FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(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 SJMB, LLC ----------------------------------------------------- (Last) (First) (Middle) 777 POST OAK BLVD., SUITE 950 ----------------------------------------------------- (Street) HOUSTON, TX 77056 ----------------------------------------------------- (City) (State) (Zip) ------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol INTELECT COMMUNICATIONS INC. (ICOM) ------------------------------------------------------------------------------- 3. IRS or Social Security Number of Reporting Person (Voluntary) ------------------------------------------------------------------------------- 4. Statement for Month/Year NOVEMBER/2000 ------------------------------------------------------------------------------- 5. If Amendment, Date of Original (Month/Year) ------------------------------------------------------------------------------- 6. Relationship of Reporting Person to Issuer (Check all applicable) [X] 10% Owner [ ] Director [ ] 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 FORM 4 (continued) -------------------------------------------------------------------------------- TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ------------------------------------------------------------------------------------------------------------------------------------ 1. 2. 3. 4. 5. 6. 7. --------------------- -------- ---------- ------------------------------ ----------- ---------- ---------- Amount of Owner- Securities ship Trans- Trans- Securities Acquired (A) Beneficially Form: action action or Disposed of (D) Owned at Direct Nature of Date Code (Instr. 3, 4 and 5) End of (D) or Indirect Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership (Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4) --------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ---------- Common Stock 10/20/00 S 247,500 (D) $1.11 D (1) Common Stock 10/24/00 S 436,500 (D) $1.07 D (1) Common Stock 10/26/00 S 113,886 (D) $0.95 -0- D (1,2) Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Responses) 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 (Instr. Ownership (Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4) ---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ---------- Warrant $7.50 11/30/00 J 1,080,000 (D) 04/02/98 02/12/01 common 1,080,000 D (3) Warrant $3.20 11/30/00 J 382,500 (D) 01/13/99 02/12/01 common 382,500 D (3) Warrant $0.75 11/30/00 J 3,102,683 (A) 11/30/00 06/30/02 common 3,102,683 D (3) Warrant $0.75 11/30/00 J 5,704,622 (A) 04/15/01 09/30/02 common 5,704,622 D (3) Warrant $0.75 11/30/00 J 5,654,082 (A) 10/15/01 09/30/02 common 5,654,082 14,461,387 D (3) Explanation of Responses: INTELECT COMMUNICATIONS, INC. EXPLANATION OF RESPONSES FOR FORM 4 (1) Directly owned by SJMB, L.P., of which Reporting Person is sole general partner. Does not include any shares which are beneficially owned by Falcon Seaboard Investment Co. through a participation agreement with SJMB, L.P. SJMB, L.P. disclaims ownership of all shares subject to the participation agreement. (2) As of June 30, 2000, all of the Convertible note and related accrued interest has been converted into common stock. (3) Effective November 30, 2000, SJMB, L.P. and Intelect Communications, Inc. entered into a Settlement Agreement and Mutual Release, pursuant to which SJMB, L.P. returned the warrants it held and received new warrants to purchase common shares of Intelect Communications, Inc. Pursuant to the Settlement Agreement and Mutual Release, SJMB, L.P. received warrants to purchase 14,461,387 shares of common stock. (Does not include shares of common stock issuable upon the exercise of warrants which are beneficially owned by Falcon Seaboard Investment Co., L.P. through a participation agreement with SJMB, L.P.) Page 2 FORM 4 (continued) SJMB, L.P. disclaims ownership of all shares subject to the participation agreement with Falcon Seaboard Investment Co., L.P. /s/ JAMES H. HARRISON, CFO 01/10/01 ---------------------------------------- -------------------- ** Signature of Reporting Person Date ** 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.