LSI INDUSTRIES INC — Director's Dealing 2010

May 24, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSI INDUSTRIES INC (LYTS)
CIK: 0000763532
Period of Report: 2010-05-21

Reporting Person: STOWELL RONALD S (VP, CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-21	Common Shares	A	173	$6.32	Acquired	36261	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	16356	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$11.68	2011-11-14	Common Shares (18750)	18750	Direct
Option to Buy	$9.96	2014-10-27	Common Shares (25000)	25000	Direct
Opton to Buy	$17.60	2016-08-24	Common Shares (20000)	20000	Direct
Option to Buy	$19.76	2017-08-24	Common Shares (25000)	25000	Direct
Option to Buy	$8.98	2018-08-22	Common Shares (30000)	30000	Direct
Option to Buy	$8.4	2019-08-21	Common Shares (45000)	45000	Direct

Footnotes

F1: Common Shares held in the LSI Industries Inc. Non-Qualified Deferred Compensation Plan.

F2: Options granted vest on the anniversary of the grant date, 9.2% in 2005, 40% in 2007 and 10.8% in 2008.

F3: Options are exercisable at a rate of 10% beginning on the 1st grant date anniversary, 28% on the 2nd anniversary date, 27% on the 3rd anniversary date, and 35% on the 4th anniversary date, cumulative to the extent not exercised in a prior year.

F4: The options vest at a rate of 25% per year beginning on the first anniversary of the grant date.

F5: These holdings have been previously reported on Form 4.