SEC Filing - LSB Industries

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SEC FORM 4 SEC Form 4

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

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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^*

SHEAR HEIDI L BROWN

(Last)

(First)

(Middle)

16 SOUTH PENNSYLVANIA AVENUE

(Street)

OKLAHOMA CITY

73107

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [ LXU ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
VP/Managing Counsel/Asst Sec

3. Date of Earliest Transaction (Month/Day/Year)
05/10/2007

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/10/2007		M		9,000	A	$1.25	9,000	I	By Spouse
Common Stock	05/10/2007		G	V	9,000	D	$0	0	I	By Spouse
Common Stock	05/10/2007		G	V	9,000	A	$0	74,212	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/10/2007		S		5,000	D	$20.01	69,212	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/10/2007		S		4,000	D	$20.06	65,212	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		500	D	$20.3	64,712	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		300	D	$20.35	64,412	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		2,700	D	$20.39	61,712	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		1,500	D	$20.45	60,212	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		400	D	$20.6	59,812	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock	05/11/2007		S		600	D	$20.65	59,212	I	By Trust and Spouse's Trust⁽¹⁾
Common Stock								22,988	I	As Trustee⁽³⁾
Common Stock								263,320	I	As Trustee⁽⁴⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Nonqualified Stock Option	$1.25	05/10/2007		M			9,000	⁽²⁾	07/08/2009	Common Stock	9,000	⁽²⁾	26,000	I	By Spouse⁽²⁾
Incentive Stock Option	$1.25							⁽²⁾	07/08/2009	Common Stock	50,544		50,544⁽²⁾	I	By Spouse⁽²⁾
Incentive Stock Option	$2.73							⁽²⁾	11/29/2011	Common Stock	15,000		15,000⁽²⁾	I	By Spouse⁽²⁾
Incentive Stock Option	$1.25							⁽⁵⁾	07/08/2009	Common Stock	12,760		12,760⁽⁵⁾	D
Nonqualified Stock Option	$2.73							⁽⁵⁾	11/29/2011	Common Stock	10,000		10,000⁽⁵⁾	D

Explanation of Responses:

1. These shares are held in a jointly owned account by Ms. Shear's revocable trust (the "Shear Trust"), of which Ms. Shear is the grantor and trustee, and the revocable trust of Ms. Shear's husband, David M. Shear (the "Spouse Trust"). David M. Shear is the grantor and trustee of the Spouse Trust.

2. Incentive Stock Options ("ISO") and Nonqualified Stock Options (NQSO") granted by the Issuer to Ms. Shear's spouse. All ISOs and NQSO held by Ms. Shear's spouse are currently exercisable. As of the date of this report, the total number of shares underlying the ISOs and NQSOs held by Ms. Shear's spouse is 91,544.

3. These shares are held by two trusts established for the benefit of each of the reporting person's children, of which the reporting person is the trustee.

4. These shares are held by three trusts (the "Children's Trusts") established for the benefit of each of the children of Jack E. Golsen and Sylvia H. Golsen, of which the reporting person is the trustee. The reporting person has no pecuniary interest in the securities held by the Children's Trusts. As a result, the reporting person disclaims beneficial ownership of the shares held in the Children's Trusts.

5. Incentive Stock Options ("ISO") ") and Nonqualified Stock Options (NQSO") granted by the Issuer to the reporting person. All ISOs and NQSOs held by the reporting person are currently exercisable. As of the date of this report, the total number of shares underlying the ISOs held by the reporting person is 22,760.

	Heidi L. Brown Shear	05/14/2007
	** 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.
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