Schedule 13D Amendment No. 1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

(Amendment No. 1)

 

 

 

ANDREA ELECTRONICS CORPORATION

(Name of Issuer)

 

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

 

034393108

(CUSIP Number)

 

 

Douglas J. Andrea    

65 Orville Drive, Bohemia, New York 11716

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

June 2, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

CUSIP No. 034393108    SCHEDULE 13D

 

  1  

NAME OF REPORTING PERSONS

 

            Douglas J. Andrea

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

    
  3  

SEC USE ONLY

 

    
  4  

SOURCE OF FUNDS

 

            PF, OO

    
  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

¨

    
  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            United States

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

  

  7    SOLE VOTING POWER

 

                244,700 (1)

 

  8    SHARED VOTING POWER

 

                16,314 (2)

 

  9    SOLE DISPOSITIVE POWER

 

                244,700 (1)

 

10    SHARED DISPOSITIVE POWER

 

                16,314 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            5,185,014 (3)

    
12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨

    
13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11);

 

            7.9% (4)

    
14  

TYPE OF REPORTING PERSON

 

            IN

    

 

(1) Does not include 4,924,000 shares subject to options.
(2) Mr. Andrea may be deemed to be the beneficial owner of 12,438 shares owned by Mr. Andrea’s spouse and 3,876 shares owned by Mr. Andrea’s daughter.
(3) Includes 4,924,000 shares subject to options.
(4) Based on 60,978,373 shares of Company common stock outstanding on May 11, 2009, plus the 4,924,000 shares that may be acquired by Mr. Andrea within 60 days of June 2, 2009.

 

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Item 3. Source and Amount of Funds or Other Consideration

The increase in Mr. Andrea’s beneficial ownership was due to the vesting on August 1, 2009 of 1,334,000 shares subject to options, which are exercisable within 60 days of June 2, 2009. In addition, since the reporting person’s initial Schedule 13D filing, 100,000 shares subject to options expired pursuant to their terms.

 

Item 5. Interest in Securities of the Issuer

(a) Mr. Andrea beneficially owns 5,185,014 common shares, including 4,924,000 shares that may be acquired by Mr. Andrea within 60 days of June 2, 2009, representing 7.9% of the 60,978,373 issued and outstanding shares of the Company’s common stock as of May 11, 2009. Pursuant to Rule 13d-3, the 4,924,000 shares that may be acquired by Mr. Andrea within 60 days of June 2, 2009 are also deemed to be outstanding for purposes of computing the percentage of outstanding shares of the Company’s common stock owned by Mr. Andrea.

 

Item 6. Contracts, Arrangements, Understandings, and Relationships with Respect to Securities of the Issuer

Mr. Andrea currently has the following stock options granted pursuant to the issuer’s stock option plans:

 

Date of Option Grant

    Number of
Shares		    Exercise Price    Option Plan    Portion
Vested (1)		     Expiration
Date

08/17/1999

    50,000    $ 5.375    1998    Fully Vested     8/17/2009

04/14/2000

    75,000    $ 6.875    1998    Fully Vested     4/14/2010

08/01/2000

    50,000    $ 6.000    1991    Fully Vested     8/01/2010

01/31/2002

    250,000    $ 0.690    1998    Fully Vested     1/31/2012

06/14/2004

    400,000    $ 0.130    1998    Fully Vested     6/14/2014

08/04/2004

    250,000    $ 0.100    1998    Fully Vested     8/04/2014

08/04/2005

    250,000    $ 0.040    1998    Fully Vested     8/04/2015

08/10/2005

    600,000    $ 0.050    1998    Fully Vested     8/10/2015

11/02/2006

    1,000,000    $ 0.120    1998    Fully Vested     11/02/2016

11/16/2006

    1,000,000    $ 0.120    2006    Fully Vested     11/16/2016

09/12/2007

    1,000,000    $ 0.110    2006    333,000 (2)   9/12/2017

08/08/2008

    2,000,000    $ 0.040    2006    666,000 (3)   8/08/2018

08/08/2008

    1,000,000    $ 0.040    2006    None (4)   8/08/2018

 

(1) Includes amount vested within 60 days of June 2, 2009.
(2) The stock options vest 33.3% on the first anniversary of the Date of Grant, 33.3% on the second anniversary of the Date of Grant and 33.4% on the third anniversary of the Date of Grant, which was September 12, 2007.
(3) The stock options vest 33.3% on August 1, 2009, 33.3% on August 1, 2010 and 33.4% on August 1, 2011.
(4) The stock options vest 33.3% on August 1, 2010, 33.3% on August 1, 2011 and 33.4% on August 1, 2012.

 

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Item 7. Material to be Filed as Exhibits

 

(1) 1991 Performance Equity Plan, as amended, incorporated herein by reference to Exhibit 4 of the Registrant’s Registration Statement on Form S-8, No. 333-45421, filed February 2, 1998.

 

(2) 1998 Stock Plan of the Registrant, as amended, incorporated herein by reference to Exhibit 4.1 of the Registrant’s Registration Statement on Form S-8, No. 333-82375, filed July 7, 1999.

 

(3) 2006 Equity Compensation Plan of the Registrant, incorporated herein by reference to Appendix A of the Registrant’s Schedule 14A filed on October 17, 2006.

 

(4) Form of Option Agreement

 

Page 4 of 5

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

June 5, 2009     By:  

/s/ Douglas J. Andrea

      Douglas J. Andrea

 

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