ESCALADE INC — Director's Dealing 2008

Feb 21, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESCALADE INC (ESCA)
CIK: 0000033488
Period of Report: 2008-02-20

Reporting Person: FRANDSEN TERRY (VP Finance, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-20	Common Stock	M	15000	$6.985	Acquired	20025	Direct
2008-02-20	Common Stock	S	8863	$9	Disposed	11162	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-20	Incentive Stock Option	$6.985	M	15000	Disposed	2008-02-21	Common Stock (15000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$	2010-04-30	Common Stock (9000)	9000	Direct

Footnotes

F1: Exercise of incentive stock options issued 02/21/2003 with an exercise price of $9.985 per share and expiration date of 02/21/2008.

F2: Shares tendered to Escalade, Inc. in connection with the exercise of incentive stock options.

F3: Incentive Stock Options granted vest 25% each year over four years and expire after five years from grant date as follows: 30,000 shares granted 02/16/2004, exercisable at $19.21 per share, expiring on 02/21/2009; 40,000 shares granted 02/18/2005, exercisable at $13.40 per share, expiring on 02/18/2010; and 25,000 shares granted 03/6/2006, exercisable at $11.08 per share, expiring on 03/06/2011.

F4: Each restricted stock unit represents a contingent right to receive one share of ESCA common stock and were granted pursuant to the Escalade, Incorporated 2007 Incentive Plan.

F5: Restricted stock units vest at the end of 3 years provide certain market criteria are met.