UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
SCHULTZ, HOWARD
9241 LBJ Freeway, Suite 100
Dallas, TX 75243
USA
2. Issuer Name and Ticker or Trading Symbol
PRG-SCHULTZ INTERNATIONAL, INC.
PRGX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
09/20/2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
Director
7. Individual or Joint/Group Filing (Check Applicable Line)
(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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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock |9-20-0|S | |1,446,168 (1) |D |$8.766 |2,446,168 |I |By partnership (2) |
|2 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Explanation of Responses:
(1) On September 17, 2002, PRG-Schultz International, Inc. gave notice of its
exercise of its option contained in that certain First Option Agreement
dated August 27, 2002, to purchase 1,446,168 shares at $8.72 per share plus
interest at 8% per annum from Schultz PRG Liquidating Investments,
Ltd. (the "Partnership"), a partnership organized under the laws of Texas. The
transaction closed on September 20, 2002.
(2) Mr. Schultz is the limited partner of the Partnership and the sole owner of
PRG-Schultz Liquidating Investments G.P., L.L.C., the Partnership's
general
partner.
SIGNATURE OF REPORTING PERSON
/s/ Howard Schultz
DATE
September 23, 2002