SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-
1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 5)
OAKLEY, INC.
(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
673662 10 2
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(CUSIP Number)
Donna Gordon
Oakley, Inc.
One Icon
Foothill Ranch, California 92610
(714) 951-0991
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications
with a copy to:
Jeffrey H. Cohen, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
300 South Grand Avenue, Suite 3400
Los Angeles, California 90071-3144
(213) 687-5000
August 24, 1998
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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: /___/
CUSIP No. 673662 10 2 13D
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
James Jannard
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
___
(a)/ /
___
(b)/ /
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
PF
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) ___
/__/
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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: (7) SOLE VOTING POWER
:
: 40,489,100
:-----------------------------------------
NUMBER OF SHARES BENEFICIALLY : (8) SHARED VOTING POWER
OWNED BY EACH REPORTING : -0-
PERSON WITH :-----------------------------------------
: (9) SOLE DISPOSITIVE POWER
: 40,489,100
:-----------------------------------------
:(10) SHARED DISPOSITIVE
: POWER
: -0-
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,489,100
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* ___
/ /
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
57.3%
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(14) TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 5 amends the Statement on Schedule 13D, dated
September 10, 1997, as amended by Amendment No. 1, dated December 11, 1997,
Amendment No. 2, dated December 11, 1997, Amendment No. 3, dated May 22,
1998, and Amendment No. 4, dated August 7, 1998 (the "Schedule 13D"),
relating to shares of the common stock, $.01 par value per share
("Shares"), of Oakley, Inc., a Washington corporation (the "Company").
Unless otherwise indicated, each capitalized term used but not
otherwise defined herein shall have the meaning assigned to such term in
the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended and supplemented as follows:
The aggregate amount of funds required by the Reporting Person to
purchase the 944,200 Shares acquired directly by him since the filing of
the Schedule 13D was $11,109,925. The funds used to purchase such Shares
were obtained from the Reporting Person's personal funds.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended and supplemented as follows:
On June 1, 1998, the Reporting Person announced that he intends
to purchase up to an additional 3,000,000 Shares from time to time in the
open market, subject to market conditions. Since the date of such
announcement, the Reporting Person has purchased 1,921,300 Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended and supplemented by adding the
following:
(a) The Reporting Person is the beneficial owner of 40,489,100
Shares, or approximately 57.3% of the Shares outstanding.
(b) The Reporting Person has sole voting and dispositive power
with respect to the 40,489,100 Shares beneficially owned by him.
(c) The Reporting Person effected the following open market
purchases of Shares during the past 60 days:
Amount of
Date of Securities Price
Transaction Involved per Share
----------- ---------- ----------
8/05/98 102,200 13.4375
8/12/98 25,000 12.5000
8/14/98 17,000 12.0625
8/14/98 63,800 12.1250
8/14/98 5,000 12.1875
8/14/98 31,200 12.2500
8/24/98 7,300 11.3125
8/24/98 143,700 11.3750
8/24/98 53,300 11.4375
8/24/98 295,700 11.5000
8/25/98 200,000 11.3750
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: August 26, 1998
/s/ JAMES JANNARD
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James Jannard
