_______ _________________________
FORM 4 U.S. Securities and Exchange Commission OMB APPROVAL
_______ Washington, D.C. 20549 _________________________
[ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response... 0.5
__________________________
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting 2. Issuer Name and Ticker or
Person Trading Symbol
Jack E. Golsen LSB Industries, Inc. (LSBD)
_______________________________________________________________________________
(Last) (First) (Middle) 3. IRS or Social Security
No. of Reporting Person
16 South Pennsylvania (Voluntary)
Post Office Box 754
____________________________________ ###-##-####
(Street)
Oklahoma City, Oklahoma 73101
_______________________________________________________________________________
(City) (State) (Zip)
4. Statement for Month/Year: August 1999
5. If Amendment, Date of Original (Month/Year):
6. Relationship of Reporting Person to Issuer (Check all applicable)
X Director X 10% Owner X Officer (give title below)
___ ___ ___
___ Other (specify below)
Chairman of the Board and President
____________________________________
7. 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 2. Transaction 3. Transaction 4. Securities Acquired
Security Date Code (A) or Disposed of
(Instr. 3) Month/ (Instr. 8) (D) (Instr. 3, 4, 5)
Day/ ________________ ____________________
Year) Code V Amount (A) Price
or
(D)
Common Stock
Common Stock
Common Stock 8/31/99 P 123,500 A $0.986
Common Stock
5. Amount of 6. Ownership Form: 7. Nature of
Securities Direct (D) or Indirect
Beneficially Indirect (I) Beneficial
Owned at End (Instr. 4) Ownership
of Month (Instr. 4)
(Instr. 3 & 4)
109,028 D
1,052,250 I By Spouse
1,301,899(2) I By SBL(1)
10,000 I By MG Trust(3)
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If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each Page 1 of 2
class of securities beneficially SEC 1474 (7/96)
owned directly or indirectly
(Print or Type Response)
FORM 4 (continued) Table II - Derivative Securities Acquired,
Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
______________________________________________________________________________
1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of
Derivative or Exercise Date Code Derivative
Security Price of (Month/Day/ (Instr. 8) Securities
(Instr. 3) Derivative Year) Code V Acquired (A)
Security or Disposed
of (D) (Inst.
(Instr. 3,4,5)
(A) (D)
Convertible Note (4)
Preferred "B" (5)
Preferred "B" (5)
Preferred "C" $11.55
Incentive Stock $4.5375
Option
Incentive Stock $1.375 7/8/99 A V 265,000
Option
6. Date Exercisable 7. Title and Amount of 8. Price of
and Expiration Underlying Securities Derivative
Date (Instr. 3 and 4) Security
(Month/Day/Year) Amount (Instr. 5)
Date Expir- or
Exer- ation Number of
cisable Date Title Shares
(4) (4) Common Stock 4,000
(5) (5) Common Stock 133,333
(5) (5) Common Stock 533,333
(6) (6) Common Stock 39,177
(7) 11/19/01 Common Stock 100,000
(7) 7/08/04 Common Stock 265,000
9. Number of 10. Ownership Form 11. Nature of Indirect
Derivative of Derivative Beneficial Owner-
Securities Security: ship (Instr. 4)
Beneficially Direct (D) or
Owned at End Indirect (I)
of Month (Instr. 4)
(Instr. 4)
(4) D
4,000 D
16,000(2) I By SBL(1)
9,050 I By SBL(1)
(7) D
(7) D
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Explanation of Responses:
(1) SBL Corporation ("SBL") is wholly owned by Sylvia Golsen (40%
owner), Barry Golsen (son and 20% owner), Steven Golsen (son
and 20% owner), and Linda Rappaport (daughter and 20% owner).
The number of shares beneficially owned by SBL includes shares
owned of record by Golsen Petroleum Corporation, the wholly
owned subsidiary of SBL.
(2) The number of shares includes, as applicable, 60,600 shares of
Common Stock or 4,000 shares of Preferred "B" owned of record
by Golsen Petroleum Corporation, the wholly-owned subsidiary
of SBL.
(3) Shares owned of record by the MG Trust, of which Jack Golsen
is the sole trustee.
(4) Jack Golsen holds a note from the Company payable on demand
and convertible, at the option of the holder, at the rate of
$2.00 for each share of Common Stock. The principal amount of
the note is $8,000.
(5) Each share of the Company's Series "B" 12% Cumulative Pre-
ferred Stock is convertible, at the option of the holder, into
33.3333 shares of the Company's Common Stock. Each share is
convertible as long as such is outstanding.
(6) Each share of the Company's $3.25 Convertible Exchangeable
Class C Preferred Stock, Series 2 is convertible at the option
of the holder into 4.329 shares of the Company's Common Stock.
Each share is convertible as long as such is outstanding.
(7) Incentive Stock Option ("ISO") granted by the Company to Jack
E. Golsen under the Company's Incentive Stock Option Plans.
Each ISO is for a term of five 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%. The option is fully
vested at the end of year four. The ISO for 100,000 shares of
Common Stock exercisable at $4.5375, with an expiration date
of November 19, 2001, was granted on November 19, 1996. The ISO
for 265,000 shares of Common Stock exercisable at $1.375, with
an expiration date of July 8, 2004, was granted on July 8, 1999.
Mr. Golsen has acquired no shares under such ISOs, and as of the
date hereof, the total number of shares of Common Stock underlying
the ISO held by Mr. Golsen is 365,000.
**Intentional misstatements
or omissions of facts
constitute Federal Criminal
Violations.
/s/ Jack E. Golsen September 9, 1999
_____________________________ _________________
See 18 U.S.C. 1001 and **Signature of Reporting Person Date
15 U.S.C. 78ff(a). Jack E. Golsen
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2
K-M\LSB\FORMS345\8-99F4.JEG SEC 1474 (7/96)