Sec Form 4 Filing - Lazarus Management Co LLC @ BLUE SPHERE CORP. - 2016-12-07

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES 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(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Lazarus Management Co LLC
2. Issuer Name and Ticker or Trading Symbol
BLUE SPHERE CORP. [ BLSP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
3200 CHERRY CREEK SOUTH DRIVE, SUITE 670
3. Date of Earliest Transaction (MM/DD/YY)
12/07/2016
(Street)
DENVER, CO80209
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/07/2016 L 120,000 ( 1 ) A $ 0.0532 ( 2 ) 66,081,895 I See Footnotes ( 6 ) ( 7 )
Common Stock 12/08/2016 L 25,000 ( 1 ) A $ 0.0599 ( 3 ) 66,106,895 I See Footnotes ( 6 ) ( 7 )
Common Stock 12/09/2016 L 10,000 ( 1 ) A $ 0.0698 66,116,895 I See Footnotes ( 6 ) ( 7 )
Common Stock 12/19/2016 P 100,000 ( 1 ) A $ 0.0659 ( 4 ) 66,216,895 I See Footnotes ( 6 ) ( 7 )
Common Stock 12/20/2016 P 75,000 ( 1 ) A $ 0.0695 ( 5 ) 66,291,895 I See Footnotes ( 6 ) ( 7 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/ YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Lazarus Management Co LLC
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO80209
X
BORUS JUSTIN B
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO80209
X
LAZARUS INVESTMENT PARTNERS LLLP
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO80209
X
Lazarus Israel Opportunities Fund LLLP
3200 CHERRY CREEK DRIVE, SUITE 670
DENVER, CO80209
X
Lazarus Israel Opportunities Fund II LLLP
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO80209
X
Signatures
Lazarus Management Company LLC By: /s/ Justin B. Borus, manager 12/21/2016
Signature of Reporting Person Date
/s/ Justin B. Borus 12/21/2016
Signature of Reporting Person Date
Lazarus Israel Opportunities Fund LLLP By: Lazarus GP LLC, its general partner By: /s/ Justin B. Borus, manager 12/21/2016
Signature of Reporting Person Date
Lazarus Israel Opportunities Fund II LLLP By: Lazarus GP LLC, its general partner By: /s/ Justin B. Borus, manager 12/21/2016
Signature of Reporting Person Date
Lazarus Investment Partners LLLP By: Lazarus Management Company LLC, its general partner By: /s/ Justin B. Borus, manager 12/21/2016
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Shares of common stock were purchased directly by Lazarus Israel Opportunities Fund II LLLP ("Lazarus Israel II").
( 2 )The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0499 to $0.06, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 3 )The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0598 to $0.06, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 4 )The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0689 to $0.07, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 5 )The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.069 to $0.0698, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 6 )This form is filed jointly by Lazarus Management Company LLC ("Lazarus Management"), Justin B. Borus, Lazarus Israel Opportunities Fund LLLP ("Lazarus Israel I"), Lazarus Israel II and Lazarus Investment Partners LLLP ("Lazarus Partners" and together with Lazarus Israel I and Lazarus Israel II, the "Funds"). The securities reported herein are owned directly by the Funds as follows: (i) Lazarus Israel I owns 42,218,018 shares of common stock and 12,500,000 warrants; (ii) Lazarus Israel II owns 15,273,401 shares of common stock and 2,727,273 warrants; and (iii) Lazarus Partners owns 8,800,476 shares of common stock and 2,272,728 warrants. Lazarus Management is the investment adviser of the Funds, the general partner of Lazarus Partners, and Mr. Borus is the manager of Lazarus Management. Lazarus GP LLC ("Lazarus GP") is the general partner of Lazarus Israel I and Lazarus Israel II and Mr. Borus is the manager of Lazarus GP.
( 7 )Each of Lazarus Management and Mr. Borus expressly disclaims beneficial ownership of the securities held by the Funds except to the extent of his or its pecuniary interest therein. Each of the Funds expressly disclaims beneficial ownership of the shares held by the other Funds. The filing of this Form 4 shall not be construed as an admission that either Lazarus Management or Mr. Borus, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, is the beneficial owner of any of the securities reported herein.

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