U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
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
[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Wave Systems Corp.
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(Last) (First) (Middle)
480 Pleasant Street
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(Street)
Lee MA 01238
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
SSP Solutions, Inc. (SSPX)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
--
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4. Statement for Month/Day/Year
10/04/02
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5. If Amendment, Date of Original (Month/Day/Year)
10/07/02
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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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
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
2A. 3. Disposed of (D) Securities Form: 7.
Deemed Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Execution Code ------------------------------- Owned at End (D) or Indirect
1. Transaction Date, if (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date any ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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Common Stock 10/04/02 P 1,600,000 A $1.35(1) D
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Common Stock 10/04/02 P 19,142 A $1.00(2) 4,702,225 D
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Response) (Over)
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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10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Explanation of Responses:
(1) Wave Systems Corp. ("Wave"), in exchange for entering into a Termination
Agreement and Mutual Release covering the termination of development work to
be performed by Wave and the release from debt owed to Wave for development
work performed, received the Common Stock at a value of $1.35 per share. The
price equals the average 20-day trading price of the Common Stock beginning
August 31, 2002.
(2) Wave, as part of the transaction described above, also received a
convertible unsecured promissory note ("Note") in the principal amount of
$270,000, which note shall be immediately convertible into shares of Common
Stock at an initial rate of $1.00 per share. However, the Note may only be
converted to the extent Wave's beneficial ownership in the Issuer does not
exceed 19.9999%, unless such restriction is waived by Wave upon not less
than 61 days' prior written notice to the Issuer.
WAVE SYSTEMS CORP.
By: /s/ Gerard T. Feeney October 9, 2002
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**Signature of Reporting Person Date
Gerard T. Feeney, Secretary
** 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.
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