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Form 4 RLI CORP For: Mar 13 Filed by: MICHAEL JONATHAN E

March 16, 2015 10:56 AM EDT
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
Expires: December 31, 2014
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 *
MICHAEL JONATHAN E
(Last) (First) (Middle)
9025 N. LINDBERGH DRIVE
(Street)
PEORIA IL 61615
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
RLI CORP [ RLI ] 		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)
03/13/2015
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)
Code V Amount (A) or (D) Price
Common Stock 03/13/2015   M   21,000 A $ 14.02 503,100.4928 D (1)  
Common Stock 03/13/2015   M   21,000 A $ 15.105 524,100.4928 D (1)  
Common Stock 03/13/2015   M   21,000 A $ 15.045 545,100.4928 D (1)  
Common Stock 03/13/2015   F   38,815 D $ 50.25 506,285.4928 D (1)  
Common Stock               210,325.2302 I By Empl. Stock Ownership Plan (2)
Common Stock               114,020.12 I (1) By Key Employee Benefit Plan
Common Stock               46,015.5111 I (1) By Trust
Common Stock               8,305.9199 I (1) J.E. Michael 2012 Grantor Retained Annuity Trust Dtd 07/24/12
Common Stock               23,273.8124 I J.E. Michael 2014 GRAT 1 dtd 08/06/14
Common Stock               23,273.8124 I J.E. Michael 2014 GRAT 2 dtd 08/06/14
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 14.02 (3) (4) (5) (6) (7) (8) 03/13/2015   M     21,000 11/03/2007 (9) 11/03/2016 Common Stock 21,000 $ 0 0 D  
Stock Option $ 15.105 (3) (4) (5) (6) (7) (8) 03/13/2015   M     21,000 02/02/2008 (9) 02/02/2017 Common Stock 21,000 $ 0 0 D  
Stock Option $ 15.045 (3) (4) (5) (6) (7) (8) 03/13/2015   M     21,000 05/03/2008 (9) 05/03/2017 Common Stock 21,000 $ 0 0 D  
Explanation of Responses:
1. Ownership reflects dividend reinvestment
2. Balance reflects annual company contributions and dividend reinvestment.
3. Stock option grant price adjusted to reflect $3.00 extraordinary dividend declared 11/13/14.
4. Stock option grant price adjusted to reflect $3.00 extraordinary dividend declared 11/14/13.
5. Stock option grant price adjusted to reflect $5 extraordinary dividend declared 11/14/12.
6. Stock Option grant price adjusted to reflect $5 RLI extraordinary dividend declared 11/17/11.
7. Stock Option grant price adjusted to reflect $7 RLI extraordinary dividend paid 12/29/10.
8. Stock option grant price and number of stock options adjusted to reflect 2-for-1 stock split on 01/15/14.
9. Pursuant to option schedule wherein 20% of the aggregate number of shares granted may be exercised commencing one year from grant date and each year thereafter in 20% increments.
/s/ Jonathan E. Michael 03/16/2015
** 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.

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