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^*

Quinn Timothy R J

(Last)

(First)

(Middle)

1300 YALE PLACE

#428

(Street)

MINNEAPOLIS

55403

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LECTEC CORP /MN/ [ LECT ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP, Genl Mgr-Consumer Products

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2002

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)

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)
Common Stock Option	$11.25	07/01/2002		D			22,000	07/30/1999⁽⁴⁾	07/30/2008	Common Stock	22,000	$0.00⁽¹⁾	22,000	D
Common Stock Option	$7.5	07/01/2002		D			36,000	06/10/2000⁽⁴⁾	06/10/2004	Common Stock	36,000	$0.00⁽²⁾	36,000	D
Common Stock Option	$2.219	07/01/2002		D			30,000	02/01/2002⁽⁵⁾	02/01/2011	Common Stock	30,000	$0.00⁽³⁾	30,000	D
Common Stock Option	$0.81	07/01/2002		A		22,000		07/30/1999⁽⁴⁾	07/30/2008	Common Stock	22,000	$0.00⁽¹⁾	22,000	D
Common Stock Option	$0.81	07/01/2002		A		36,000		06/10/2000⁽⁴⁾	06/10/2004	Common Stock	36,000	$0.00⁽²⁾	36,000	D
Common Stock Option	$0.81	07/01/2002		A		30,000		02/01/2002⁽⁵⁾	02/01/2011	Common Stock	30,000	$0.00⁽³⁾	30,000	D
Common Stock Option	$0.81	01/24/2004		J⁽⁶⁾			22,000	07/30/1999	07/30/2008	Common Stock	22,000	$0.00	0	D
Common Stock Option	$0.81	01/24/2004		J⁽⁶⁾			36,000	06/10/2000	06/10/2004	Common Stock	36,000	$0.00	0	D
Common Stock Option	$0.81	01/24/2004		J⁽⁶⁾			30,000	02/01/2002	02/01/2011	Common Stock	30,000	$0.00	0	D

Explanation of Responses:

1. The reporting person agreed to cancellation of an option originally granted to him on July 30, 1998 in exchange for a new option having a lower exercise price.

2. The reporting person agreed to cancellation of an option originally granted to him on June 10, 1999 in exchange for a new option having a lower exercise price.

3. The reporting person agreed to cancellation of an option originally granted to him on February 1, 2001 in exchange for a new option having a lower exercise price.

4. 25% of options exercisable on the first anniversary of the ORIGINAL grant and 25% annually thereafter until fully vested.

5. 10,000 shares exercisable February 1, 2002, 10,000 shares exercisable February 1, 2003, and 10,000 shares exercisable February 1, 2004.

6. Cancellation of stock options 90 days after resignation of Mr. Quinn pursuant to stock option provisions.

Remarks:

Mr. Quinn resigned from the Company effective October 24, 2003

	Timothy R. J. Quinn	05/13/2004
	** 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).
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