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<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on November&nbsp;21, 2002</FONT>

<P align="right"><FONT size="2">Registration No.&nbsp;333-__________</FONT>

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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT>

<P align="center"><FONT size="2"><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT>

<P align="center"><FONT size="2">Standard Management Corporation</FONT>

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<DIV align="center"><FONT size="2">(Exact name of registrant as
specified in its charter)</FONT></DIV>

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        <TD align="center" valign="top"><FONT size="2">Indiana</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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35-1773567</FONT></TD>
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        <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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(I.R.S. Employer Identification<BR>
Number)</FONT></TD>
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<P align="center"><FONT size="2">10689 North Pennsylvania Street, Indianapolis, Indiana 46280</FONT>

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<DIV align="center"><FONT size="2">(Address of Principal Executive
Offices) (Zip Code)</FONT></DIV>

<P align="center"><FONT size="2">2002 Stock Incentive Plan</FONT>

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<DIV align="center"><FONT size="2">(Full Title of the
Plan)</FONT></DIV>

<P align="center"><FONT size="2">Stephen M. Coons, Executive Vice President and General Counsel<BR>
Standard Management Corporation<BR>
10689 North Pennsylvania Street<BR>
Indianapolis, Indiana<BR>
(317)&nbsp;574-6200</FONT>

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<DIV align="center"><FONT size="2">(Name, address, telephone number, including<BR>
area code, of agent for service)</FONT></DIV>

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<P align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT>

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        <TD width="1%">&nbsp;</TD>
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        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>Title of Securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price Per</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>to be Registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Share(2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price(2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common stock, no
par value(1)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">990,000 shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2.975</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,945,250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">276.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416(c) under the Securities Act of 1933, this registration statement also covers
an indeterminate amount of interests to be offered or sold pursuant to the 2002 Stock Incentive Plan.</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Estimated solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(h) based upon the
average of the high and low reported prices of the common stock on the Nasdaq National Market on November&nbsp;15, 2002.</FONT></TD>
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<TR><TD colspan="9"><A HREF="#000"> Part II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002"> Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79501exv5w1.txt">EX-5.1 OPINION OF STEPHEN M. COONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79501exv23w1.txt">EX-23.1 CONSENT OF ERNST & YOUNG LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79501exv23w2.txt">EX-23.2 CONSENT OF KPMG AUDIT</A></TD></TR>
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<P align="center"><FONT size="2"><B>Part II</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed below are hereby incorporated by reference into this
Registration Statement, and all documents subsequently filed by Standard
Management pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be part hereof
from the date of filing such documents:
</FONT>
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        <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Standard Management&#146;s Annual Report on Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2001;</FONT></TD>
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        <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Standard Management&#146;s Quarterly Reports on Form&nbsp;10-Q for the
quarters ended March&nbsp;31, 2002, June&nbsp;30, 2002 and September&nbsp;30, 2002;
and</FONT></TD>
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        <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The description of Standard Management&#146;s common stock
contained in Standard Management&#146;s Registration Statement filed
under Section&nbsp;12 of the Exchange Act, including all amendments and
reports updating such description.</FONT></TD>
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<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the common stock registered hereby will be passed upon by
Stephen M. Coons, Executive Vice President and General Counsel of Standard
Management. Mr.&nbsp;Coons owns shares of Standard Management common stock and
holds options to purchase shares of Standard Management common stock in an
amount which does not exceed 4% of Standard Management&#146;s outstanding shares of
common stock.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indiana Business Corporation Law permits an Indiana corporation to
indemnify its directors and officers from liability for their conduct if such
conduct was made in good faith with the reasonable belief that such conduct was
in the corporation&#146;s best interest. If the individual was not acting in his or
her official capacity with the corporation, then indemnification is permitted
for good faith conduct made with the reasonable belief that such conduct was at
least not opposed to the best interest of the corporation. Unless limited by
its articles of incorporation, a corporation must indemnify a director or
officer, who is wholly successful in the defense of any proceeding to which the
director or officer is a party by virtue of being a director or officer of the
corporation, against reasonable expenses incurred in connection with the
proceeding. Indemnification can be made in advance of the final disposition of
a proceeding if certain procedural requirements are met. An Indiana
corporation is permitted to purchase and maintain insurance on behalf of
directors and officers against liability asserted against them in that capacity
or arising from an individual&#146;s status as a director or officer, whether or not
the corporation would have power to indemnify the individual against the same
liability under the Indiana Business Corporation Law. In addition, the
shareholders of a corporation may approve the inclusion of other or additional
indemnification provisions in the articles of incorporation or by-laws.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The articles of incorporation of Standard Management provide for the
indemnification of directors and officers against reasonable expenses actually
incurred, except in relation to any action in which it is finally adjudged that
the director or officer is liable for willful misconduct or recklessness in
</FONT>
<P align="center"><FONT size="2">II-1</FONT>
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<P><FONT size="2">the performance of corporate duties. In addition, indemnification is
permitted for amounts paid by directors or officers upon judgment and the
reasonable costs of settlement of any such action, if a majority of a
disinterested committee of our board determines that such payment or settlement
is in our interest and that the director or officer to be reimbursed did not
engage in any act constituting willful misconduct or recklessness in the
performance of corporate duties.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide for indemnification of directors and officers to the
fullest extent available under then applicable law.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into separate indemnification agreements with some of our
directors that may require us, among other things, to indemnify them against
certain liabilities that may arise by reason of their status of service as
directors, to the maximum extent permitted under the Indiana Business
Corporation Law.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed with or incorporated by reference in this
Registration Statement:
</FONT>
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        <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="LEFT"><FONT size="1"><B>Description of Exhibit</B></FONT></TD>
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        <TD valign="top" align="center"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Amended and Restated Articles of Incorporation, as amended
(incorporated by reference to Standard Management&#146;s Annual Report on
Form&nbsp;10-K (File No.&nbsp;0-20882) for the year ended December&nbsp;31, 1996)</FONT></TD>
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<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Amended and Restated Bylaws of Standard Management as amended
(incorporated by reference to Standard Management&#146;s Registration
Statement on Form&nbsp;S-1 (Registration No.&nbsp;33-53370) as filed with the
Commission on January&nbsp;27, 1993 and to Exhibit&nbsp;3 of Standard
Management&#146;s Quarterly Report on Form&nbsp;10-Q (File No.&nbsp;0-20882) for
the quarter ended September&nbsp;30, 1994)</FONT></TD>
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<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management.</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">10.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Standard Management Corporation 2002 Stock Incentive Plan
(incorporated by reference to Standard Management&#146;s Definitive Proxy
Statement on Schedule&nbsp;14A as filed with the Commission on April&nbsp;26,
2002 (File No.&nbsp;0-20882)</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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        <TD valign="top" align="center"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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        <TD valign="top" align="center"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of KPMG Audit</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">23.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management (contained in his opinion
filed as Exhibit&nbsp;5.1)</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">24.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Powers of Attorney (included on signature page)</FONT></TD>
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<P align="center"><FONT size="2">II-2</FONT>
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<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Indianapolis, State of Indiana, on this 21st day of
November, 2002.
</FONT>
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        <TD align="left" valign="top"><FONT size="2">
STANDARD MANAGEMENT CORPORATION</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
By: /s/ Ronald D. Hunter</FONT></TD>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Ronald D. Hunter<BR>
Chairman and Chief Executive Officer</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Ronald D. Hunter and Stephen M. Coons and each
of them (with full power of each of them to act alone), his attorneys-in-fact
and agents, with full power of substitution, for him and in his name, place and
stead in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and any subsequent
registration statements pursuant to Rule&nbsp;462 under the Securities Act or any
other instruments he deems necessary or appropriate, and to file the same, with
all exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, hereby ratifying and confirming all that
said attorneys-in-fact or his substitute or substitutes may do or cause to be
done by virtue hereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
</FONT>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>Signature</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="1"><B>Title</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="1"><B>Date</B></FONT></TD>
</TR>

<TR valign="bottom">

<TD valign="top"><FONT size="1"><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign="top"><FONT size="1"><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign="top"><FONT size="1"><HR size="1" noshade>
</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ronald D. Hunter
<HR size="1" noshade>
Ronald D. Hunter</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chairman, Chief Executive<BR>
Officer and Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ P. B. (&#147;Pete&#148;) Pheffer
<HR size="1" noshade>
P. B. (&#147;Pete&#148;) Pheffer</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
President and<BR>
Chief Financial Officer
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gerald R. Hochgesang
<HR size="1" noshade>
Gerald R. Hochgesang</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Senior Vice President<BR>
and Treasurer<BR>
(Chief Accounting Officer)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen M. Coons
<HR size="1" noshade>
Stephen M. Coons</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>

<TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert A. Borns
<HR size="1" noshade>
Robert A. Borns</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Martial R. Knieser
<HR size="1" noshade>
Martial R. Knieser</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert J. Salyers
<HR size="1" noshade>
Robert J. Salyers</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ James H. Steane II
<HR size="1" noshade>
James H. Steane II</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">November&nbsp;21, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 " Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>Exhibit&nbsp;Index</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="LEFT"><FONT size="1"><B>Description of Exhibit</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="LEFT"><HR size="1" noshade width="40%"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Amended and Restated Articles of Incorporation, as amended
(incorporated by reference to Standard Management&#146;s Annual Report on
Form&nbsp;10-K (File No.&nbsp;0-20882) for the year ended December&nbsp;31, 1996)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Amended and Restated Bylaws of Standard Management as amended
(incorporated by reference to Standard Management&#146;s Registration
Statement on Form&nbsp;S-1 (Registration No.&nbsp;33-53370) as filed with the
Commission on January&nbsp;27, 1993 and to Exhibit&nbsp;3 of Standard
Management&#146;s Quarterly Report on Form&nbsp;10-Q (File No.&nbsp;0-20882) for
the quarter ended September&nbsp;30, 1994)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">10.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Standard Management Corporation 2002 Stock Incentive Plan
(incorporated by reference to Standard Management&#146;s Definitive Proxy
Statement on Schedule&nbsp;14A as filed with the Commission on April&nbsp;26,
2002 (File No.&nbsp;0-20882)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of KPMG Audit</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">23.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management (contained in his opinion
filed as Exhibit&nbsp;5.1)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="2">24.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Powers of Attorney (included on signature page)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
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STANDARD MANAGEMENT CORPORATION
Table of Contents
As filed with the Securities and Exchange Commission on November 21, 2002
Registration No. 333-__________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Standard Management Corporation
(Exact name of registrant as
specified in its charter)
Indiana
35-1773567
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification
Number)
10689 North Pennsylvania Street, Indianapolis, Indiana 46280
(Address of Principal Executive
Offices) (Zip Code)
2002 Stock Incentive Plan
(Full Title of the
Plan)
Stephen M. Coons, Executive Vice President and General Counsel
Standard Management Corporation
10689 North Pennsylvania Street
Indianapolis, Indiana
(317) 574-6200
(Name, address, telephone number, including
area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Amount to be
Offering Price Per
Aggregate Offering
Amount of
to be Registered
Registered
Share(2)
Price(2)
Registration Fee
Common stock, no
par value(1)
990,000 shares
$
2.975
$
2,945,250
$
276.00
(1)
In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers
an indeterminate amount of interests to be offered or sold pursuant to the 2002 Stock Incentive Plan.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) based upon the
average of the high and low reported prices of the common stock on the Nasdaq National Market on November 15, 2002.
TABLE OF CONTENTS
Part II
SIGNATURES
Exhibit Index
EX-5.1 OPINION OF STEPHEN M. COONS
EX-23.1 CONSENT OF ERNST & YOUNG LLP
EX-23.2 CONSENT OF KPMG AUDIT
Table of Contents
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The documents listed below are hereby incorporated by reference into this
Registration Statement, and all documents subsequently filed by Standard
Management pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be part hereof
from the date of filing such documents:
1.
Standard Management's Annual Report on Form 10-K for the
fiscal year ended December 31, 2001;
2.
Standard Management's Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2002, June 30, 2002 and September 30, 2002;
and
3.
The description of Standard Management's common stock
contained in Standard Management's Registration Statement filed
under Section 12 of the Exchange Act, including all amendments and
reports updating such description.
Item 5. Interests of Named Experts and Counsel.
The validity of the common stock registered hereby will be passed upon by
Stephen M. Coons, Executive Vice President and General Counsel of Standard
Management. Mr. Coons owns shares of Standard Management common stock and
holds options to purchase shares of Standard Management common stock in an
amount which does not exceed 4% of Standard Management's outstanding shares of
common stock.
Item 6. Indemnification of Directors and Officers.
The Indiana Business Corporation Law permits an Indiana corporation to
indemnify its directors and officers from liability for their conduct if such
conduct was made in good faith with the reasonable belief that such conduct was
in the corporation's best interest. If the individual was not acting in his or
her official capacity with the corporation, then indemnification is permitted
for good faith conduct made with the reasonable belief that such conduct was at
least not opposed to the best interest of the corporation. Unless limited by
its articles of incorporation, a corporation must indemnify a director or
officer, who is wholly successful in the defense of any proceeding to which the
director or officer is a party by virtue of being a director or officer of the
corporation, against reasonable expenses incurred in connection with the
proceeding. Indemnification can be made in advance of the final disposition of
a proceeding if certain procedural requirements are met. An Indiana
corporation is permitted to purchase and maintain insurance on behalf of
directors and officers against liability asserted against them in that capacity
or arising from an individual's status as a director or officer, whether or not
the corporation would have power to indemnify the individual against the same
liability under the Indiana Business Corporation Law. In addition, the
shareholders of a corporation may approve the inclusion of other or additional
indemnification provisions in the articles of incorporation or by-laws.
The articles of incorporation of Standard Management provide for the
indemnification of directors and officers against reasonable expenses actually
incurred, except in relation to any action in which it is finally adjudged that
the director or officer is liable for willful misconduct or recklessness in
II-1
Table of Contents
the performance of corporate duties. In addition, indemnification is
permitted for amounts paid by directors or officers upon judgment and the
reasonable costs of settlement of any such action, if a majority of a
disinterested committee of our board determines that such payment or settlement
is in our interest and that the director or officer to be reimbursed did not
engage in any act constituting willful misconduct or recklessness in the
performance of corporate duties.
Our bylaws provide for indemnification of directors and officers to the
fullest extent available under then applicable law.
We have entered into separate indemnification agreements with some of our
directors that may require us, among other things, to indemnify them against
certain liabilities that may arise by reason of their status of service as
directors, to the maximum extent permitted under the Indiana Business
Corporation Law.
Item 8. Exhibits.
The following exhibits are filed with or incorporated by reference in this
Registration Statement:
Exhibit
Number
Description of Exhibit
4.1
Amended and Restated Articles of Incorporation, as amended
(incorporated by reference to Standard Management's Annual Report on
Form 10-K (File No. 0-20882) for the year ended December 31, 1996)
4.2
Amended and Restated Bylaws of Standard Management as amended
(incorporated by reference to Standard Management's Registration
Statement on Form S-1 (Registration No. 33-53370) as filed with the
Commission on January 27, 1993 and to Exhibit 3 of Standard
Management's Quarterly Report on Form 10-Q (File No. 0-20882) for
the quarter ended September 30, 1994)
5.1
Opinion of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management.
10.1
Standard Management Corporation 2002 Stock Incentive Plan
(incorporated by reference to Standard Management's Definitive Proxy
Statement on Schedule 14A as filed with the Commission on April 26,
2002 (File No. 0-20882)
23.1
Consent of Ernst & Young LLP.
23.2
Consent of KPMG Audit
23.3
Consent of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management (contained in his opinion
filed as Exhibit 5.1)
24.1
Powers of Attorney (included on signature page)
II-2
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Indianapolis, State of Indiana, on this 21st day of
November, 2002.
STANDARD MANAGEMENT CORPORATION
By: /s/ Ronald D. Hunter
Ronald D. Hunter
Chairman and Chief Executive Officer
KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Ronald D. Hunter and Stephen M. Coons and each
of them (with full power of each of them to act alone), his attorneys-in-fact
and agents, with full power of substitution, for him and in his name, place and
stead in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and any subsequent
registration statements pursuant to Rule 462 under the Securities Act or any
other instruments he deems necessary or appropriate, and to file the same, with
all exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, hereby ratifying and confirming all that
said attorneys-in-fact or his substitute or substitutes may do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ Ronald D. Hunter
Ronald D. Hunter
Chairman, Chief Executive
Officer and Director
November 21, 2002
/s/ P. B. ("Pete") Pheffer
P. B. ("Pete") Pheffer
President and
Chief Financial Officer
November 21, 2002
/s/ Gerald R. Hochgesang
Gerald R. Hochgesang
Senior Vice President
and Treasurer
(Chief Accounting Officer)
November 21, 2002
Table of Contents
/s/ Stephen M. Coons
Stephen M. Coons
Director
November 21, 2002
/s/ Robert A. Borns
Robert A. Borns
Director
November 21, 2002
/s/ Martial R. Knieser
Martial R. Knieser
Director
November 21, 2002
/s/ Robert J. Salyers
Robert J. Salyers
Director
November 21, 2002
/s/ James H. Steane II
James H. Steane II
Director
November 21, 2002
Table of Contents
Exhibit Index
Exhibit
Number
Description of Exhibit
4.1
Amended and Restated Articles of Incorporation, as amended
(incorporated by reference to Standard Management's Annual Report on
Form 10-K (File No. 0-20882) for the year ended December 31, 1996)
4.2
Amended and Restated Bylaws of Standard Management as amended
(incorporated by reference to Standard Management's Registration
Statement on Form S-1 (Registration No. 33-53370) as filed with the
Commission on January 27, 1993 and to Exhibit 3 of Standard
Management's Quarterly Report on Form 10-Q (File No. 0-20882) for
the quarter ended September 30, 1994)
5.1
Opinion of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management.
10.1
Standard Management Corporation 2002 Stock Incentive Plan
(incorporated by reference to Standard Management's Definitive Proxy
Statement on Schedule 14A as filed with the Commission on April 26,
2002 (File No. 0-20882)
23.1
Consent of Ernst & Young LLP.
23.2
Consent of KPMG Audit
23.3
Consent of Stephen M. Coons, Executive Vice President and
General Counsel of Standard Management (contained in his opinion
filed as Exhibit 5.1)
24.1
Powers of Attorney (included on signature page)