UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
PALMER, BEN M.
c/o Marine Products Corporaiton
2170 Piedmont Road, N.E.
Atlanta, GA 30324
USA
2. Issuer Name and Ticker or Trading Symbol
MARINE PRODUCTS CORPORATION
MPX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
01/28/2003
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chief Financial Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock (1) | | | | | | |18,962 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Incentive Stock Option|$10.22 |1-28-|A | |10,000 |A |2004 |1-28-|Common Stock|10,000 |N/A |10,000 |D | |
s (2) | |03 | | | | |to 20|13 | | | | | | |
| | | | | | |08 | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Includes 17,702 shares of restricted stock of which 3,600 vest in 2007,
2,400 vest in 2008 and the remainder vest five years after specified
increases occur in the market price of the common
stock.
(2) Employee stock options granted pursuant to 2001 Marine Products Corporation
Employee Stock Incentive Plan. Revised to reflect the repricing of
options pursuant to the
spin-off.
SIGNATURE OF REPORTING PERSON
/s/ Ben M. Palmer
DATE
January 30, 2003