------------------------------
OMB APPROVAL
------------------------------
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden
hours per response.........1.0
------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 5
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(h) of the Investment Company Act of 1940
|_| Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
|_| Form 3 Holdings Reported
|X| Form 4 Transactions Reported
________________________________________________________________________________
1. Name and Address of Reporting Person*
Hoffman Mark S.
--------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Palisade Capital Management, Inc.
One Bridge Plaza, Suite 695
--------------------------------------------------------------------------------
(Street)
Fort Lee New Jersey 07024
--------------------------------------------------------------------------------
(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Opticare Health Systems, Inc. (OPT)
________________________________________________________________________________
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
12/02
________________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|X| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
____________________________________________________________________
________________________________________________________________________________
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
================================================================================
5. 6.
4. Amount of Owner-
Securities Acquired (A) or Securities ship
2A. 3. Disposed of (D) Beneficially Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Owned Direct Nature of
Trans- Execution Code ------------------------------- at the End (D) or Indirect
1. action Date, if (Instr. 8) (A) of Issuer's Indirect Beneficial
Title of Security Date any ------------ or Fiscal Year (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Amount (D) Price (Instr. 3 & 4) (Instr.4) (Instr.4)
------------------------------------------------------------------------------------------------------------------------------------
Mr. Hoffman
is a
Member of
Palisade
Concentrated
Holdings,
LLC, the
General
Partner of
Palisade
Concentrated
Equity
Partnership,
LP, the
COMMON STOCK, direct
par value $0.001 12/26/2002 X 17,375,000 A $0.14 19,375,000 I owner of
the shares
of Common
Stock.
Mr. Hoffman
is also
a Managing
Director of
Palisade
Capital
Management,
LLC, the
investment
advisor to
Palisade
Concentrated
Holdings,
LLC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
* If the form is filed by more than one reporting person, see instruction
4(b)(v).
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
10.
9. Owner-
Number ship
2. of of
Conver- 5. 7. Deriv- Deriv- 11.
sion Number of Title and Amount ative ative Nature
or Derivative 6. of Underlying 8. Secur- Secur- of
Exer- 3A. 4. Securities Date Securities Price ities ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Bene- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ficially (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Owned In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- at End direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity of Year (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
------------------------------------------------------------------------------------------------------------------------------------
Common See
Common Stock, Table 1,
Stock $0.14 12/26/02 X 17,375,000 Immed. 1/25/02 par 17,375,000 N/A 29,205,995* I item 7
Warrants value above.
$0.001
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Explanation of Responses:
* Palisade Capital Management, L.L.C. ("Palisade"), a New Jersey limited
liability company, is a registered investment advisor that has
discretionary authority over the accounts of its clients. Palisade is the
beneficial owner, on behalf of its clients, of (i) 19,375,000 shares of
OptiCare Health Systems, Inc. (the "Company") common stock, par value
$.001 per share (the "Common Stock"), (ii) an immediately exercisable
Warrant ("Warrant") to purchase up to 400,000 additional shares of Common
Stock, and (iii) 2,920,599.50 shares of the Company's Series B 12.5%
Voting Cumulative Convertible Participating Preferred Stock, par value
$0.001 (the "Series B Preferred Stock"), immediately convertible into
29,205,995 shares of Common Stock. The Warrant, the shares of Series B
Preferred Stock and all shares of Common Stock are held in the account of
Palisade Concentrated Equity Partnership, L.P., a private investment
limited partnership formed by affiliates of Palisade under the laws of the
State of Delaware (the "Partnership").
/s/ Mark S. Hoffman 3/06/2003
--------------------------------------------- -----------------------
**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.