SEC Form 5 · accession 0001140361-15-003081

LSB INDUSTRIES, INC. · LXU

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Jack E Golsen

Officer — Chairman of the Board and CEO · Director · 10% Owner

Period of report

Dec 31, 2014

Accepted (ET)

Jan 29, 2015 · 10:33 am EST

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000060714

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F3,F4	Nov 18, 2014	G	1,400	$0.00	D	1,629,954	I	By SBL
Common Stock	holding	—	—		—	4,000	D
Common Stock^F1	holding	—	—		—	15,876	I	As Trustee
Common Stock^F2	holding	—	—		—	569,304	I	As Trustee
Common Stock^F3	holding	—	—		—	15,392	I	By GFLLC

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Series D Preferred^F4,F5	—	holding	—	—	—	—	—	Common Stock	250,000	1,000,000	I
Series B Preferred^F4,F6	—	holding	—	—	—	—	—	Common Stock	533,333	16,000	I
Series B Preferred^F3,F6	—	holding	—	—	—	—	—	Common Stock	133,333	4,000	I

Explanation of responses

F1These shares of common stock are owned of record by a trust, of which Jack E. Golsen is trustee.
F2These shares are held by separate trusts established for the benefit of the children, grandchildren, and a great-grandchild (the "Trusts") of the reporting person, of which Jack E. Golsen is the settlor and sole trustee. The amount shown is the aggregate number of shares held in the Trusts. No single Trust has more than one beneficiary. As the sole trustee, Jack E. Golsen possesses sole voting and dispositive power over the Issuer securities held in the Trusts, but holds no pecuniary interest in the securities held by the Trusts.
F3Golsen Family, L.L.C. ("GFLLC") is owned by Jack E. Golsen, chief executive officer and chairman of the board of the Issuer, through his revocable trust (43.516%) and through another trust (43.516%), his sons, Barry Golsen, director and the president of the Issuer (4.323%), and Steven Golsen, an executive officer of a subsidiary of the Issuer (4.323%), and his daughter, Linda Rappaport (4.323%). Jack E. Golsen has sole voting and dispositive power over the Issuer securities held by GFLLC and shares voting and dispositive power over the Issuer securities held by SBL (see footnote 4). The reporting person reports beneficial ownership of all securities held by GFLLC and SBL due to his shared voting and dispositive power over the securities beneficially owned by GFLLC and SBL, but disclaims beneficial ownership of such securities, except to the extent of his respective pecuniary interest therein.
F4SBL, L.L.C. ("SBL") is owned by GFLLC (49%), Barry Golsen (17%), Steven Golsen (17%), and Linda Rappaport (17%). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. The amount shown in Table I includes 1,345,999 shares of common stock owned directly by SBL and 283,955 shares of common stock owned directly by GPC; 200,000 of these shares have been pledged as collateral. The amount shown in Table II includes 12,000 shares of the Issuer's Series B Preferred owned directly by SBL and 4,000 shares of the Issuer's Series B Preferred owned directly by GPC. Voting and dispositive power over the securities held by SBL and GPC is shared by Jack E. Golsen, who is the chief executive officer and chairman of the board of the Issuer, and Barry Golsen, a director and the president of the Issuer.
F5The Issuer's Series "D" 6% Cumulative, Convertible Class C Preferred Stock is convertible at the option of the holder into the Issuer's common stock at the rate of four shares of Preferred "D" for one share of common stock. Each share is convertible as long as such is outstanding.
F6Each share of the Issuer's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.