EX-4
from SC 13D/A
2 pages
I Refer to My Letter to You Dated March 22, 2010 (The “Proposal Letter”), in Which I Described a Proposal (The “Proposal”) Pursuant to Which an Investor Group Organized and Led by Me (The “Investor Group”) Would Acquire All of the Outstanding Shares of Common Stock, Without Par Value (The “Common Stock”), of Bancinsurance Corporation (The “Company”), Other Than Those Shares Owned by the Investor Group, at a Purchase Price of $6.00 Per Share in Cash. I Am Now Pleased to Inform You That the Investor Group Is Willing to Increase the Proposed Purchase Price to $7.25 Per Share. This Represents a 20.8% Increase Over Our Previous Offer. Except as Described Below, the Terms of the Proposal Remain as Set Forth in the Proposal Letter. the Investor Group Now Expects to Use Third-Party Financing to Fund All or a Portion of the Purchase Price of the Common Stock. Closing of the Proposed Transaction Will Be Conditioned on the Investor Group Obtaining This Financing on Acceptable Terms
12/34/56
