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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.______ )*
AMERICAN PHYSICIANS SERVICE GROUP, INC.
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(Name of Issuer)
Common Stock, par value $.10 per share
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(Title of Class of Securities)
028882108
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(CUSIP Number)
Duane K. Boyd, Jr.
1301 Capital of Texas Highway
Suite C-300
Austin, Texas 78746
(512) 328-0888
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 1, 1993
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.
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Check the following box if a fee is being paid with the statement . (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7. X
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Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 028882108 13D Page 2 of 4 Pages
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Duane K. Boyd, Jr.
2 Check the Appropriate Box if a Member of a Group* (a)
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(b)
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3 SEC USE ONLY
4 Source of Funds*
PF
5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
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6 Citizenship or Place of Organization
United States
7 Sole Voting Power
Number of 120,000
Shares
Beneficially 8 Shared Voting Power
Owned By 5,640
Each
Reporting 9 Sole Dispositive Power
Person 120,000
With
10 Shared Dispositive Power
11 Aggregate Amount Beneficially Owned by Each Reporting
Person
125,640
12 Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares*
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13 Percent of Class Represented by Amount in Row (11)
3.16
14 Type of Reporting Person*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 3 of 4 Pages
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Item 1. SECURITY AND THE ISSUER.
Class of Securities: Common Stock, par value $.10 per share
Name and Address of Issuer: American Physicians Service Group, Inc.
1301 Capital of Texas Highway, Suite C-300
Austin, Texas 78746
Item 2. IDENTITY AND BACKGROUND.
(a) Name: Duane K. Boyd, Jr.
(b) Business address: 1301 Capital of Texas Highway, Suite C-300
Austin, Texas 78746
(c) Principal occupation: Senior Vice President
American Physicians Service Group, Inc.
1301 Capital of Texas Highway, Suite C-300
Austin, Texas 78746
(d) Mr. Boyd, during the last five years, has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) Mr. Boyd, during the last five years, has not been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was not or is not subject to a judgement, decree or
final order enjoining future violations of or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) Citizenship: United States
Item 3. SOURCE AND AMOUNT OF FUNDS.
On October 1, 1993 Mr.Boyd was the beneficial owner of stock options, which were
then currently exercisable or were exercisable within 60 days after October 1,
1993, covering 200,000 shares of common stock of the Company. Such options had
been granted to Mr. Boyd under the Company's Employee Stock Option Plan as
part of his compensation. From time to time after that date, Mr. Boyd exercised
all of these options with $275,000 of personal funds. From time to time the
Company has purchased in the market and has contributed approximately 5,640 of
its common shares into a retirement plan for the benefit of Mr. Boyd.
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Page 4 of 4 Pages
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Item 4. PURPOSE OF THE TRANSACTION.
The shares purchased by Mr. Boyd with personal funds were purchased for
investment purposes. The remaining 5,640 shares were contributed to Mr. Boyd's
retirement account under the Company's retirement plan.
Item 5. INTEREST IN THE SECURITIES OF THE ISSUER.
(a) On October 1, 1993, Mr. Boyd held options which were then exercisable or
were exercisable within 60 days covering 200,000 shares or 5.45% of the
Company's common shares. Subsequent to that date, Mr. Boyd exercised all of
these options, sold 80,000 shares, became the beneficiary of approximately 5,640
shares contributed to his retirement plan by the Company, and, as of this date,
is the beneficial owner of 125,640 shares of common stock of the COmpany or
3.16% of the total shares of common stock outstanding.
(b) Mr. Boyd has sole voting and dispositive powers for 120,000 of the shares.
He has shared voting power, but no dispositive power for 5,640 of the shares.
(c) In the 60 days preceding this report, Mr. Boyd has sold 80,000 shares of
common stock of the Company at an average price of $8.02 per share and has
exercised options for 160,000 shares of common stock of the Company at an
exercise price of $1.38 per share.
(d) N/A
(e) January 3, 1996
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
REGARD TO THE ISSUER.
None.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I hereby
certify that the information set forth in this statement is true, complete
and correct.
Date: January 31, 1996
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Duane K. Boyd, Jr.
