4/A 1 russell4a-03062003.txt OPTION AMENDMENT ------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response.........0.5 ------------------------------ UNITED STATES 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(h) of the Investment Company Act of 1940 |_| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print of Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Cleveland Russell -------------------------------------------------------------------------------- (Last) (First) (Middle) 8080 N. Central Expressway Suite 210, LB-59 -------------------------------------------------------------------------------- (Street) Dallas TX 75206 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Integrated Security Systmes, Inc. (IZZI) ________________________________________________________________________________ 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) ________________________________________________________________________________ 4. Statement for Month/Day/Year March 6, 2003 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) February 2001 ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) |X| Director |_| 10% Owner |_| Officer (give title below) |_| Other (specify below) ____________________________________________________________________ ________________________________________________________________________________ 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 ================================================================================
5. Amount of 6. 4. Securities Owner- Securities Acquired (A) or Beneficially ship 2A. 3. Disposed of (D) Owned Form: 7. 2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of Trans- Execution Code ------------------------------- Reported (D) or Indirect 1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial Title of Security Date any ------------ or (Instr. 3 & (I) Ownership (Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 393,259 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - PIK 179,986 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - PIK 03/05/03 J(1) 14,721 A $0.15 14,721 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 393,259 I (2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - PIK 179,986 I (2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - PIK 03/05/03 J(1) 14,721 A $0.15 14,721 I (2)(4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Represents shares owned by Renaissance III. (2) Represents shares owned by Renaissance PLC. (3) Represents shares owned by Renaissance Capital Group, Inc. (4) The reporting person is an executive officer of Renaissance Capital Group, Inc., which is Investment Adviser to Renaissance III and Investment Manager to Renaissance PLC and may therefore be deemed the beneficial owner of such shares. Renaissance III and Renaissance PLC each own more than 10% of the Company's common stock on a fully converted basis. The reporting person disclaims such beneficial ownership. J(1) On the date shown above, Renaissance III and Renaissance PLC each received 14,721 shares of common stock dated 02/01/2003 as payment in kind of $2,208.22 interest due. Page 2 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
9. Number 10. of Owner- deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion Number of Title and Amount Bene- ative Nature or Derivative 6. of Underlying 8. ficially Secur- of Exer- 3A. 4. Securities Date Securities Price Owned ity: In- cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene- 1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 187,500 $0.80 187,500 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 125,000 $0.80 125,000 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 364,299 $0.549 364,299 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ $150,000 Series D Preferred Common 187,500 $0.80 187,500 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 125,000 $1.00 125,000 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Series F Preferred Common 2,714,945 $0.20 2,714,945 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Series G Preferred Common 18,334,755 $0.20 18,334,755 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 1,625,000 $0.20 1,625,000 I(1)(4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Represents shares owned by Renaissance III. (2) Represents shares owned by Renaissance PLC. (3) Represents shares owned by Renaissance Capital Group, Inc. (4) The reporting person is an executive officer of Renaissance Capital Group, Inc., which is Investment Adviser to Renaissance III and Investment Manager to Renaissance PLC and may therefore be deemed the beneficial owner of such shares. Renaissance III and Renaissance PLC each own more than 10% of the Company's common stock on a fully converted basis. The reporting person disclaims such beneficial ownership. J(3) On the date shown above, warrants to purchase common stock expired without exercise. Page 3 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
9. Number 10. of Owner- deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion Number of Title and Amount Bene- ative Nature or Derivative 6. of Underlying 8. ficially Secur- of Exer- 3A. 4. Securities Date Securities Price Owned ity: In- cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene- 1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 125,000 $0.80 125,000 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 181,818 $0.80 181,818 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 364,299 $0.549 364,299 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ $150,000 Series D Preferred Stock Common 187,500 $0.80 187,500 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 125,000 $1.00 125,000 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Series F Cumulative Preferred Stock Common 2,714,945 $0.20 2,714,945 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Series G Cumulative Preferred Stock Common 17,504,125 $0.20 17,504,125 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ Warrants Common 1,625,000 $0.20 1,625,000 I(2)(4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Represents shares owned by Renaissance III. (2) Represents shares owned by Renaissance PLC. (3) Represents shares owned by Renaissance Capital Group, Inc. (4) The reporting person is an executive officer of Renaissance Capital Group, Inc., which is Investment Adviser to Renaissance III and Investment Manager to Renaissance PLC and may therefore be deemed the beneficial owner of such shares. Renaissance III and Renaissance PLC each own more than 10% of the Company's common stock on a fully converted basis. The reporting person disclaims such beneficial ownership. J(3) On the date shown above, warrants to purchase common stock expired without exercise. Page 4 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
9. Number 10. of Owner- deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion Number of Title and Amount Bene- ative Nature or Derivative 6. of Underlying 8. ficially Secur- of Exer- 3A. 4. Securities Date Securities Price Owned ity: In- cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene- 1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Options Common 5,498 $0.27 5,498 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,366 $0.34 4,366 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,640 $0.32 4,640 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,030 $0.49 3,030 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,712 $0.40 3,712 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,124 $0.36 4,124 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,806 $0.39 3,806 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,789 $0.31 4,789 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options $0.21 03/06/03 A 7,069 A Immed 12/02/07 Common 7,069 $0.21 7,069 I (1)(4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Represents shares owned by Renaissance III. (2) Represents shares owned by Renaissance PLC. (3) Represents shares owned by Renaissance Capital Group, Inc. (4) The reporting person is an executive officer of Renaissance Capital Group, Inc., which is Investment Adviser to Renaissance III and Investment Manager to Renaissance PLC and may therefore be deemed the beneficial owner of such shares. Renaissance III and Renaissance PLC each own more than 10% of the Company's common stock on a fully converted basis. The reporting person disclaims such beneficial ownership. Page 5 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
9. Number 10. of Owner- deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion Number of Title and Amount Bene- ative Nature or Derivative 6. of Underlying 8. ficially Secur- of Exer- 3A. 4. Securities Date Securities Price Owned ity: In- cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene- 1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Options Common 5,304 $0.27 5,304 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,212 $0.34 4,212 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,475 $0.32 4,475 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 2,922 $0.49 2,922 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,580 $0.40 3,580 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,978 $0.36 3,978 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 3,672 $0.39 3,672 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options Common 4,620 $0.31 4,620 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ Options $0.21 03/06/03 A 6,819 A Immed 12/02/07 Common 6,819 $0.21 6,819 I (3)(4) ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Represents shares owned by Renaissance III. (2) Represents shares owned by Renaissance PLC. (3) Represents shares owned by Renaissance Capital Group, Inc. (4) The reporting person is an executive officer of Renaissance Capital Group, Inc., which is Investment Adviser to Renaissance III and Investment Manager to Renaissance PLC and may therefore be deemed the beneficial owner of such shares. Renaissance III and Renaissance PLC each own more than 10% of the Company's common stock on a fully converted basis. The reporting person disclaims such beneficial ownership. /S/ Russell Cleveland March 07, 2003 --------------------------------------------- ----------------------- **Signature of Reporting Person Date 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). ** 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 is insufficient, see Instruction 6 for procedure. Page 6