FORM 5
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[X] Form 4 Holdings 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
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1. Name and Address of Reporting Person*
Yimoyines Dean 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
December 31, 2001
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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)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chairman of the Board, President and Chief Executive Officer
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7. Individual or Joint/Group Filing (Check Applicable Law)
x Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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FORM 5 (continued)
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- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at End Direct Nature of
Date Code (Instr. 3, 4 and 5) of Issuer's (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Fiscal Year Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code (D) 3 and 4) (Instr. 4) (Instr. 4)
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Common Stock, $.001
par value per share 1/01 G 100 D 0 D
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Common Stock, $.001 By Spouse
par value per share 1/01 G 100 A 249,925 I (1)
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FORM 5 (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. Year (Instr. Ownership
(Instr. 3) Security Year) Code (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
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Stock
Options
(Right to Common
Buy)(2) $2.56 1/01 G 286,450 (3) 1/08 Stock 286,450 0 D(4)
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Stock
Options
(Right to Common
Buy)(2) $5.85 1/01 G 325,000 (5) 8/09 Stock 325,000 0 D(4)
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Stock
Options
(Right to Common By Spouse
Buy)(2) $2.56 1/01 G 286,450 (3) 1/08 Stock 286,450 286,450 I (1)(4)
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Stock
Options
(Right to Common By Spouse
Buy)(2) $5.85 1/01 G 325,000 (5) 8/09 Stock 325,000 325,000 I (1)(4)
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Common By Spouse
Warrant $0.40 1/5/01 P 50,000 (3) 1/5/06 Stock 50,000 50,000 I (1)(6)
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(1) The reporting person disclaims beneficial ownership of these securities and
this report shall not be deemed an admission that the reporting person is
the beneficial owner of these securities for the purposes of Section 16 of
the Securities Exchange Act of 1934 or otherwise.
(2) Granted pursuant to the OptiCare Health Systems, Inc. Performance Stock
Program.
(3) Presently exercisable.
(4) Represents the transfer of the options from the reporting person to his
wife.
(5) 25% exercisable on and after each of the first four anniversaries of August
1999.
(6) On January 5, 2001, the reporting person's wife provided a loan to the
issuer and the reporting person was issued the warrant, which he assigned
to his wife on the same date.
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* 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.
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.
/s/ Dean J. Yimoyines February 8, 2002
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** Signature of the Reporting Person Date