LSB INDUSTRIES, INC. — Director's Dealing 2008

Dec 11, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2008-12-09

Reporting Person: TEPPER MICHAEL DAWE (Sr. VP-Int'l Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-12-09	Common Stock	S	5000	$8.90	Disposed	69455	Indirect
2008-12-11	Common Stock	S	10000	$9.42	Disposed	59455	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Nonqualified Stock Option	$1.25	2009-07-08	Common Stock (50000)	50000	Direct

Footnotes

F1: On December 9, 2008, the reporting person sold a total of 5,000 shares of the Issuer?s common stock at $8.90 per share. On December 11, 2008, the reporting person sold a total of 10,000 shares of the Issuer?s common stock at the weighted average price per share of $9.42, which is based on the following sales of the Issuer?s common stock at the respective price per share: (a) $9.36 ? 1,000 shares, (b) $9.37 ? 300 shares, (c) $9.39 ? 3,400 shares, (d) $9.40 ? 900 shares, (e) $9.41 ? 500 shares, (f) $9.42 ? 900 shares, (g) $9.45 ? 600 shares, (h) $9.46 ? 100 shares, (i) $9.47 ? 600 shares, (j) $9.48 ? 400 shares, and (k) $9.49 ? 1,300 shares.

F2: These shares are held by the reporting person?s revocable trust, of which the reporting person is the trustee and exercises investment and dispositive control over the trust?s portfolio securities.

F3: Nonqualified Stock Option (?NQSO?) granted by the Issuer to the reporting person. All NQSOs held by the reporting person are currently exercisable. As of the date of this report, the total number of shares underlying the NQSOs held by the reporting person is 50,000.