FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction (b). U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 ------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Walls Christopher J. ----------------------------------------------------- (Last) (First) (Middle) c/o OptiCare Health Systems, Inc. 87 Grandview Avenue ----------------------------------------------------- (Street) Waterbury CT 06708 ----------------------------------------------------- (City) (State) (Zip) ------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol OptiCare Health Systems, Inc. (OPT) ------------------------------------------------------------------------------- 3. IRS or Social Security Number of Reporting Person (Voluntary) ------------------------------------------------------------------------------- 4. Statement for Month/Year March, 2002 ------------------------------------------------------------------------------- 5. If Amendment, Date of Original (Month/Year) ------------------------------------------------------------------------------- 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [ ] Director [ ] 10% Owner [X] Officer (give title below) [ ] Other (specify below) Vice President and General Counsel ------------------------------------------------------------------------------- 7. Individual or Joint/Group Filing (Check Applicable Law) [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. Owner- Securities ship 2. Trans- 3. Trans- Beneficially Form: action action 4. Securities Acquired (A) Owned at (D) 7. Nature Date Code or Disposed of (D) End of Direct Indirect 1. Title of Security (Month/ (Instr. 8) -------------------------- Month or (I) Beneficial (Instr. 3) Day/ ---------- Amount (A) or Price (Instr. Indirect Ownership Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4) --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- Common Stock, $.001 par value per share 3/19/02 A V 25,000 A 25,000 D --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- (over) SEC 1474 FORM 4 (continued) TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g. puts, calls, warrants, options, convertible securities) ----------------------------------------------------------------------------------------------------------------------------------- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. ----------------------------------------------------------------------------------------------------------------------------------- Title and Ownership Number of Date Exer- Amount of Form of Derivative cisable and Underlying Number of Deriv- Securities Expiration Securities Price Derivative ative Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security: sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Inst. Ownership (Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4) ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Stock Options (Right to Buy)(1) $0.16 3/19/02 A V 125,000 (2) 3/19/12 Common 125,000 125,000 D Stock ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- (1) Granted pursuant to the OptiCare Health Systems, Inc. 2002 Stock Incentive Plan. (2) Exercisable in four equal annual installments beginning on March 19, 2003. * 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 provided is insufficient, See Instruction 6 for procedure. /s/ Christopher J. Walls April 9, 2002 ---------------------------------------- -------------------- ** Signature of the Reporting Person Date SEC 1474