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^*

JAUNICH ROBERT II

(Last)

(First)

(Middle)

C/O FREMONT PARTNERS

199 FREMONT STREET, SUITE 2300

(Street)

SAN FRANCISCO

94105

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
KINETIC CONCEPTS INC /TX/ [ KCI ]

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

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/09/2004

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	11/09/2004		A		970	A	⁽¹⁾	4,499	D⁽²⁾⁽³⁾

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)
Stock Option (right to buy)	$61.78	11/09/2004		A		809		⁽⁴⁾	11/09/2011	Common Stock	809	⁽¹⁾	809	D⁽²⁾⁽³⁾

Explanation of Responses:

1. N/A.

2. These securities were granted to Robert Jaunich II, director and Chairman of the Board of the Issuer and initially and timely reported on a Form 4 filed by Fremont Investors, Inc. Mr. Jaunich is a Managing Partner of Fremont Partners, L.L.C. ("Fremont Partners LLC") and Fremont Partners III L.L.C. ("Fremont Partners III LLC"). Mr. Jaunich is required to provide Fremont Partners LLC and Fremont Partners III, LLC with the benefit of any gain or loss realized from any securities of the Issuer issued to Mr. Jaunich in his capacity as director. Each of Fremont Partners LLC, Fremont Partners III LLC and Mr. Jaunich may be deemed to be the indirect beneficial owner of the securities to the extent of its or his pro rata interest therein. Each of Fremont Partners LLC, Fremont Partners III LLC and Mr. Jaunich disclaims beneficial ownership of such securities, except to the extent of any pecuniary interest therein.

3. As a result of the matters described in Note (2), the securities may also be deemed to be owned indirectly by (i) Fremont Partners LLC, (ii) Fremont Partners III LLC,(iii) Fremont Group, L.L.C. ("Fremont Group"), the managing member of Fremont Partners LLC and the sponsoring member of Fremont Partners III LLC and (iv) Fremont Investors, Inc. ("Fremont Investors"), the manager of Fremont Group. Fremont Partners LLC, Fremont Partners III LLC, Fremont Group and Fremont Investors disclaim beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

4. The option vests in one-twelfth installments every three months over a period of three years beginning on February 9, 2005.

Remarks:

	/s/Robert Jaunich II	01/28/2005
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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