 31, 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President, Treasurer, Chief Financial Officer and Assistant
Secretary
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option |7.13 |02-25|D(1)|30,000 |D |(2) |07-06|Common Stock|30,000 |N/A |0 |D | |
| |-98 | | | | |-00 | | | | | | |
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Stock Option |3.375 |02-25|A(1)|22,105 |A |(2) |07-06|Common Stock|22,105 |N/A |22,105 |D | |
| |-98 | | | | |-00 | | | | | | |
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Stock Option |7.13 |02-25|D(3)|45,000 |D |(4) |11-01|Common Stock|45,000 |N/A |0 |D | |
| |-98 | | | | |-01 | | | | | | |
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Stock Option |3.375 |02-25|A(3)|33,158 |A |(4) |11-01|Common Stock|33,158 |N/A |33,158 |D | |
| |-98 | | | | |-01 | | | | | | |
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Stock Option |2.28125 |05-26|A |35,000 |A |(5) |05-26|Common Stock|35,000 |N/A |35,000 |D | |
| |-98 | | | | |-08 | | | | | | |
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Stock Option |1.25 |10-02|A |59,735 |A |(6) |10-02|Common Stock|59,735 |N/A |59,735 |D | |
| |-98 | | | | |-08 | | | | | | |
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Explanation of Responses:
(1) The reported transaction involved the cancellation of the option granted
on line 1 in return for the grant of the
option granted on line
2.
(2) Options were fully vested as of
07-17-98.
(3) The reported transaction involved the cancellation of the option granted
on line 3 in return for the grant of the
option granted on line
4.
(4) Option becomes exercisable in three equal annual installments beginning on
11-01-97.
(5) Exercisable in 25% increments over four years beginning on
05-26-99.
(6) Exercisable in 25% increments over four years beginning on
10-02-99.
SIGNATURE OF REPORTING PERSON
PETER SCHMITT
DATE
February 16, 1999
