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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 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
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*
MURRAY JAMES WILLIAM III
(Last) (First) (Middle)
16 SOUTH PENNSYLVANIA AVENUE
(Street)
OKLAHOMA CITY OK 73107
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [ LSBD ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP/Sr Assoc Gen Couns/Asst Sec
3. Date of Earliest Transaction (Month/Day/Year)
12/03/2003
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)
Code V Amount (A) or (D) Price
Common Stock 12/03/2003 M 3,000 A $4.875 3,000 D
Common Stock 12/03/2003 M 2,000 A $2.73 5,000 D
Common Stock 12/03/2003 S 3,000 D $5.9 2,000 D
Common Stock 12/03/2003 S 2,000 D $5.85 0 D
Common Stock 12/04/2003 M 8,000 A $1.25 8,000 D
Common Stock 12/04/2003 M 2,000 A $2.73 10,000 D
Common Stock 12/04/2003 S 2,000 D $5.8 8,000 D
Common Stock 12/04/2003 S 3,000 D $5.85 5,000 D
Common Stock 12/04/2003 S 5,000 D $5.9 0 D
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option(1)(2) $4.875 12/03/2004 M 3,000 06/27/2000(1)(2) 06/27/2006 Common Stock 3,000 $0 0 D
Incentive Stock Option(1)(3) $2.73 12/03/2004 M 2,000 11/29/2002(1)(3) 11/29/2011 Common Stock 2,000 $0 8,000 D
Incentive Stock Option(1)(3) $2.73 12/04/2004 M 2,000 11/29/2003(1)(3) 11/29/2011 Common Stock 2,000 $0 6,000 D
Incentive Stock Option(1)(4) $1.25 12/04/2004 M 8,000 07/08/2003(1)(4) 07/08/2009 Common Stock 8,000 $0 0 D
Explanation of Responses:
1. Incentive Stock Option ("ISO") granted by LSB Industries, Inc. (the "Issuer ") to James W. Murray, III under the Issuer's Incentive Stock Option Plans. Each ISO is for a term of ten years from the date of grant. Each ISO vests at the end of year one through year four in the following amounts: 20%, 20%, 30% and 30%. Each option is fully vested at the end of year four.
2. An ISO for 3,000 shares of Common Stock, exercisable at $4.875, was granted to Mr. Murray on June 27, 1996 and Mr. Murray exercised such ISO for 3,000 underlying shares of common stock on December 3, 2003.
3. An ISO for 10,000 shares of Common Stock, exercisable at $2.73, was granted to Mr. Murray on November 29, 2001, and Mr. Murray exercised such ISO for 2,000 underlying shares of common stock on December 3, 2003, and an additional 2,000 underlying shares of common stock on December 4, 2003, leaving 6,000 total shares of Common Stock underlying these unexercised ISOs.
4. An ISO for 8,000 shares of Common Stock, exercisable at $1.25, was granted to Mr. Murray on July 8, 1999, and Mr. Murray exercised such ISO for 8,000 underlying shares of common stock on December 4, 2003.
James Wm. Murray III 12/05/2003
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.