SYPRIS SOLUTIONS INC — Director's Dealing 2009

Feb 26, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SYPRIS SOLUTIONS INC (SYPR)
CIK: 0000864240
Period of Report: 2009-02-25

Reporting Person: GILL JEFFREY T (Director, President and CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-02-25	Options (Right to Buy)	$0.82	A	300000	Acquired	2014-02-24	Common Stock (300000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2856773	Direct
Common Stock	23975	Indirect
Common Stock	1585053.287	Indirect

Footnotes

F1: Consists of limited partnership interests of GFP I, LP, a DE limited partnership. The reporting person, his wife, and trusts for the benefit of his three children are limited partners of GFP I, LP and the reporting person is a director, executive officer and 50% shareholder of Gill Family Capital Management, Inc. the general partner of GFP I, LP.

F2: Options granted pursuant to the 2004 Sypris Equity Plan.

F3: Vesting is 100% on the third anniversary of the grant date.