SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

MATHIESON DAVID

(Last)

(First)

(Middle)

10920 NORTH ELIZABETH COURT

(Street)

MEQUON

53097

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/17/2003

3. Issuer Name and Ticker or Trading Symbol
BRADY CORP [ BRC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	V.P. & CFO

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	5.571⁽⁸⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to Buy	⁽¹⁾⁽⁷⁾	10/16/2011	Class A Common Stock	1,300	$32	D
Option to Buy	⁽²⁾⁽⁷⁾	11/14/2012	Class A Common Stock	4,500	$32.775	D
Class A Common Stock	⁽³⁾⁽⁶⁾	12/15/2013	Performance Stock Units	15,000	$40.29	D
Option to Buy	⁽⁴⁾⁽⁶⁾	11/20/2013	Class A Common Stock	4,000	$34.65	D
Option to Buy	⁽⁵⁾⁽⁶⁾	12/15/2013	Class A Common Stock	3,000	$40.29	D

Explanation of Responses:

1. Exercisable 331/3% per year beginning 10/16/02 -10/16/04

2. Exercisable 33 1/3% per year beginning 11/14/03 - 11/14/05

3. These options vest one-third each fiscal year 2004-2006 upon attainment of predetermined net income levels.

4. Exercisable 33 1/3% per year beginning 11/20/04 - 11/20/06

5. Exercisable 33 1/3% per year beginning 12/15/04 - 12/15/06

6. Employee Stock Option granted pursuant to Brady Corporation 2003 Omnibus Incentive Stock Plan.

7. Employee Stock Option granted pursuant to W. H. Brady Co 1997 Omnibus Incentive Stock Plan.

8. Employee Stock Purchase Plan

Remarks:

	/s/ Donald E. Rearic	12/17/2003
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.