X0202 3 2006-02-21 0 0000853971 STANDARD MANAGEMENT CORP SMAN 0001350872 Long Mark 8526 OAKMONT LANE INDIANAPOLIS IN 46260 0 0 0 1 EVP Pharmacy Operations Common Stock 17590 D Employee Stock Option (Right to Purchase) 3.6 2004-07-01 2006-07-01 Common Stock 25000 D Employee Stock Option (Right to Purchase) 2.05 2005-08-25 2015-08-25 Common Stock 13000 D The Options vest in three approximately equal annual installments beginning on July 1, 2004. These Options are fully vested on the day of issuance. Mark B. L. Long 2006-02-22