SEC FORM 4

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

HOVDA DAVID

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ARTHROCARE CORP [ ARTC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP & General Manager, Spine

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/24/2003		S		10,000	D	$22.3827	18,508	D

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$5.9375							10/13/1998	10/17/2007	Common Stock	6,876		6,876	D
Incentive Stock Option (right to buy)	$7							04/01/1999	03/01/2009	Common Stock	7,918		7,918	D
Incentive Stock Option (right to buy)	$10							07/07/2002⁽¹⁾	06/07/2012	Common Stock	2,775		2,775	D
Incentive Stock Option (right to buy)⁽²⁾	$13.59							05/24/2003	04/24/2013	Common Stock	4,803		4,803	D
Incentive Stock Option (right to buy)⁽²⁾	$13.8							01/24/2006	07/24/2013	Common Stock	396		396	D
Incentive Stock Option (right to buy)⁽²⁾	$14.1							03/15/2002⁽¹⁾	02/15/2012	Common Stock	419		419	D
Incentive Stock Option (right to buy)	$16.75							11/20/2000	10/20/2010	Common Stock	8,646		8,646	D
Incentive Stock Option (right to buy)	$27.56							08/30/2001	07/30/2011	Common Stock	8,935		8,935	D
Non-Qualified Stock Option (right to buy)	$10							07/07/2002⁽¹⁾	06/07/2012	Common Stock	7,225		7,225	D
Non-Qualified Stock Option (right to buy)⁽²⁾	$13.59							05/24/2003	04/24/2013	Common Stock	9,605		9,605	D
Non-Qualified Stock Option (right to buy)⁽²⁾	$13.8							08/24/2003⁽¹⁾	07/24/2013	Common Stock	604		604	D
Non-Qualified Stock Option (right to buy)⁽²⁾	$14.1							03/15/2002⁽¹⁾	02/15/2012	Common Stock	9,581		9,581	D
Non-Qualified Stock Option (right to buy)	$16.75							11/20/2000	10/20/2010	Common Stock	1,354		1,354	D
Non-Qualified Stock Option (right to buy)	$17.375							09/30/1999	08/31/2009	Common Stock	9,168		9,168	D
Non-Qualified Stock Option (right to buy)	$23							07/21/2000	06/21/2010	Common Stock	40,000		40,000	D
Non-Qualified Stock Option (right to buy)	$27.56							08/30/2001⁽¹⁾	07/30/2011	Common Stock	21,065		21,065	D
Stock Purchase Right	$0.001							02/27/2008	02/27/2008	Common Stock	7,800		7,800	D

Explanation of Responses:

1. Vests 1/48 per month starting one month from grant date for four years.

2. $100,000 ISO limit exceeded so entire grant divided between ISO and NQ.

	David Hovda	11/25/2003
	** Signature of Reporting Person	Date
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.