U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Walls, Charles H.
HC 67, P O Box 7
Antlers, OK 74523
USA
2. Issuer Name and Ticker or Trading Symbol
Pre-Paid Legal Services, Inc.
PPD
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
June 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option - Right to Buy |8.13 |5/24/|J |V|7500 |A |5/24/|12/12|Common |7500 | |7500 |D | |
| |96 | |(| | |96 |/00 | | | | | | |
| | | |1| | | | | | | | | | |
| | | |)| | | | | | | | | | |
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Option - Right to Buy |10.38 |5/24/|J |V|10000 |A |(2) |3/01/|Common |10000 | |10000 |D | |
| |96 | |(| | | |01 | | | | | | |
| | | |1| | | | | | | | | | |
| | | |)| | | | | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) These securites were acquired through participation in the Issuer's Stock
Option Plan approved by
shareholders on May 24, 1996. They are expent under old rule
16b-3.
(2) These options were immediately exercisable as to 2,500 shares and will
vest in additional increments of
2,500 on the following June 1st, September 1st and December 1st of the year of
the grant.
SIGNATURE OF REPORTING PERSON
Charles Walls
DATE
July 9, 1996