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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
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1. Name and Address of Reporting Person*
Gray, Stephen C.
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(Last) (First) (Middle)
6400 C Street SW, PO Box 3177
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(Street)
Cedar Rapids IA 52406
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol McLeodUSA Incorporated (MCLD)
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3. IRS or Social Security Number of Reporting Person
(Voluntary)
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4. Statement for Month/Year May 2001
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
X Director X Officer 10% Owner Other
___ ___ ___ ___
(give title below) (specify below)
President and Co-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
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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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Class A Common Stock 5/14/01 P 100,000 A 5.8605 1,725,615 D
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22,500 I By J. Gray
Trust
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22,500 I By S. Gray
Trust
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22,500 I By E. Gray
Trust
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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).
** 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.
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of Deriv-
Security (Instr. 3) sion or action action 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
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Code V (A) (D)
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Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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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- Security: ficial
(Instr. ficially Direct Owner-
-------------------------------------------- 5) Owned (D) or ship
Date Expira- Amount or at End Indirect (Instr.
Exer- tion Title Number of of (I) 4)
cisable Date Shares Month (Instr. 4)
(Instr. 4)
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Explanation of Responses:
/s/ Stephen C. Gray 5/14/01
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**Signature of Reporting Person Date