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Filing Details

Accession Number:: 0001140361-10-040183
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-10-05 20:26:35
Reporting Period:: 2010-10-01

Filing Date:: 2010-10-05
Accepted Time:: 2010-10-05 20:26:35
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
60714	Lsb Industries Inc	LXU	Industrial Inorganic Chemicals (2810)	731015226

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1005715	Steven Golsen	P O Box 705 Oklahoma OK 73102		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-10-01	2,765	$19.00	65,457	No	4	S	Indirect	By GFLLC
Common Stock	Disposition	2010-10-04	454	$19.05	65,003	No	4	S	Indirect	By GFLLC
Common Stock	Disposition	2010-10-05	1,104	$19.13	63,899	No	4	S	Indirect	By GFLLC

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By GFLLC
No	4	S	Indirect	By GFLLC
No	4	S	Indirect	By GFLLC

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	263,915	Indirect	By Trust
Common Stock	320,629	Indirect	By SBL

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	5.5% Convertible Debentures	$0.00	2012-07-01	3,085	0	Indirect
Common Stock	5.5% Convertible Debentures	$0.00	2012-07-01	24,754	0	Indirect
Common Stock	Series B Preferred	$0.00		17,067	512	Indirect
Common Stock	Series B Preferred	$0.00		90,666	2,720	Indirect
Common Stock	Series D Preferred	$0.00		5,296	21,183	Indirect
Common Stock	Series D Preferred	$0.00		42,500	170,000	Indirect
Common Stock	Nonqualified Stock Option	$2.73	2011-11-29	11,250	11,250	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2012-07-01	3,085	0	Indirect
2012-07-01	24,754	0	Indirect
	17,067	512	Indirect
	90,666	2,720	Indirect
	5,296	21,183	Indirect
	42,500	170,000	Indirect
2011-11-29	11,250	11,250	Direct

Footnotes

These shares are owned of record by a revocable trust of which the reporting person is the settlor and trustee, with voting and dispositive power over the securities held in the trust.
Golsen Family, L.L.C. ("GFLLC") is owned by Jack E. Golsen, chief executive officer and chairman of the board of the Issuer, through his revocable trust (43.516%), his spouse, Sylvia Golsen through her revocable trust (43.516%), his sons, Barry H. Golsen, director and the president of the Issuer (4.323%), and Steven J. Golsen, executive officer of a subsidiary of the Issuer (4.323%), and his daughter, Linda F. Rappaport (4.322%). The reporting person disclaims beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his pecuniary interest therein.
SBL, LLC ("SBL") is owned by GFLLC (49%), Barry Golsen (17%), Linda Rappaport (17%), and the reporting person (17%). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. 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. The reporting person disclaims beneficial ownership of the Issuer securities held by SBL, except to the extent of his pecuniary interest therein.
The amount of Issuer securities shown as beneficially owned by the reporting person is based on the reporting person's proportionate ownership in (1) GFLLC, which is comprised of (a) GFLLC's direct ownership of Issuer securities and (b) GFLLC's indirect ownership of Issuer securities through its proportionate ownership in SBL, and (2) SBL, which is comprised of SBL's direct ownership of Issuer securities. The reporting person disclaiming beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his pecuniary intent therein.
The Issuer's 5.5% Convertible Senior Subordinated Debentures due 2012 (the "Debentures") are convertible at the option of the holder in whole or in part into the Issuer's common stock prior to their maturity. The conversion rate of the Debentures is 36.4 shares of the Issuer's common stock per $1,000 principal amount of debentures (representing a conversion price of $27.47 per share of common stock), subject to adjustment under certain conditions as set forth in the Indenture, dated June 28, 2007 (the "Indenture"), by the Issuer in favor of UMB Bank, N.A., as Trustee, filed as Exhibit 4.2 to the Issuer's Form 8-K on June 29, 2007. The Debentures bear interest at the rate of 5.5% per year and mature on July 1, 2012.
Each share of the Issuer's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.
The Issuer's Series "D" 6% Cumulative, Convertible Class C Preferred Stock is convertible at the option of the holder 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.
Nonqualified Stock Options ("NQSO") granted by the Issuer to the reporting person. All NQSOs held by the reporting person are currently exercisable. As of the date of this report, the total number of shares underlying the NQSOs held by the reporting person is 11,250.
On October 1, 2010, GFLLC sold a total of 63,791 shares of the Issuer's common stock at the weighted average price per share of $19.00, which is based on multiple prices ranging from $19.00 to $19.08. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. These shares were sold pursuant to the Rule 10b5-1 Sales Plan adopted by GFLLC on August 19, 2010.
On October 4, 2010, GFLLC sold a total of 10,498 shares of the Issuer's common stock at the weighted average price per share of $19.05, which is based on multiple prices ranging from $19.00 to $19.18. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. These shares were sold pursuant to the Rule 10b5-1 Sales Plan adopted by GFLLC on August 19, 2010.
On October 5, 2010, GFLLC sold a total of 25,531 shares of the Issuer's common stock at the weighted average price per share of $19.13, which is based on multiple prices ranging from $19.01 to $19.37. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. These shares were sold pursuant to the Rule 10b5-1 Sales Plan adopted by GFLLC on August 19, 2010.