UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
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).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Grunebaum, Peter K
885 Third Avenue
Suite 2400
New York, NY 10022
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
December 13, 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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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 |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock |6/17/9|M |2,500 |A |1.25 | | | |
|6 | | | | | | | |
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Common Stock |6/17/9|M |2,500 |A |1.19 | | | |
|6 | | | | | | | |
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Common Stock |6/17/9|M |2,500 |A |1.44 | | | |
|6 | | | | | | | |
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Common Stock |6/17/9|M |2,500 |A |1.25 | | | |
|6 | | | | | | | |
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Common Stock |6/17/9|M |2,500 |A |1.37 | | | |
|6 | | | | | | | |
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Common Stock |7/1/96|M |2,500 |A |2.12 | | | |
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Common Stock |7/1/96|M |2,500 |A |1.81 | | | |
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Common Stock |7/1/96|M |2,500 |A |1.50 | | | |
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Common Stock |7/1/96|M |2,500 |A |2.06 |43,000 |D | |
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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 |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice 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 | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option - Right to Buy |1.25 |6/17/|M |2,500 |D |12/16|12/16|Common |2,500 | |O |D | |
| |96 | | | |/92 |/97 | | | | | | |
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Option - Right to Buy |1.19 |6/17/|M |2,500 |D |3/16/|3/16/|Common |2,500 | |O |D | |
| |96 | | | |93 |98 | | | | | | |
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Option - Right to Buy |1.44 |6/17/|M |2,500 |D |6/4/9|6/4/9|Common |2,500 | |O |D | |
| |96 | | | |3 |8 | | | | | | |
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Option - Right to Buy |1.25 |6/17/|M |2,500 |D |9/22/|9/22/|Common |2,500 | |O |D | |
| |96 | | | |93 |98 | | | | | | |
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Option - Right to Buy |1.37 |6/17/|M |2,500 |D |12/15|12/15|Common |2,500 | |O |D | |
| |96 | | | |/93 |/98 | | | | | | |
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Option - Right to Buy |2.12 |7/1/9|M |2,500 |D |3/23/|3/23/|Common |2,500 | |O |D | |
| |6 | | | |94 |99 | | | | | | |
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Option - Right to Buy |1.81 |7/1/9|M |2,500 |D |6/3/9|6/3/9|Common |2,500 | |O |D | |
| |6 | | | |4 |9 | | | | | | |
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Option - Right to Buy |1.50 |7/1/9|M |2,500 |D |7/29/|7/29/|Common |2,500 | |O |D | |
| |6 | | | |94 |99 | | | | | | |
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Option - Right to Buy |2.06 |7/1/9|M |2,500 |D |10/31|10/31|Common |2,500 | |O |D | |
| |6 | | | |/94 |/99 | | | | | | |
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</TABLE>
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
Peter Grunebaum
DATE
February 14, 1997
