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FORM 5
/ / Check box if no longer OMB APPROVAL
subject to Section 16. OMB NUMBER: 3235-0362
Form 4 or Form 5 EXPIRES: SEPTEMBER 30, 1998
obligations may continue. ESTIMATED AVERAGE BURDEN
See Instruction 1(b) HOURS PER RESPONSE 1.0
/ / Form 3 Holdings Reported
/ / Form 4 Transactions Reported
U.S. SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
ANNUAL 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 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
Schwed Roger E.
(Last) (First) (Middle)
c/o Maxcor Financial Group Inc.
Two World Trade Center, 84th floor
(Street)
New York New York 10048
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Maxcor Financial Group Inc. (formerly Financial Services Acquisition
Corporation) (Common Stock: "MAXF")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/97
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)
Vice President and General Counsel
7. Individual or Joint/Group Filing (Check applicable line)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
* If Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
(Print or Type Responses) Page 1
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security 2. Transaction Date 3. Transaction Code 4. Securities Acquired (A) or
(Instr. 3) (Month/Day/Year) (Instr. 8) Disposed of (D)
(Instr. 3, 4 and 5)
-------------------------------------------
Amount (A) or (D) Price
- ------------------------------------- ----------------------- -------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Common Stock, par value $.001
- ------------------------------------- ----------------------- -------------------- ------------- ------------- -------------
5. Amount of Securities Beneficially 6. Ownership Form: 7. Nature of Indirect
Owned at End of Issuer's Fiscal Year Direct (D) or Indirect (I) Beneficial Ownership
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
- ------------------------------------------ ---------------------------------- ----------------------------------
<S> <C> <C>
None
- ------------------------------------------ ---------------------------------- ----------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
</TABLE>
<TABLE>
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g, puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Conversion or 3. Transaction Date 4. Transaction 5. Number of Derivative Securities
(Instr. 3) Exercise Price (Month/Day/Year) Code Acquired (A) or Disposed of (D)
of Derivative (Instr. 8) (Instr. 3, 4 and 5)
Security ----------------------------------
(A) (D)
- --------------------------------- ----------------- -------------------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Options - Right to Buy $5.1875
- --------------------------------- ----------------- -------------------- --------------- ----------------- ----------------
Options - Right to Buy $4.8125 2/04/97 A 25,000
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<CAPTION>
6. Date Exercisable 7. Title and Amount of Underlying 8. Price of 9. Number of 10. Ownership 11. Nature of
and Expiration Securities Derivative Derivative Form of Indirect
Date (Instr. 3 and 4) Security Securities Derivative Beneficial
(Month/Day/Year) (Instr. 5) Beneficially Security: Ownership
- --------------------------- --------------------------------- Owned at Direct (D) (Instr. 4)
Date Expiration Title Amount or End of Year or Indirect
Exercisable Date Number of (Instr. 4) (I)
Shares
- --------------- ----------- ----------------- -------------- -------------- -------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
(1) 09/30/06 Common Stock 25,000 25,000 D
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(2) 2/03/07 Common Stock 25,000 25,000 D
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</TABLE>
Explanation of Responses:
(1) The options were all granted on October 1, 1996 under the issuer's 1996
stock option plan and have 10 year terms (unless the reporting person's
employment with the issuer terminates earlier). 20% of the options become
exercisable on each of the 1st, 2nd, 3rd, 4th and 5th anniversaries of the
date of grant.
(2) The options were granted on February 4, 1997 under the issuer's 1996
stock option plan and have 10 years terms (unless the reporting persons's
employement with the issuer terminates earlier). 20% of the options become
exercisable on each of the 1st, 2nd, 3rd, 4th and 5th anniversaries of the
date of grant.
/s/ Roger E. Schwed February 12, 1998
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** Signature of Reporting Person Date
** 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 6 for procedure.
(Print or Type Responses) Page 2
