--------------------------------
- ------ OMB APPROVAL
FORM 4 --------------------------
- ------ U.S. SECURITIES AND EXCHANGE COMMISSION OMB Number: 3235-0287
[ ] Check box if no longer WASHINGTON, DC 20549 Expires: December 31, 2001
subject to Section 16. Form Estimated average burden
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP hours per response . 0.5
continue. See Instruction 1(b). --------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person(1)|2. Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person
| | to Issuer (Check all applicable)
Blue Water Master Fund, L.P.*** | NetSol International, Inc. (NTWK) | Director X 10% Owner
- -------------------------------------------------------------------------------------------| ----- -----
(Last) (First) (Middle) |3. IRS Identification | 4. Statement for | Officer (give title below)
| Number of | Month/Year | -----
| Reporting Person, | | Other (specify below)
c/o Citco Fund Services (Curacao, N.V.) | if an Entity | | -----
Kaya Flamboyan 9 | (Voluntary) | March, 2001 |
- -----------------------------------------| |-------------------------|----------------------------------------
(Street) | | 5. If Amendment, |7. Individual or Joint/Group Filing
| | Date of Original | (Check applicable line)
| | (Month/Year) | Form Filed by One Reporting Person
Curacao, Netherlands Antilles | | | --
- -----------------------------------------|-------------------------------------------------| X Form Filed by More than One
(City) (State) (Zip) | | -- Reporting Person
| |
- ------------------------------------------------------------------------------------------------------------------------------------
TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- -----------------------------------------------------------------------------------------------------------------------------------
1. Title of Security |2. Transaction| 3. Transaction|4. Securities Acquired (A)| 5. Amount of|6. Owner- |7. Nature
(Instr. 3) | Date | Code | or Disposed of (D) | Securities | ship | of
| | (Instr. 8) | (Instr. 3, 4 and 5) | Beneficially| Form: | Indirect
| | | | Owned at End| Direct | Bene-
| |---------------|--------------------------| of Month | (D) or | ficial
| | | | | (A) | | (Instr. 3 | Indirect | Owner-
| (Month/Day/ | | | | or | | and 4) | (I) | ship
| Year) | Code | V | Amount | (D) | Price | |(Instr. 4)|(Instr. 4)
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 1/30/01 | S | | 5,000 | D | $7.025 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 2/01/01 | S | | 1,000 | D | $7.125 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 2/02/01 | S | | 4,000 | D | $6.75 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 2/22/01 | S | | 500 | D | $5.00 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 3/8/01 | S | | 2,700 | D | $3.3125 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 3/13/01 | S | | 1,000 | D | $3.00 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 3/20/01 | S | | 2,600 | D | $3.40625 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 3/21/01 | S | | 10,800 | D | $3.4230 | | |
- --------------------------------------|--------------|-------|-------|--------|------|----------|-------------|--------- |---------
Common Stock | 3/22/01 | S | | 15,300 | D | $3.4967 | | |
- ----------------------------------------------------------------------------------------------------------------------------------
Common Stock | 3/23/01 | S | | 16,700 | D | $3.6126 | 2,175,200 | D (See
Note 2) |
- ----------------------------------------------------------------------------------------------------------------------------------
Common Stock | 3/26/01 | S | | 8,500 | D | $3.75735 | 181,300 | I | (See
Note 3)
- ----------------------------------------------------------------------------------------------------------------------------------
***See attached Note 1 for Schedule of Additional Filers
- ----------------------------------------------------------------------------------------------------------------------------------
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 4(b)(v).
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 control number.
Page 1 of 5
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative | 2. Conver- |3. Trans- |4. Trans- |5. Number of |6. Date Exer- |7. Title and Amount |8. Price
Security | sion or | action | action | Derivative | cisable and | of Underlying | of
(Instr. 3) | Exercise | Date | Code | Securities Ac- | Expiration | Securities | Deriv-
| Price of | (Month/ | (Instr. 8)| quired (A) or | Date | (Instr. 3 and 4) | ative
| Deriv- | Day/ | | Disposed of (D)| (Month/Day/ | | Secur-
| ative | Year) | | (Instr. 3, 4, | Year) | | ity
| Security | | | and 5) | | | (Instr. 5)
| | | | |-------------------------------------|
| | | | |Date |Expira- | | Amount or |
| | |-------------------------------|Exer- |tion | Title | Number of |
| | | Code |V | (A) |(D) |cisable|Date | | Shares |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|-------|--------|--------|-----------|------------
| | | | | | | | | | |
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------
9. Number of | 10. Ownership | 11. Nature of
Derivative | Form of | Indirect
Securities | Derivative | Beneficial
Beneficially | Security: | Ownership
Owned at End | Direct (D) | (Instr. 4)
of Month | or Indirect (I) |
(Instr. 4) | (Instr. 4) |
- ------------------|------------------------|------------------------------
| |
- ------------------|------------------------|------------------------------
| |
- ------------------|------------------------|------------------------------
| |
- ------------------|------------------------|------------------------------
| |
- ------------------|------------------------|------------------------------
| |
- ------------------|------------------------|------------------------------
| |
- --------------------------------------------------------------------------
Explanation of Responses:
**Signature of Reporting Person: (See p.5 - Attached Signature Page)
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Date: April 10, 2001
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.
Page 2 of 5
(Print or Type Responses)
FORM 4 FOR NETSOL INTERNATIONAL INC. ("NTWK")
BLUE WATER MASTER FUND, L.P.
MARCH, 2001
Note 1 - Schedule of Additional Filers
Blue Water Partners I, L.P.
701 Palomar Airport Road
Suite 150
Carlsbad, CA 92009
Blue Water Fund, Ltd.
c/o Citco Fund Services (Curacao) N.V.
Kaya Flamboyan 9
Curacao, Netherland Antilles
Blue Water Partners, L.L.C.
701 Palomar Road
Suite 150
Carlsbad, CA 92009
JDI Management Corp.
6 Chanticlaire
Manhasset, NY 11030
Jonathan D. Iseson
6 Chanticlaire
Manhasset, NY 11030
Note 2: Item 6 - Explanation of Responses
Blue Water Master Fund, L. P., (the "Master Fund") is a limited partnership
organized under the laws of the British Virgin Islands. The General Partner of
the Master Fund is Blue Water Partners, L.L.C. ("Blue L.L.C."). All of the
shares of NetSol International, Inc. ("NetSol") covered hereby are owned of
record by the Master Fund. The Master Fund has the right to receive any
dividends on, or the proceeds from the sale of, these securities. As general
partner, Blue L.L.C. may be deemed to be the beneficial owner of the shares held
by the Master Fund. Blue L.L.C. disclaims beneficial ownership of the reported
securities except to the extent of its pecuniary interest in the Master Fund.
JDI Management Corp., a New York corporation ("JDI"), is a principal of Blue
L.L.C. As a principal of Blue L.L.C., JDI may be deemed to be a beneficial owner
of the reported shares. JDI disclaims beneficial ownership of the reported
securities except to the extent of its pecuniary interest in the entities
described herein.
Jonathan D. Iseson is the principal of JDI and the investment manager and
decision-maker for the Master Fund and Blue II. Mr. Iseson has the power to
exercise or to direct the exercise of such voting and/or dispositive power with
respect to the reported shares held by each of the the Master Fund and Blue II.
Page 3 of 5
FORM 4 FOR NETSOL INTERNATIONAL INC. ("NTWK")
BLUE WATER MASTER FUND, L.P.
MARCH, 2001
(NOTE 2 CONTINUED)
Mr. Iseson may therefore be deemed to be a beneficial owner of such shares. Mr.
Iseson disclaims beneficial ownership of the reported securities except to the
extent of his pecuniary interest in the entities described herein.
Blue Water Partners I, L.P. ("Blue I"), is a Delaware limited partnership, which
is a limited partner in the Master Fund. As a limited partner, Blue I cannot
exercise managerial control over the Master Fund, does not have the ability to
exercise voting and/or dispositive power over the reported shares held in the
Master Fund, and does not have the right to receive directly any dividends on,
or the proceeds from the sale of, the reported shares held in the Master Fund.
However, because of its ownership interest in the Master Fund, Blue I may be
deemed to be the beneficial owner of the reported shares beneficially owned by
the Master Fund. However, Blue I disclaims beneficial ownership of the reported
shares except to the extent of its pecuniary interest in the entities described
herein.
Blue Water Fund, Ltd. is an International Business Corporation created under the
laws of the British Virgin Islands. As a limited partner, Blue Water Fund, Ltd.
cannot exercise managerial control over the Master Fund, does not have the
ability to exercise voting and/or dispositive power over shares of NetSol held
in the Master Fund, and does not have the right to receive directly any
dividends on, or the proceeds from the sale of, the reported shares held in the
Master Fund. However, because of its ownership interest in the Master Fund, Blue
Water Fund, Ltd. may be deemed to be the beneficial owner of the shares of
NetSol beneficially owned by the Master Fund. However, Blue Water Fund, Ltd.
disclaims beneficial ownership of the reported securities associated with its
limited partnership interest.
Note 3 - Item 7 - Explanation of Nature of Indirect Beneficial Ownership
Represents shares beneficially owned by Blue Water II, L.P., a Delaware limited
partnership ("Blue II"). The general partner of Blue II is Blue L.L.C. Blue II
has the right to receive any dividends on, or the proceeds from the sale of
these securities held in Blue II. As general partner, Blue L.L.C. may be deemed
to be a beneficial owner of the shares, however, Blue L.L.C. disclaims
beneficial ownership of the reported shares, except to the extent of its
pecuniary interest therein. Please refer to Note 2 above for discussion
regarding JDI and Mr. Iseson.
Page 4 of 5
EXHIBIT TO FORM 4 FOR NETSOL INTERNATIONAL INC.
BLUE WATER MASTER FUND, L.P.
MARCH, 2001
SIGNATURES
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C., Its General Partner
By: JDI Management Corp., Its Principal
/s/ Jonathan D. Iseson
-------------------------------------
By: Jonathan D. Iseson, Principal
BLUE WATER PARTNERS I, L.P.
By: Blue Water Partners, L.L.C., Its General Partner
By: JDI Management Corp., Its Principal
/s/ Jonathan D. Iseson
-------------------------------------
By: Jonathan D. Iseson, Principal
BLUE WATER FUND, LTD.
/s/ Jonathan D. Iseson
--------------------------------------
By: Jonathan D. Iseson, Director
Date: April 20, 2001
-------------------------------
Page 5 of 5