LANDSTAR SYSTEM INC — Director's Dealing 2007

Feb 15, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LANDSTAR SYSTEM INC (LSTR)
CIK: 0000853816
Period of Report: 2007-02-13

Reporting Person: PUNDT JEFFREY L (President - Landstar Carrier)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-13	Common Stock	M	4800	$8.556	Acquired	38020	Direct
2007-02-13	Common Stock	M	11360	$13.1075	Acquired	49380	Direct
2007-02-13	Common Stock	M	800	$14.6207	Acquired	50180	Direct
2007-02-13	Common Stock	M	800	$32.13	Acquired	50980	Direct
2007-02-13	Common Stock	S	8290	$45	Disposed	42690	Direct
2007-02-13	Common Stock	S	750	$45.01	Disposed	41940	Direct
2007-02-13	Common Stock	S	200	$45.02	Disposed	41740	Direct
2007-02-13	Common Stock	S	9000	$45.03	Disposed	32740	Direct
2007-02-13	Common Stock	S	200	$45.04	Disposed	32540	Direct
2007-02-13	Common Stock	S	100	$45.05	Disposed	32440	Direct
2007-02-13	Common Stock	S	700	$45.07	Disposed	31740	Direct
2007-02-13	Common Stock	S	300	$45.08	Disposed	31440	Direct
2007-02-14	Common Stock	S	8860	$46	Disposed	22580	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-13	Stock Options (Right to buy)	$8.556	M	4800	Disposed	2011-06-29	Common Stock (4800)	Direct
2007-02-13	Stock Options (Right to buy)	$13.1075	M	11360	Disposed	2013-02-05	Common Stock (11360)	Direct
2007-02-13	Stock Options (Right to buy)	$14.6207	M	800	Disposed	2013-01-02	Common Stock (800)	Direct
2007-02-13	Stock Options (Right to buy)	$32.13	M	800	Disposed	2015-01-27	Common Stock (800)	Direct

Footnotes

F1: Options become exercisable in 3 equal annual installments beginning 01/27/2006