ThZeal - The Zeal

4 1 form4.txt ------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0287 Expires: December 31, 2001 Estimated Average Burden Hours per response ....... 0.5 ------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 [X] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). SEE FOOTNOTE 2 BELOW (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Formula Systems (1985) Ltd. -------------------------------------------------------------------------------- (Last) (First) (Middle) 3 Hagalim Boulevard -------------------------------------------------------------------------------- (Street) Herzlia Israel 46725 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Level 8 Systems, Inc. - LVEL ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person, (Voluntary) N/A ________________________________________________________________________________ 4. Statement for Month/Year June 2002 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 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 ================================================================================

FORM 4 (CONTINUED) TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ================================================================================

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: (1) THESE SHARES ARE OWNED DIRECTLY BY LIRAZ SYSTEMS LTD. ("LIRAZ") OR ITS WHOLLY-OWNED SUBSIDIARY, ADVANCED SYSTEMS EUROPE B.V. THE REPORTING PERSON OWNS 54.4% OF THE OUTSTANDING SHARES OF LIRAZ. (2) LESS THAN 10% (I.E., 9.3%) OF THE COMMON STOCK. Dan Goldstein, Chairman of the Board and Chief Executive Officer 07/09/02 --------------------------------------------- ----------------------- **Signature of Reporting Person Date * 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 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.