FORM 5
[ ] Check box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue. See
Instruction 1(b).
[X] Form 3 Holdings Reported
[X] 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
Valentino, David
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(Last) (First) (Middle)
Three University Plaza
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(Street)
Hackensack, NJ 07601
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(City) (State) (Zip)
_______________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
PaperClip Software, Inc. (PCLP)
_______________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
December 31, 1996
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director
[X] Officer (give title below)
[ ] 10% Owner
[ ] Other (specify below)
Vice President Sales and Marketing
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_______________________________________________________________________________
<PAGE>
<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. 2. 3. 4. 5. 6. 7.
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Amount of Owner-
Securities ship
Trans- Securities Acquired (A) Beneficially Form:
action or Disposed of (D) Owned at Direct Nature of
Date Trans- (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ action ---------------------------- Issuers's Indirect Beneficial
Security Day/ Code Amount (A) or Price Fiscal Year (I) Ownership
(Instr. 3) Year) (Instr. 8) (D) (Instr. 3 and 4) (Instr. 4) (Instr. 4)
- ---------- ------- ---------- ------ ------ ----- ---------------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
No Securities Owned 3(1)
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(Over)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
<PAGE>
FORM 5 (continued)
<TABLE>
<CAPTION>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
- ---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ----------
Title and
Number of Date Exer- Amount of Ownership
Derivative cisable and Under-lying Number of of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Trans- of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date action (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ Code 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ (Instr. ---------- cis- ation ber of (Instr. Year (Instr. Ownership
(Instr. 3) Security Year) 8) (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
- ---------- -------- -------- -------- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Options $1.50 9-31-96 T4 4,213 none 9-31-96 9-31-06 Common 4,213 N/A 4,213 D
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Options $1.50 12-31-96 T4 3,918 none 12-31-96 12-31-06 Common 3,918 N/A 3,918 D
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</TABLE>
Explanation of Responses:
(1) In June 1996, the reporting person became an officer of PaperClip
Software, Inc.
/s/ David Valentino 4/30/97
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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.
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