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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Shaddock Robert N
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(Last) (First) (Middle)
The Cottage, Main Street, Allexton
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(Street)
Leicestershire England LE15 9AB
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol BWSI - Blue Wave Systems Inc.
-----------------------------------
3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary)
--------------
4. Statement for Month/Year February 2000
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5. If Amendment, Date of Original (Month/Year)
---------------------------------
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
X Director X Officer 10% Owner Other
--- --- (give title below) --- --- (specify below)
President and CEO
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
---
Form filed by More than One Reporting Person
---
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common stock 2/2/00 S 20,000 D $14.3125
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Common stock 2/25/00 S 12,900 D 18.8125
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Common stock 2/25/00 S 5,100 D 18.75
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Common stock 2/25/00 S 2,000 D 19.00 278,073 D
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Common stock 2/2/00 S 29,900 D 14.50
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Common stock 2/2/00 S 100 D 14.5625
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Common stock 2/25/00 S 2,600 D 18.75
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Common stock 2/28/00 S 7,400 D 18.50 32,001 I By wife
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Common stock 49,019 I By family
trust
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Common stock 49,019 I By family
trust
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If this form is filed by more than one reporting person, see
Instruction 4(b)(v).
Page 1 of 2
<PAGE>
FORM 4 (continued)
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
---------------------------------------------------
Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
(ISO) Stock Options $0.39
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(NQO) Stock Options 2.625
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(NQO) Stock Options 4.00
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- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Securities ficial
(Instr. ficially Bene- Owner-
-------------------------------------------- 5) Owned ficially ship
Date Expira- Amount or at End Owned at (Instr.
Exer- tion Title Number of of End of 4)
cisable Date Shares Month Month(1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
(ISO) Stock Options 4/27/98 1/31/03 Common stock 87,534 87,534 D
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(NQO) Stock Options (1) 9/22/08 Common stock 25,000 25,000 D
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(NQO) Stock Options (2) 11/16/09 Common stock 30,000 30,000 D
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</TABLE>
Explanation of Responses:
(1) Option is exercisable in four equal installments of 6,250 each beginning
9/22/99 through 9/22/02.
(2) Option is exercisable in four equal installments of 7,500 each beginning
12/01/00 through 12/01/03.
/s/ ROBERT N. SHADDOCK 3/10/00
------------------------------- -----------------
**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.
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 of 2
