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LSB INDUSTRIES, INC. — Director's Dealing 2007
Sep 28, 2007
32699_dirs_2007-09-27_83a01c5e-4f51-4650-9018-3db88f0e2f79.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2007-09-25
Reporting Person: GOLSEN JACK E (Director, Chairman of the Board and CEO, 10% Owner)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2007-01-15 | Common Stock | J | 458726 | — | Acquired | 458726 | Indirect |
| 2007-05-29 | Common Stock | G | 838747 | — | Disposed | 0 | Indirect |
| 2007-05-29 | Common Stock | G | 838747 | — | Acquired | 838747 | Indirect |
| 2007-05-29 | Common Stock | G | 28529 | — | Acquired | 867276 | Indirect |
| 2007-05-29 | Common Stock | G | 28529 | — | Disposed | 40000 | Indirect |
| 2007-06-19 | Common Stock | G | 10000 | — | Disposed | 30000 | Indirect |
| 2007-08-09 | Common Stock | G | 4650 | — | Disposed | 25350 | Indirect |
| 2007-09-25 | Common Stock | S | 8950 | $24. | Disposed | 16400 | Indirect |
| 2007-09-25 | Common Stock | S | 10586 | $24.01 | Disposed | 5814 | Indirect |
| 2007-09-25 | Common Stock | S | 14 | $24.02 | Disposed | 5800 | Indirect |
| 2007-09-25 | Common Stock | S | 48 | $24.03 | Disposed | 5752 | Indirect |
| 2007-09-25 | Common Stock | S | 5000 | $24.05 | Disposed | 752 | Indirect |
| 2007-09-25 | Common Stock | S | 300 | $24.08 | Disposed | 452 | Indirect |
| 2007-09-25 | Common Stock | S | 452 | $24.09 | Disposed | 0 | Indirect |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2007-05-29 | Series B Preferred | $ | G | 4000 | Disposed | Common Stock (133333) | Indirect | |
| 2007-05-29 | Series B Preferred | $ | G | 4000 | Acquired | Common Stock (133333) | Indirect |
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common Stock | 1796054 | Indirect |
Holdings (Derivative)
| Security | Exercise Price | Expiration | Underlying | Shares | Ownership |
|---|---|---|---|---|---|
| Series B Preferred | $ | Common Stock (533333) | 16000 | Indirect | |
| Series D Preferred | $ | Common Stock (250000) | 1000000 | Indirect | |
| Promissory Note | $ | Common Stock (4000) | 0 | Direct |
Footnotes
F1: These shares are held by ten trusts established for the benefit of the children, grandchildren and a great-grandchild (the "Trusts") of the reporting person, of which the reporting person is the trustee. Effective January 15, 2007, the reporting person became the sole trustee of the Trusts. The amount shown is the aggregate number of shares held in the Trusts. As trustee, the reporting person possesses voting and dispositive power over the Issuer securities held in the Trusts, but holds no pecuniary interest in the securities held by the Trusts and disclaims beneficial ownership of the shares held in the Trusts.
F2: These shares are beneficially owned by the revocable trust of the reporting person's spouse, Sylvia H. Golsen, of which the reporting person's spouse is the settlor and trustee.
F3: Golsen Family LLC ("GFLLC") is owned by Jack E. Golsen, chief executive officer and chairman of the board of the Issuer, through his revocable trust (45.9%), his spouse, Sylvia Golsen through her revocable trust (45.9%), his sons, Barry H. Golsen, director and the president of the Issuer (2.7%), and Steven J. Golsen, executive officer of a subsidiary of the Issuer (2.7%), and his daughter (2.7%). The reporting person disclaims beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his pecuniary interest therein.
F4: These shares are owned of record by the Jack E. Golsen 1992 Revocable Trust, of which the reporting person is the settlor and trustee.
F5: SBL, LLC (f/k/a SBL Corporation) ("SBL") is owned by GFLLC (49% owner), Barry Golsen (17% owner), Steven Golsen (17% owner), and Linda Rappaport (17% owner). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. The amount shown in Table I includes 1,512,099 shares owned by SBL and 283,955 shares owned directly by GPC, and the amount shown in Table II includes 12,000 shares of the Issuer's Series B Preferred owned by SBL and 4,000 shares of the Issuer's Series B Preferred owned directly by GPC. Voting and dispositive power over the securities held by SBL and GPC is possessed by Jack E. Golsen, who is the chief executive officer and chairman of the board of the Issuer, and Barry H. Golsen, a director and the president of the Issuer.
F6: A contribution to GFLLC by the reporting person's spouse, Sylvia H. Golsen. See footnote (3) regarding the ownership of GFLLC.
F7: A contribution by the reporting person to GFLLC, of which the reporting person and his spouse are managers and, in such capacity, share voting and dispositive power over the securities owned by GFLLC. See footnote (3) regarding the ownership of GFLLC.
F8: These shares were sold pursuant to a Rule 10b5-1 Sales Plan adopted on May 15, 2007.
F9: The reporting person holds a note from the Issuer payable on demand and convertible, at the option of the reporting person, at the rate of $2.00 for each share of common stock. The principal amount of the note is $8,000.
F10: Each share of the Issuer's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the reporting person, into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.
F11: The Company's Series "D" 6% Cumulative, Convertible Class C Preferred Stock is convertible at the option of the reporting person into the Issuer's common stock at the rate of four shares of Preferred "D" for one share of common stock. Each share is convertible as long as such is outstanding.