X0202 4 2004-11-30 0 0000910110 PENN AMERICA GROUP INC PNG 0001135210 LEAR ROBERT A 420 S YORK RD C/O PENN AMERICA GROUP HATBORO PA 19040 1 0 0 0 COMMON STOCK 2004-11-30 4 M 0 29117 4 A 29117 D COMMON STOCK 2004-11-30 4 S 0 14275 14.75 D 14842 D COMMON STOCK 2004-11-30 4 S 0 12653 14.78 D 2189 D COMMON STOCK 2004-11-30 4 S 0 2109 14.81 D 80 D COMMON STOCK 2004-11-30 4 S 0 80 14.82 D 0 D NON-QUALIFIED STOCK OPTIONS (RIGHT TO BUY) 4 1993-10-28 4 M 0 29117 0 D 1994-10-28 1994-12-31 COMMON STOCK 40617 11500 D The options vested in 5 equal installments on 10/28/94, 95, 96, 97, 98. Robert A. Lear 2004-12-01