VERU INC. — Director's Dealing 2010

May 24, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FEMALE HEALTH CO (FHCO)
CIK: 0000863894
Period of Report: 2010-05-21

Reporting Person: Frank Mary Margaret (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-21	Common Stock, par value $.01 per share	M	30000	$1.66	Acquired	30000	Direct
2010-05-21	Common Stock, par value $.01 per share	F	9038	$5.51	Disposed	20962	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-21	Common Stock Option	$1.66	M	30000	Disposed	2014-10-22	Common Stock (30000)	Direct

Footnotes

F1: Pursuant to a cashless option exercise program, the reporting person surrendered to The Female Health Company ("FHCO") the requisite number of shares subject to the option to pay the exercise price based on the market price of FHCO common stock on the trading day immediately preceding the date of exercise which was $5.51 per share.

F2: Options for one thirty-sixth of the shares vested on the 22nd of each month for the 36-month period commencing on November 22, 2004 and ending on October 22, 2007.