ATLANTIC AMERICAN CORP — Director's Dealing 2003

Jan 30, 2003

4 1 g80404ae4.htm ATLANTIC AMERICAN CORPORATION / J. MACK ROBINSON ATLANTIC AMERICAN CORPORATION / J. MACK ROBINSON PAGEBREAK

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UNITED STATES 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(h) of the Investment Company Act of 1940

o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

| 1. | 2. | Issuer Name and Ticker or
Trading Symbol | | | | I.R.S. Identification
Number of Reporting Person, if an entity (Voluntary) | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Robinson, J. Mack (Last) (First) (Middle) | | Atlantic American
Corporation -- AAME | | | | | |
| 4370 Peachtree Road,
NE (Street) | 4. | Statement for
Month/Day/Year | | | 5. | If Amendment, Date of Original (Month/Day/Year) | |
| | | January 28, 2003 | | | | | |
| | 6. | Relationship of Reporting Person(s) to
Issuer (Check All Applicable) | | | 7. | Individual or Joint/Group
Filing (Check
Applicable Line) | |
| Atlanta, GA 30319-3000 (City) (State) (Zip) | | x | Director | x | 10% Owner | x | Form Filed by One Reporting Person |
| | | x | Officer (give title
below) | | | o | Form Filed by More than One Reporting
Person |
| | | o | Other (specify
below) Chairman | | | | |

| Reminder: | Report on a separate line for each class of securities
beneficially owned directly or indirectly. |
| --- | --- |
| * | If the form is filed by more than one reporting person, see instruction 4(b)(v). |

PAGEBREAK

| Title of Security (Instr. 3) | Transaction Date (Month/Day/Year) | Transaction Code (Instr.
8) | 4. | Securities Acquired (A) or Disposed
of (D) (Instr. 3, 4 and 5) | | 5. | Amount of Sec- urities
Beneficially Owned Following Reported
Trans- action(s) (Instr. 3 and 4) | Ownership Form: Direct (D) or Indirect
(I) (Instr. 4) | Nature
of Indirect Beneficial Ownership (Instr. 4) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | Code | V | Amount | (A) or (D) | Price | | | |
| Common Stock | | | | | | | 8,929 | D | 401(k) Plan(1) |
| Common Stock | N/A | | | | | | 740,921 | D | |
| Common Stock | N/A | | | | | | 294,000 | I | By Delta Fire & Casualty |
| Common Stock | N/A | | | | | | 936,702 | I | By Delta Life Ins. Co. |
| Common Stock | 01/28/03 | P | | 2,000 | A | $1.50 | | I | |
| Common Stock | 01/29/03 | P | | 300 | A | $1.54 | 8,412,280 | I | By Spouse(2)*** |
| Common Stock | N/A | | | | | | 3,411,102 | I | By Gulf Capital Services(3) |

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| Title of Derivative Security (Instr.
3) | Transaction Date (Month/Day/Year) | Transaction Code (Instr.
8) | 5. | Number of Derivative
Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and
5) | |
| --- | --- | --- | --- | --- | --- |
| | | Code | V | (A) | (D) |
| Employee Stock Option | N/A | | | | |
| Option to Buy | N/A | | | | |

Page 3 PAGEBREAK

| Date Exercisable and Expiration
Date (Month/Day/Year) | 7. | Title and Amount of Underlying Securities (Instr. 3 and 4) | 8. | Number of Derivative
Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | Ownership Form of Derivative
Security: Direct (D) or Indirect (I) (Instr. 4) | Nature
of Indirect Beneficial Ownership (Instr. 4) |
| --- | --- | --- | --- | --- | --- | --- |
| Date Exercisable | Expiration Date | Title | Amount or Number
of Shares | | | |
| | | Cmn. Stk. | | 100,000 | D | 4 |
| | | Cmn. Stk. | | 5,000 | I | By Spouse(5) |

Explanation of Responses:

***Reporting Person expressly disclaims beneficial ownership of such securities.

(1) Information herein is based on a plan statement as of December 31, 2001.

(2) Includes 425,312 shares held directly by spouse; 6,720 shares held by spouse, jointly with grandson; 3,953,256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and 4,026,992 shares held directly by Trust for daughter Jill Robinson, with spouse as Trustee.

(3) Reporting person individually holds a 24% interest in the Partnership. The remaining partnerships are held in equal shares by Trust for benefit of the reporting person's daughters, with the reporting person's spouse as Trustee. The reporting person disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' proportionate partnership interest.

(4) Options to buy Common Stock, granted at an option price of $3.374 per share under the Atlantic American Corporation 1992 Incentive Plan.

(5) Granted pursuant to the Company’s 1996 Director Stock Option Plan at option prices ranging from $1.90 to $4.4375.

/s/ J. Mack Robinson	01/30/03
**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 is insufficient, see Instruction 6 for
procedure. |

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