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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

GRAY WILLIAM T

(Last)

(First)

(Middle)

7000 MIDLAND BOULEVARD

(Street)

AMELIA

45102

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MIDLAND CO [ MLAN ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive VP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
04/03/2008

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	04/03/2008		D		7,064.5	D	⁽¹⁾	0	D
Common Stock	04/03/2008		D		376.45	D	⁽¹⁾	0	I	By 401(k)

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	$11.375	04/03/2008		D			550	02/21/2001	02/21/2010	Common Stock	550	$53.625⁽²⁾	0	D
Stock Option	$11.375	04/03/2008		D			550	02/21/2002	02/21/2010	Common Stock	550	$53.625⁽²⁾	0	D
Stock Option	$11.375	04/03/2008		D			550	02/21/2003	02/21/2010	Common Stock	550	$53.625⁽²⁾	0	D
Stock Option	$11.375	04/03/2008		D			550	02/21/2004	02/21/2010	Common Stock	550	$53.625⁽²⁾	0	D
Stock Option	$16.594	04/03/2008		D			500	02/15/2002	02/15/2011	Common Stock	500	$48.406⁽²⁾	0	D
Stock Option	$16.594	04/03/2008		D			500	02/15/2003	02/15/2011	Common Stock	500	$48.406⁽²⁾	0	D
Stock Option	$16.594	04/03/2008		D			500	02/15/2004	02/15/2011	Common Stock	500	$48.406⁽²⁾	0	D
Stock Option	$16.594	04/03/2008		D			500	02/15/2005	02/15/2011	Common Stock	500	$48.406⁽²⁾	0	D
Stock Option	$20.78	04/03/2008		D			476	02/15/2003	02/14/2012	Common Stock	476	$44.22⁽²⁾	0	D
Stock Option	$20.78	04/03/2008		D			476	02/15/2004	02/14/2012	Common Stock	476	$44.22⁽²⁾	0	D
Stock Option	$20.78	04/03/2008		D			474	02/15/2005	02/14/2012	Common Stock	474	$44.22⁽²⁾	0	D
Stock Option	$20.78	04/03/2008		D			474	02/15/2006	02/14/2012	Common Stock	474	$44.22⁽²⁾	0	D
Stock Option	$17.23	04/03/2008		D			689	02/14/2004	02/13/2013	Common Stock	689	$47.77⁽²⁾	0	D
Stock Option	$17.23	04/03/2008		D			689	02/14/2005	02/13/2013	Common Stock	689	$47.77⁽²⁾	0	D
Stock Option	$17.23	04/03/2008		D			689	02/14/2006	02/13/2013	Common Stock	689	$47.77⁽²⁾	0	D
Stock Option	$17.23	04/03/2008		D			688	02/14/2007	02/13/2013	Common Stock	688	$47.77⁽²⁾	0	D
Stock Option	$20.4	04/03/2008		D			543	02/18/2005	02/17/2014	Common Stock	543	$44.6⁽²⁾	0	D
Stock Option	$20.4	04/03/2008		D			542	02/18/2006	02/17/2014	Common Stock	542	$44.6⁽²⁾	0	D
Stock Option	$20.4	04/03/2008		D			543	02/18/2007	02/17/2014	Common Stock	543	$44.6⁽²⁾	0	D
Stock Option	$20.4	04/03/2008		D			542	02/18/2008	02/17/2014	Common Stock	542	$44.6⁽²⁾	0	D
Stock Option	$33.21	04/03/2008		D			476	02/17/2006	02/16/2015	Common Stock	476	$31.79⁽²⁾	0	D
Stock Option	$33.21	04/03/2008		D			477	02/17/2007	02/16/2015	Common Stock	477	$31.79⁽²⁾	0	D
Stock Option	$33.21	04/03/2008		D			476	02/17/2008	02/16/2015	Common Stock	476	$31.79⁽²⁾	0	D
Stock Option	$33.21	04/03/2008		D			476	02/17/2009	02/16/2009	Common Stock	476	$31.79⁽²⁾	0	D
Stock Option	$32.1	04/03/2008		D			774	02/24/2007	02/23/2016	Common Stock	774	$32.9⁽²⁾	0	D
Stock Option	$32.1	04/03/2008		D			774	02/24/2008	02/22/2016	Common Stock	774	$32.9⁽²⁾	0	D
Stock Option	$32.1	04/03/2008		D			773	02/24/2009	02/23/2016	Common Stock	773	$32.9⁽²⁾	0	D
Stock Option	$32.1	04/03/2008		D			774	02/24/2010	02/23/2016	Common Stock	774	$32.9⁽²⁾	0	D
Stock Option	$44.11	04/03/2008		D			3,655	02/21/2017	02/21/2017	Common Stock	3,655	$20.89⁽²⁾	0	D

Explanation of Responses:

1. Disposed of pursuant to a merger agreement between issuer and an unaffiliated acquiror for a cash payment equal to $65.00 per share.

2. Options, whether vested or unvested, disposed of pursuant to a merger agreement between issuer and an unaffiliated acquiror for a cash payment equal to the product of (i) the number of common shares underlying the unexercised stock option, multiplied by (ii) the excess, if any, of $65.00 over the per share exercise price of such option.

Remarks:

	Lori Birkenhauer as Attorney-in-Fact for William T. Gray	04/03/2008
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.