Edgar Filing: Parlontieri Richard A

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Parlontieri Richard A

2. Issuer Name and Ticker or Trading Symbol
SPEEDEMISSIONS INC [SPMI]

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

__X__ Director	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
CEO, President

(Last)

(First)

(Middle)

106 NORTH COVE DRIVE

3. Date of Earliest Transaction (Month/Day/Year)
04/18/2011

(Street)

PEACHTREE CITY, GA 30269

4. If Amendment, Date 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

(City)

(State)

(Zip)

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 ⁽¹⁾	04/18/2011		D		3,369,000 ⁽¹⁾ ⁽²⁾	A	$ 0	4,181,843	D

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 0.125

04/18/2011

2,100,000

05/19/2010

05/19/2018

Common Stock

2,100,000

⁽²⁾

Stock Option (Right to Buy)

$ 0.58

04/18/2011

1,075,000

10/01/2008

10/01/2016

Common Stock

1,075,000

⁽²⁾

Stock Option (Right to Buy)

$ 1

04/18/2011

150,000

12/21/2005

12/21/2013

Common Stock

150,000

⁽²⁾

Stock Option (Right to Buy)

$ 2.5

04/18/2011

3,000

03/10/2005

03/10/2015

Common Stock

3,000

⁽²⁾

Stock Option (Right to Buy)

$ 2.5

04/18/2011

40,000

12/19/2005

12/19/2013

Common Stock

40,000

⁽²⁾

Stock Option (Right to Buy)

$ 2.5

04/18/2011

1,000

12/19/2003

12/19/2013

Common Stock

1,000

⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Parlontieri Richard A 106 NORTH COVE DRIVE PEACHTREE CITY, GA 30269	X	X	CEO, President

Signatures

/s/ Richard A. Parlontieri		04/19/2011
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Common stock units that were awarded, effective April 12, 2011 by the Compensation Committee of the Board of Directors of Speedemissions, Inc. (the "Company") pursuant to a Restricted Stock Agreement (the "Agreement"), the form of which is filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 18, 2011. The common shares are immediately vested and the employee is restricted from selling, transferring, pledging the shares for a period of six months. For additional information regarding the transaction, please see the Form 8-K and the copy of the Agreement filed therewith.
(2)	On April 18, 2011, the issuer canceled, pursuant to the issuer's option exchange program, options granted to the reporting person on 05/19/2008, 10/1/2006, 03/10/2005, 12/21/2005 and 12/19/03. In exchange for the options, the reporting person received a total of 3,369,000 shares of restricted stock on April 18, 2011.

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