4 1 swett1.txt STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ------------------------------ OMB APPROVAL ------------------------------ OMB Number Expires: 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 this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ================================================================================ 1. Name and Address of Reporting Person* Swett Ralph J. -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o PSINet Inc. 44983 Knoll Square -------------------------------------------------------------------------------- (Street) Ashburn VA 20147 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol PSINet Inc. ("PSIX") ================================================================================ 3. IRS or Social Security Number of Reporting Person (Voluntary) ================================================================================ 4. Statement for Month/Year December, 2001 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [ X ] Director [ ] 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 ================================================================================

~~-----------~~6. ~~FORM~~ 4. ~~UNITED~~5. ~~STATES~~Owner- ~~SECURITIES~~Securities ~~AND~~Acquired ~~EXCHANGE~~(A) ~~COMMISSION~~or ~~-----------~~Amount ~~WASHINGTON,~~of Dship 3.C. ~~20549~~Disposed ~~STATEMENT~~of OF(D) ~~CHANGES~~Securities INForm: ~~BENEFICIAL~~7. ~~OWNERSHIP~~Transaction ~~|_|CHECK~~(Instr. ~~THIS~~3, ~~BOX~~4 IFand NO5) ~~LONGER~~Beneficially ~~SUBJECT~~Direct TONature ~~SECTION~~of 162. ~~FORM~~Code 4------------------------------- OROwned ~~FORM~~at 5End ~~OBLIGATIONS~~(D) ~~MAY~~or ~~CONTINUE~~Indirect 1. ~~SEE~~Transaction ~~INSTRUCTION 1~~(B)Instr. ~~Filed~~8) ~~pursuant to Section 16~~(aA) of ~~the~~Month ~~Securities~~Indirect ~~Exchange~~Beneficial ~~Act~~Title of ~~1934,~~Security ~~Section~~Date ~~17(a)~~------------ ofAmount ~~the~~or ~~Public~~Price ~~Utility~~(Instr. ~~Holding~~3 ~~Company~~(I) ~~Act~~Ownership of(Instr. ~~1935~~3) ~~or Section 30~~(fmm/dd/yy) ofCode ~~the~~V ~~Investment~~(D) ~~Company~~and ~~Act~~4) of(Instr.4) ~~1940~~ (~~Print~~Instr. ~~or Type Responses~~4) --------------------------------------------- --------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------ 1.Common ~~Name~~Stock, ~~and Address of Reporting Person* 2~~$.01 ~~Issuer~~par ~~Name~~value ~~and~~12/10/01 ~~Ticker~~J or77,000 6.D ~~Relationship of Reporting Person~~$0(s1) to0 ~~Issuer~~D ~~Trading Symbol (Check all applicable) Schrader, William L. PSINet Inc.~~ - ~~"PSIXE" X Director 10% Owner~~ --------------------------------------------- ----------------- --------------- --- --- ~~(Last) (First) (Middle) 3. I.R.S. 4. Statement for Identification Month/Year~~ --- ~~Officer (give title~~ --------------------------------------------- ~~Other~~Common ~~(specify~~Stock, ~~c/o PSINet Inc~~$.01 ~~Number~~par ofvalue ~~below)~~12/10/01 ~~below)~~J ~~44983 Knoll Square Reporting May 2001 Person~~13,000 ifD an$0(1) ~~entity~~0 I(~~Voluntary~~2) ~~______________________________~~ --------------------------------------------- ----------------------------------- ---------------------------------------------------- ~~(Street)~~Common ~~5. If Amendment~~Stock, 7$.01 ~~Individual~~par orvalue ~~Joint~~12/~~Group~~19/01 ~~Filing~~J ~~(Check~~30,000 ~~Date~~D ~~of Original applicable line~~$0(1) ~~Ashburn,~~0 ~~VA 20147~~ I(~~Month/Year~~3) X------------------------------------------------------------------------------------------------------------------------------------ ~~Form~~------------------------------------------------------------------------------------------------------------------------------------ ~~filed~~------------------------------------------------------------------------------------------------------------------------------------ ~~by One Reporting Person~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Form filed by More than One Reporting Person~~ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Page 1 of 2 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

~~----------------------------------------------~~9. ~~-------------------------------------------------------------------------------------~~10. ~~(City)~~Number ~~(State)~~Owner- ~~(Zip)~~of ~~TABLE~~ship I2. Deriv-- ~~NON~~of Conver-~~DERIVATIVE~~ ~~SECURITIES~~5. ~~ACQUIRED,~~7. ~~DISPOSED~~ative ~~OF,~~Deriv- OR11. ~~BENEFICIALLY~~sion ~~OWNED~~Number ~~----------------------~~of ~~---------------------~~Title ~~---------------~~and ~~---------------------~~Amount Secur-~~------------~~ ~~--------------------~~ative ~~------------~~Nature ~~1. Title~~ of ~~Security~~Derivative 26. ~~Transaction~~of ~~Date~~Underlying 38. 4.ities ~~Securities~~Secur- ~~5. Amount~~ of 6.Exer- ~~Ownership 7~~4. ~~Nature~~Securities ofDate ~~(Instr.~~Securities 3)Price ~~(Month/Day/Year)~~Bene- ~~Transaction Acquired(A) or Securities Form~~ity: ~~Indirect~~In- ~~Code~~cise ~~Disposed~~3. ofTrans- ~~(D)~~Acquired ~~Beneficially Direct~~ (DA) ~~Beneficial~~Exercisable ~~(Instr.~~and 8) (Instr. 3, ~~Owned at End or Ownership 4~~ and 54) of ~~Month~~ficially ~~Indirect~~Direct ~~(I)~~direct ~~Instr.~~Price ~~4) (Instr. 3 and 4)~~ Trans-~~-------------------------~~ ~~-----------~~action ~~-------~~or ~~----~~Disposed ~~--------------~~Expiration ~~--------~~Date --------- -------~~----------~~ Deriv-~~---------------~~ ~~-----------~~Owned ~~Code V Amount~~ (AD) or ~~Price (D)~~ Bene-~~-----------------------------~~ ~~----------- ------- --- -------------- -------- ---------- ------------ ------------- --------------- Common Stock, $~~1.01 ~~par~~of ~~value~~action ~~5/15/01~~Code ~~S 3,140~~ of(D) (1Month/Day/Year) ~~$.09~~Amount ~~------------------------------~~ative ~~-----------~~at ~~------~~End In--- ~~--------------~~ficial ~~--------~~Title ~~----------~~of Deriv-~~-----------~~ ~~-------------~~Date ~~--------------- Common Stock, $~~(Instr.01 ~~par value 5/15/01 S 17,500~~ (~~D)(1) $~~Instr.~~091~~ 3, ----------------~~--------------~~ ~~-----------~~or Secur-~~-----~~ ~~---~~of ~~--------------~~direct Owner-~~-------~~ ~~----------~~Derivative ~~------------~~ative ~~-------------~~(Month/ ~~---------------~~8) ~~Common~~4 ~~Stock,~~and ~~$.01~~5) ~~par~~Date ~~value~~Expira- ~~5/15/01~~Number Sity ~~14,500~~Month (DI)~~(1)~~ ~~$.093~~ship ~~------------------------------~~Security Secur-~~----------~~ ~~------~~Day/ --- ---~~-----------~~ -------- ----~~------~~ Exer-~~-----------~~ ~~-------------~~tion ~~---------------~~of ~~Common~~(Instr. ~~Stock, $~~(Instr.01 ~~par value 5/14/01 S 400,000~~ (~~D)(1)~~Instr. $(Instr.~~0958~~ ~~------------------------------ ----------- ------- --- -------------- -------- ---------- ------------ ---------------------------- Common Stock, $~~(Instr.01 ~~par~~3) ~~value~~ity ~~5/15/01~~Year) SCode ~~1,000,000~~V (DA) (1D) ~~$.0815~~cisable ~~------------------------------~~Date ~~-----------~~Title ~~-------~~Shares ~~--- -------------- -------- ---------- ------------ ------------- --------------- Common Stock, $.01 par value~~ 5~~/16/01~~) S4) ~~500,000~~4) (D4)~~(1)~~ ~~$.0609~~ ------------------------------ ----------- ------- --- -------------- -------- ---------- ------------ ------------- --------------- ~~Common Stock, $.01 par value 5/10/01 S 107,882 (D)(2) $.1005~~ ---------~~---------------------~~ ----------- ------- --- -------------- -------- ---------- ------------ ------------- --------------- ~~Common Stock, $.01 par value 5/14/01 S 50,941 (D)(2) $.0960~~ ------------------------------ ----------- ------- --- -------------- -------- ---------- ------------ ------------- --------------- ~~Common Stock, $.01 par value 5/10/01 S 40,000 (D)(2) $.0938~~ ------------------------------ ----------- ------- --- -------------- -------- ---------- ------------ ------------- --------------- ~~Common Stock, $.01 par value 5/09/01 S 14,941 (D)(2) $.1000~~ ------------------------------ ----------- ------- --- ---------~~-----~~ -------- ---------- ------------ ------------- -------------- ~~Common Stock, $.01 par value 5/10/01 S 107,882 (D)(2) $.0964 221,084(3) (I) By Spouse~~ ------------------------------ ----------- ------- --- -------------- -------- --~~--------~~ ------------ ------------- --------------- ~~Common Stock, $.01 par value 2,000(4) (D)~~ ------------------------------ ----------- ------- --- -------------- -------- ---------- ---------~~---~~ ------------- --------------- ~~Series C Preferred Stock, $.01 par value 5/15/01 S 5,000 (D)(1) $1.65 0~~ ------------------------------------------ ------- --- -------------- -------- ---------- ------------ --------~~-----~~ ~~--------------- Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.~~====================================================================================================================================

Explanation of Responses: (1) The shares were transferred to the Issuer for cancellation without payment. (2) Reflects shares held by Mr. Swett and his wife, Eileen Swett. (3) Reflects shares held by F&G Capital, L.P. Mr. Swett is the managing manager of the general partner of F&G Capital, L.P. /s/Ralph J. Swett 01/10/02 --------------------------------------------- ----------------------- **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 procedures. Alternatively, this Form is permitted to be submitted to the Commission in electronic format at the option of the reporting person pursuant to rule 101(b)(4) of Regulation S-T. Page 2 of 2

------------------ ----------------------- ------------- ---------------- ---------------- --------------- 6. Date 7. Title and Amount 8. Price of 9.Number of 10. Ownership 11. Nature Exercisable of Underlying Derivative Derivative Form of of and Securities Security Securities Derivative Indirect Expiration (Instr. 3 and 4) (Instr. 5) Beneficially Security: Beneficia Date (Month/ Owned at Direct Ownernship Day/Year) End of Month (D) or (Instr. 4) (Instr. 4) Indirect (I) (Instr. 4) ------------ ----------- -------- ----------- Date Expiration Title Amount Exercisable Date or Number of Shares ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- --------------- ------------------ ----------------------- ------------- ---------------- ---------------- ---------------

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