SEC Form 4 · accession 0001140361-16-084722
LSB INDUSTRIES, INC. · LXU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steven Golsen
Other
Period of report
Nov 3, 2016
Accepted (ET)
Nov 3, 2016 · 3:55 pm EDT
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 StockF2 | Nov 3, 2016 | J | 69,440 | $0.00 | A | 69,440 | I | By Trust |
| Common StockF1 | holding | — | — | — | 243,493 | I | By Trust | |
| Common StockF3 | holding | — | — | — | 665 | I | By GFLLC | |
| Common StockF4 | holding | — | — | — | 228,820 | I | By SBL | |
| Common StockF5 | holding | — | — | — | 48,272 | I | By GPC |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series D PreferredF4,F6 | — | holding | — | — | — | — | — | Common Stock | 42,500 | 170,000 | I |
| Series B PreferredF4,F7 | — | holding | — | — | — | — | — | Common Stock | 68,000 | 2,040 | I |
| Series B PreferredF5,F7 | — | holding | — | — | — | — | — | Common Stock | 22,667 | 680 | I |
| Series B PreferredF3,F7 | — | holding | — | — | — | — | — | Common Stock | 5,764 | 173 | 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 holds a pecuniary interest in the trust's holdings and transactions, and possesses voting and dispositive power over the securities held in the trusts.
- F2These shares are owned of record by an irrevocable trust of which the reporting person is beneficiary. On November 3, 2016, the reporting person was appointed sole trustee of such trust. As trustee, the reporting person possesses voting and dispositive power of the shares held by the trust, and holds a pecuniary interest in the trust's holdings and transactions.
- F3Represents the reporting person's percentage interest in the Issuer's securities held by Golsen Family, L.L.C. ("GFLLC"). GFLLC is owned by Jack E. Golsen, executive chairman of the board of the Issuer, through his revocable trust (43.516%) and through another trust (43.516%); his sons, Barry Golsen, through his revocable trust (4.323%); Steven Golsen, through his revocable trust (4.323%); and his daughter, Linda Rappaport, through her revocable trust (4.323%). As sole manager of GFLLC, Jack E. Golsen shares voting and dispositive power with GFLLC over the Issuer securities held by such entity. The reporting person is not a controlling member of GFLLC and does not have or share investment control over the portfolio securities held by GFLLC, and therefore does not have a pecuniary interest in the Issuer's shares held by GFLLC, under Rule 16a-1(a)(2)(iii).
- F4Represents the reporting person's percentage interest in the Issuer's securities held by SBL, LLC ("SBL"). SBL is owned by GFLLC (49%); Barry Golsen, through his revocable trust (17%); Steven Golsen, through his revocable trust (17%); and Linda Rappaport, through her revocable trust (17%). 200,000 of the shares of Common Stock held by SBL have been pledged as collateral. Voting and dispositive power over the securities held by SBL is shared by SBL with Jack E. Golsen, the sole manager of SBL. The reporting person is not a controlling member of SBL and does not have or share investment control over the portfolio securities held by SBL, and therefore does not have a pecuniary interest in the Issuer's shares held by SBL, under Rule 16a-1(a)(2)(iii).
- F5Represents the reporting person's percentage interest in the Issuer's securities held by Golsen Petroleum Corporation ("GPC"). GPC is a wholly owned subsidiary of SBL. Voting and dispositive power over the portfolio securities held by GPC is shared by GPC with Jack E. Golsen, who is the sole officer and director of GPC. The reporting person is not a controlling member of GPC and does not have or share investment control over the portfolio securities held by GPC, and therefore does not have a pecuniary interest in the Issuer's shares held by GPC, under Rule 16a-1(a)(2)(iii).
- 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.
- F7Each 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.