ATLANTIC AMERICAN CORP — Director's Dealing 2003

Jun 9, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2003-06-09

Reporting Person: ROBINSON J MACK (Director, Chairman, 10% Owner)

Footnotes

F1: Mr. Robinson has a direct ownership of 744694 shares. Mr. Robinson also has an indirect ownership interest in 10717 shares held in a 401(k) Plan based on a plan statement as of December 31, 2002. Mr. Robinson also has an indirect ownership interest in 946702 shares owned by Delta Life Insurance Co. Mr. Robinson also has an indirect ownership interest in 8489263 shares, of which 502295 are owned directly by his spouse; 6720 shares held by spouse, jointly with grandson; 3953256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and, 4026992 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee, all of which Mr. Robinson expressly disclaims beneficial ownership of such securities.

F2: Mr. Robinson also has an indirect ownership interest in 3411102 shares owned by Gulf Capital Services, for which Mr. Robinson holds a 24% interest in the Partnership. The remaining partnerships are held in equal shares by Trust for benefit of Mr. Robinson's daughters, with Mr. Robinson's spouse as Trustee. Mr. Robinson disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' proportionate partnership interest. Mr. Robinson also holds employee stock options to acquire 100000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $3.374. Mr. Robinson also has an indirect ownership interest in options to acquire 5000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at exercise prices ranging from $1.90 to $4.4375 held by his wife.