BALDWIN & LYONS INC 4

4 · BALDWIN & LYONS INC · Filed Jan 5, 2004

Form 4

Period: 2004-01-02

Director

Transactions

Exercise/Conversion
Class B Common
2004-01-02$28.10/sh+1,098$30,854→ 22,810 total
Exercise of In-Money
Right to buy (option)
2004-01-02$28.10/sh−1,098$30,854→ 8,350 total
Exercise: $0.80From: 1995-01-03Exp: 2013-01-03→ Class B Common (1,098 underlying)
Award
Right to buy (option)
2003-04-01$18.87/sh+239$4,510→ 239 total
Exercise: $1.00From: 2004-04-02Exp: 2013-04-01→ Class B Common (239 underlying)
Award
Right to buy (option)
2004-01-02$27.03/sh+111$3,000→ 111 total
Exercise: $1.00From: 2005-01-03Exp: 2014-01-02→ Class B Common (111 underlying)
Award
Right to buy (option)
2003-07-01$22.68/sh+190$4,309→ 190 total
Exercise: $1.00From: 2004-07-02Exp: 2013-07-01→ Class B Common (190 underlying)
Award
Right to buy (option)
2003-10-01$22.39/sh+201$4,500→ 201 total
Exercise: $1.00From: 2004-10-02Exp: 2013-10-01→ Class B Common (201 underlying)

Footnotes (3)

[F1]All information presented has been adjusted to reflect a 5-for-4 stock split effective February 17, 2003.
[F2]Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance. Exercise price for all options was $1.00 per share on the date of grant. For options previously reported on Forms 4 and 5, the expiration dates range from January 3, 2004 to January 3, 2013. The price paid for the options was equal to and in lieu of directors fees in the amount of $3,000 to $4,500 per quarter.
[F3]The price paid for the options was equal to and in lieu of directors fees in the amount of $3,000 to $4,500 per quarter.

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