ATLANTIC AMERICAN CORP — Director's Dealing 2013

May 8, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2013-05-07

Reporting Person: HOWELL HILTON H JR (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-07	Common Stock	A	85000	$0.00	Acquired	491954	Direct
2013-05-07	Common Stock	A	5000	$0.00	Acquired	46200	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	179326	Indirect
Common Stock	6720	Indirect
Common Stock	378450	Indirect

Footnotes

F1: Represents grant of restricted stock. 5,000 shares vest in full on May 5, 2014 and 80,000 shares vest in full on May 7, 2016.

F2: Based on most recent plan statement.

F3: Mr. Howell has an indirect interest in the following shares owned directly or indirectly by his spouse, Robin R. Howell: 6,025 shares owned directly; 2,175 shares owned in an IRA account and 38,000 shares held indirectly by her as custodian for their children. Mr. Howell disclaims beneficial ownership of all such shares.

F4: Shares held jointly by his son and Mr. Howell's mother-in-law, Harriett J. Robinson. Mr. Howell disclaims beneficial ownership of all such shares.

F5: Shares held in a trust for the benefit of Mr. Howell's children and over which Mr. Howell's mother-in-law serves as trustee. Mr. Howell disclaims beneficial ownership of all such shares.