SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* Slusky Alexander R (Last) (First) (Middle) C/O VECTOR CAPITAL CORPORATION 1 MARKET STREET, STEUART TOWER, 23RD FL. (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/01/2009	3. Issuer Name and Ticker or Trading Symbol COREL CORP [ CREL ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	22,200,565	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	(2)	09/30/2015	Common Stock	29,888	$1.17	D(5)
Stock Option	(3)	04/24/2017	Common Stock	15,000	$13.03	D(5)
Stock Option	(4)	07/24/2019	Common Stock	50,000	$2.2	D(5)

1. Name and Address of Reporting Person* Slusky Alexander R (Last) (First) (Middle) C/O VECTOR CAPITAL CORPORATION 1 MARKET STREET, STEUART TOWER, 23RD FL. (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Vector Capital Partners II International, Ltd. (Last) (First) (Middle) 1 MARKET STREET, STEUART TOWER, 23RD FL. (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Corel Holdings, L.P. (Last) (First) (Middle) 1 MARKET STREET, STEUART TOWER, 23RD FL. (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The reported securities are owned directly by Corel Holdings, L.P., a Cayman Islands limited partnership. The sole general partner of Corel Holdings, L.P. is Vector Capital Partners II International, Ltd., which is wholly owned by VCPII International LLC. The managing member of VCPII International LLC is Alexander Slusky. Mr. Slusky disclaims beneficial ownership of these Shares, except to the extent of his pecuniary interest in them.

2. Options vest over 4 years, beginning on 10/01/05, with 25% vesting 1 year after the grant and quarterly vesting thereafter.

3. Options vest over 4 years, beginning on 04/24/07, with 25% vesting 1 year after the grant and quarterly vesting thereafter.

4. Options vest over 4 years, beginning on 07/24/09, with 25% vesting 1 year after the grant and quarterly vesting thereafter.

5. Mr. Slusky received these stock options as a non-employee director of Corel Corporation.

	/s/ Alexander R. Slusky	11/30/2009
	/s/ Alexander R. Slusky, Director, for Vector Capital Partners II International, Ltd.	11/30/2009
	/s/ Alexander R. Slusky, Director, by Vector Capital Partners II International, Ltd., Its General Partner, for Corel Holdings, L.P.	11/30/2009
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.