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^*

BOSKIN MICHAEL J

(Last)

(First)

(Middle)

3200 HIGHLAND AVENUE

(Street)

DOWNERS GROVE

60515

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST HEALTH GROUP CORP [ FHCC ]

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)
01/28/2005

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	01/28/2005		D		25,000	D	⁽¹⁾	0	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)
Option to Purchase	$8.125	01/28/2005		D			16,000	05/24/1995	05/24/2005	Common Stock	16,000	$10.625⁽²⁾	0	D
Option to Purchase	$11.7813	01/28/2005		D			20,000	05/21/1996	05/21/2006	Common Stock	20,000	$6.9688⁽²⁾	0	D
Option to Purchase	$11.3438	01/28/2005		D			20,000	05/20/1997	05/20/2007	Common Stock	20,000	$7.4063⁽²⁾	0	D
Option to Purchase	$14.7813	01/28/2005		D			20,000	05/19/1998	05/19/2008	Common Stock	20,000	$3.9688⁽²⁾	0	D
Option to Purchase	$16.1875	01/28/2005		D			20,000	05/16/2000	05/16/2010	Common Stock	20,000	$2.5625⁽²⁾	0	D
Option to Purchase	$16.1875	01/28/2005		D			12,000	05/16/2000	05/16/2005	Common Stock	12,000	$2.5625⁽²⁾	0	D
Option to Purchase	$25.925	01/28/2005		D			12,000	05/22/2001	05/22/2006	Common Stock	12,000	$1.25⁽²⁾	0	D
Option to Purchase	$25.925	01/28/2005		D			20,000	05/22/2001	05/22/2011	Common Stock	20,000	$1.25⁽²⁾	0	D
Option to Purchase	$28.02	01/28/2005		D			12,000	05/15/2002	05/15/2007	Common Stock	12,000	$1.25⁽²⁾	0	D
Option to Purchase	$28.02	01/28/2005		D			20,000	05/15/2002	05/15/2012	Common Stock	20,000	$1.25⁽²⁾	0	D
Option to Purchase	$25.22	01/28/2005		D			20,000	05/13/2003	05/13/2013	Common Stock	20,000	$1.25⁽²⁾	0	D
Option to Purchase	$15.23	01/28/2005		D			20,000	05/13/2003	05/13/2014	Common Stock	20,000	$3.52⁽²⁾	0	D

Explanation of Responses:

1. Disposed of pursuant to the merger agreement, dated October 13, 2004, by and among Coventry Health Care, Inc. ("Coventry"), Coventry Merger Sub Inc., and the issuer, in exchange for (a) 0.1791 shares of Coventry common stock having a market value of $54.75 per share on the effective date of the merger and (b) $9.375 in cash, per share.

2. On January 28, 2005, these options were cancelled pursuant to the issuer's option tender offer in exchange for payment for each underlying share of common stock equal to the greater of: (a) the amount by which $18.75 exceeded the exercise price of the option, if any, or (b) $1.25.

	/s/ Thomas M. Mastri, Attorney in Fact for Michael J. Boskin, Ph. D.	02/01/2005
	** 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).
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