SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
KARGES THOMAS R

(Last) (First) (Middle)
840 LILY LANE

(Street)
GRAND RAPIDS MN 55744

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ASV INC /MN/ [ ASVI ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Financial Officer, Secy
3. Date of Earliest Transaction (Month/Day/Year)
01/31/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/31/2008 M 15,000 A $6.125 119,556 D
Common Stock 01/31/2008 M 16,000 A $5.455 135,556 D
Common Stock 01/31/2008 M 15,000 A $4.415 150,556 D
Common Stock 11,048 I Held in 401(K) Plan
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option $6.125 01/31/2008 M 15,000 02/01/2002(1) 02/01/2008 Common Stock 15,000 $0.00 0 D
Incentive Stock Option $5.455 01/31/2008 M 16,000 02/26/2003(1) 02/26/2009 Common Stock 16,000 $0.00 0 D
Incentive Stock Option $4.415 01/31/2008 M 15,000 01/31/2004(1) 01/31/2010 Common Stock 15,000 $0.00 0 D
Non-Qualified Stock Option $4.415 01/31/2004(1) 01/31/2010 Common Stock 105,000 105,000 D
Incentive Stock Option $16 02/06/2005(2) 02/06/2011 Common Stock 9,600 9,600 D
Non-Qualified Stock Option $16 02/06/2005(2) 02/06/2011 Common Stock 10,400 10,400 D
Incentive Stock Option $19.825 03/31/2006(2) 03/31/2012 Common Stock 4,680 4,680 D
Non-Qualified Stock Option $19.825 03/31/2006(2) 03/31/2012 Common Stock 3,320 3,320 D
Non-Qualified Stock Option $17.44 01/14/2008(2) 06/01/2012 Common Stock 12,643 12,643 D
Explanation of Responses:
1. Exercisable in 25% annual installments beginning one year after the date of issuance.
2. In connection with the announcement on January 14, 2008 by Terex Corp. that it will acquire 100% of the outstanding common shares of A.S.V., Inc. at $18.00 per share through a tender offer, all outstanding stock options fully vested and became exercisable in their entirety on that date, in accordance with the terms of the original option grant.
Remarks:
Thomas R. Karges 01/31/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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