FORM 4
[ ] Check this box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue. See
Instruction (b).
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
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1. Name and Address of Reporting Person*
Walls Christopher J.
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(Last) (First) (Middle)
c/o OptiCare Health Systems, Inc.
87 Grandview Avenue
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(Street)
Waterbury CT 06708
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
OptiCare Health Systems, Inc. (OPT)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
March, 2002
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5. If Amendment, Date of Original (Month/Year)
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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
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7. Individual or Joint/Group Filing (Check Applicable Law)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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TABLE I -- NON DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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5. Amount of 6. Owner-
Securities ship
2. Trans- 3. Trans- Beneficially Form:
action action 4. Securities Acquired (A) Owned at (D) 7. Nature
Date Code or Disposed of (D) End of Direct Indirect
1. Title of Security (Month/ (Instr. 8) -------------------------- Month or (I) Beneficial
(Instr. 3) Day/ ---------- Amount (A) or Price (Instr. Indirect Ownership
Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
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Common Stock, $.001 par
value per share 3/19/02 A V 25,000 A 25,000 D
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(over)
SEC 1474
FORM 4 (continued)
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.
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Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Inst. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
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Stock
Options
(Right to
Buy)(1) $0.16 3/19/02 A V 125,000 (2) 3/19/12 Common 125,000 125,000 D
Stock
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(1) Granted pursuant to the OptiCare Health Systems, Inc. 2002 Stock Incentive
Plan.
(2) Exercisable in four equal annual installments beginning on March 19, 2003.
* If the Form is filed by more than one reporting person, See Instruction
5(b)(v).
** 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.
/s/ Christopher J. Walls April 9, 2002
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** Signature of the Reporting Person Date
SEC 1474