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Filing Details

Accession Number:: 0001140361-11-015508
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-03-09 12:00:00
Reporting Period:: 2011-03-07

Filing Date:: 2011-03-09
Accepted Time:: 2011-03-09 19:35:31
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
1005714	H Barry Golsen	P O Box 705 Oklahoma City OK 73102	President And Coo	Yes	Yes	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	2011-03-07	30,000	$35.16	277,889	No	4	S	Direct
Common Stock	Disposition	2011-03-07	3,079	$34.88	60,820	No	4	S	Indirect	By GFLLC
Common Stock	Disposition	2011-03-07	1,244	$35.83	59,576	No	4	S	Indirect	By GFLLC

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

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	5.5% Convertible Debentures	Disposition	2011-03-07	0	$53,097.00	1,542	$0.00
Common Stock	5.5% Convertible Debentures	Disposition	2011-03-07	0	$426,122.00	12,376	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0		2012-07-01	No	4	S	Indirect
0		2012-07-01	No	4	S	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	533	Indirect	By Spouse
Common Stock	320,629	Indirect	By SBL

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Series B Preferred	$0.00	17,061	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

Amount	Remaning Holdings	Nature of Ownership
17,061	512	Indirect
90,666	2,720	Indirect
5,296	21,183	Indirect
42,500	170,000	Indirect

Footnotes

On March 7, 2010, Barry H. Golsen sold a total of 30,000 shares of the Issuer's common stock at a weighted average price per share of $35.16, which is based on multiple prices ranging from $35.00 to $35.69. The reporting person undertakes to provide to the Issuer, any securityholder 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 of common stock are owned of record by the reporting person's spouse. The reporting person disclaims beneficial ownership of the shares owned by his spouse.
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, a 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 (4.323%). The Issuer securities reported as beneficially owned by GFLLC includes the shares beneficially owned by GFLLC through SBL (see footnote 3). 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%), Steven Golsen (17%), and Linda Rappaport (17%). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. The amount shown in Table I includes 1,602,099 shares of common stock owned by SBL and 283,955 shares of common stock 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 Golsen, a director and the president of the Issuer. Although Barry Golsen shares voting and dispositive power over the securities held by SBL and GPC, only his pecuniary interest in such securities is reported herein.
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 (a) SBL's direct ownership of Issuer securities and (b) SBL's indirect ownership of Issuer securities through SBL.
The Issuer's 5.5% Convertible Senior Subordinated Debentures due 2012 (the "Debentures") are convertible at any time 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. On March 7, 2011, SBL sold $2,000,000 principal amount of the Debentures for an aggregate purchase price of $2,506,600, and the amounts disclosed in this report represent the reporting person's pecuniary interest in such sale. See footnote 4.
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.
On March 7, 2011, GFLLC sold a total of 100,000 shares of the Issuer's common stock, comprised of 71,222 shares sold at a weighted average price per share of $34.88 based on multiple prices ranging from $34.52 to $35.51, and 28,778 shares sold at a weighted average price per share of $35.83 based on multiple prices ranging from $35.52 to $36.24. The reporting persons undertake to provide to the Issuer, any securityholder 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 December 29, 2010.
In addition to the purchase price, SBL received $21,083.33 for 69 days of accrued interest in addition to the purchase price paid for the $2,000,000 in Debentures sold.