SEC Form 5 · accession 0001140361-15-003082

LSB INDUSTRIES, INC. · LXU

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

Reporting owner

Steven Golsen

10% Owner

Period of report

Dec 31, 2014

Accepted (ET)

Jan 29, 2015 · 10:35 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^F2,F3	Nov 18, 2014	G	29	$0.00	D	35,192	I	By GFLLC
Common Stock^F2,F4	Nov 18, 2014	G	238	$0.00	D	277,091	I	By SBL
Common Stock^F1	holding	—	—		—	243,493	I	By Trust

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Series B Preferred^F3,F5,F2	—	holding	—	—	—	—	—	Common Stock	17,061	512	I
Series B Preferred^F2,F4,F5	—	holding	—	—	—	—	—	Common Stock	90,666	2,720	I
Series D Preferred^F2,F3,F6	—	holding	—	—	—	—	—	Common Stock	5,296	21,183	I
Series D Preferred^F2,F4,F6	—	holding	—	—	—	—	—	Common Stock	42,500	170,000	I

Explanation of responses

F1These shares are owned of record by the reporting person's revocable trusts, of which the reporting person is the settlor and trustee and possesses voting and dispositive power over the securities held in the trust.
F2The amount of Issuer securities shown as beneficially owned by the reporting person is based on the reporting person's proportionate ownership in (1) Golsen Family, L.L.C. ("GFLLC"), which is comprised of (a) GFLLC's direct ownership of Issuer securities and (b) GFLLC's indirect ownership of Issuer securities through its proportionate ownership in SBL, L.L.C. ("SBL"), and (2) SBL, which is comprised of (a) SBL's direct ownership of Issuer securities and (b) SBL's indirect ownership of Issuer securities through GPC. The reporting person disclaims beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his pecuniary interest therein.
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 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%). The Issuer securities reported as beneficially owned by GFLLC include the shares beneficially owned by GFLLC through SBL (see footnote 4). The reporting person disclaims beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his 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 owned directly by SBL and 283,955 shares 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 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.
F5Each 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.
F6The 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.