LSB INDUSTRIES, INC. — Director's Dealing 2008

Mar 13, 2008

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2007-12-31

Reporting Person: ACKERMAN RAYMOND BASIL (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-03	Nonqualified Stock Option	$1.25	G	15000	Disposed	2009-07-08	Common Stock (15000)	Direct
2007-04-03	Nonqualified Stock Option	$1.25	G	15000	Acquired	2009-07-08	Common Stock (15000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1450	Indirect

Footnotes

F1: These shares are held by the Raymond B. Ackerman Living Trust, a revocable trust, of which Mr. Ackerman is the settlor and trustee and possesses a vested interest in the income and corpus of the Trust.

F2: Nonqualified Stock Option ("NQSO") to purchase shares of Issuer's Common Stock granted pursuant to the Issuer's Outside Directors Stock Option Purchase Plan (the "1999 Plan"). NQSOs granted under the 1999 Plan may be exercised at any time after six months from the date the NQSO was granted. To the extent not exercised, a NQSO granted under the 1999 Plan terminates (i) upon the tenth anniversary of the date the NQSO was granted, (ii) three years after the cessation of the optionee as a member of the Board of Directors of the Issuer, or (iii) upon the surrender of the Non-Qualified Stock Option Agreement dated July 8, 1999, for cancellation of the NQSO.

F3: These shares are held by the Lucille F. Ackerman Living Trust, a revocable trust, of which Ms. Ackerman is the settlor and trustee and possesses a vested interest in the income and corpus of the Trust.