Sec Form 5 Filing - HOWELL HILTON H JR @ ATLANTIC AMERICAN CORP - 2022-12-31

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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

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1. Name and Address of Reporting Person HOWELL HILTON H JR 2. Issuer Name and Ticker or Trading Symbol ATLANTIC AMERICAN CORP [ AAME] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chairman, President & CEO (Last) (First) (Middle) 4370 PEACHTREE ROAD, N.E. 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2022 (Street) ATLANTA, GA30319 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 517,272 D Common Stock 309,046 ( 1 ) I By 401(k) Plan Common Stock 05/01/2022 J( 2 ) V 30,368 D ( 2 ) $ 0 34,075 ( 3 ) I By Spouse Common Stock 408,765 ( 4 ) I Trust F/B/O Children

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HOWELL HILTON H JR 4370 PEACHTREE ROAD, N.E. ATLANTA, GA30319 X Chairman, President & CEO Signatures /s/ Hilton H. Howell, Jr. 02/13/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reflects the reporting person's interest in equivalent shares held by the unitized stock fund in the Atlantic American Corporation 401(k) Plan. ( 2 )Represents a disposition of 30,368 shares formerly held by Mr. Howell's spouse, Robin R. Howell, as custodian for the benefit of their children. On the transaction date, the shares were transferred to the individual holdings of the adult children. ( 3 )Mr. Howell has an indirect interest in the following shares owned directly or indirectly by his spouse, Robin R. Howell: 31,900 shares owned directly and 2,175 shares owned in an IRA account. Mr. Howell disclaims beneficial ownership of all such shares. ( 4 )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.

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).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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