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^*

KEANE DANIEL G

(Last)

(First)

(Middle)

1801 ELMWOOD AVE

(Street)

BUFFALO

14207

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MOD PAC CORP [ MPAC ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2004

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)
$.01 Par Value Common Stock	02/27/2004		M		15,815	A	$1.86	18,349	D
$.01 Par Value Class B Stock	02/27/2004		M		6,380	A	$1.86	21,237	D
$.01 Par Value Common Stock								6,435	I	By Spouse⁽¹⁾
$.01 Par Value Class B Stock								14,995	I	By Spouse⁽¹⁾

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)
Option⁽²⁾	$0.855	02/27/2004		M			2,203	12/20/1995	12/20/2004	$.01 PV Com Stk	2,203	$0	0	D
Option⁽²⁾	$0.855	02/27/2004		M			1,276	12/20/1995	12/20/2004	$.01 PV Class B Stk	1,276	$0	0	D
Option⁽²⁾	$1.496	02/27/2004		M			6,806	12/28/1996	12/28/2005	$.01 PV Com Stk	6,806	$0	0	D
Option⁽²⁾	$1.496	02/27/2004		M			2,552	12/28/1996	12/28/2005	$.01 PV Class B Stk	2,552	$0	0	D
Option⁽²⁾	$2.604	02/27/2004		M			6,806	12/20/1997	12/20/2006	$.01 PV Com Stk	6,806	$0	0	D
Option⁽²⁾	$2.604	02/27/2004		M			2,552	12/20/1997	12/20/2006	$.01 PV Class B Stk	2,552	$0	0	D
Option⁽²⁾	$5.221							01/18/2000	01/18/2009	$.01 PV Com Stk	10,313		10,313	D
Option⁽²⁾	$5.221							01/18/2000	01/18/2009	$.01 PV Class B Stk	3,867		3,867	D
Option⁽²⁾	$6.22							01/18/2001	01/18/2010	$.01 PV Com Stk	9,944		9,944	D
Option⁽²⁾	$6.22							01/18/2001	01/18/2010	$.01 PV Class B Stk	3,729		3,729	D
Option⁽²⁾	$12.413							04/26/2002	04/26/2011	$.01 PV Com Stk	9,822		9,822	D
Option⁽²⁾	$12.413							04/26/2002	04/26/2011	$.01 PV Class B Stk	2,455		2,455	D
Option⁽²⁾	$10.344							01/25/2003	01/25/2012	$.01 PV Com Stk	11,172		11,172	D
Option⁽²⁾	$5.392							12/24/2003	01/24/2013	$.01 PV Com Stk	31,921		31,921	D
Option⁽²⁾	$8.44							08/20/2004	02/20/2014	$.01 PV Com Stk	28,000		28,000	D

Explanation of Responses:

1. Mr. Keane disclaims any beneficial interest in the shares held by his wife.

2. Granted pursuant to Employees' Stock Option Plan.

	/s/ C. Anthony Rider, as Power of Attorney for Daniel G. Keane	02/27/2004
	** 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.
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