ATLANTIC AMERICAN CORP — Director's Dealing 2016

May 4, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2016-05-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-02	Common Stock	F	3100	$4.18	Disposed	53100	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	491954	Direct
Common Stock	221681	Indirect
Common Stock	168200	Indirect
Common Stock	190356	Indirect

Footnotes

F1: Based on most recent plan statement.

F2: Mr. Howell has an indirect interest in the following shares owned directly or indirectly by his spouse, Robin R. Howell: 12,925 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.

F3: 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.

F4: 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.