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^*

Gray K Scott

(Last)

(First)

(Middle)

13111 NORTHWEST FREEWAY

SUITE 600

(Street)

HOUSTON

77040

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/20/2007

3. Issuer Name and Ticker or Trading Symbol
LUBYS INC [ LUB ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

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)
Common Stock	20	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)
Employee Stock Option (Right to Buy)	07/26/2002⁽¹⁾	07/25/2007	Common Stock	5,000	$9.42	D
Employee Stock Option (Right to Buy)	11/15/2006⁽²⁾	11/14/2011	Common Stock	8,400	$12.3	D
Employee Stock Option (Right to Buy)	10/19/2007⁽³⁾	10/18/2012	Common Stock	11,040	$10.18	D
Restricted Stock Unit	11/15/2008	⁽⁴⁾	Common Stock	1,500	$12.3	D
Restricted Stock Unit	10/19/2009	⁽⁵⁾	Common Stock	1,972	$10.18	D

Explanation of Responses:

1. This option becomes exercisable as to one-fourth of the total number of option shares on each succeeding anniversary of the grant date. Thus this option becomes exercisable, beginning on the first anniversary of the grant date of 7/26/2001, as follows: 1,250 shares on 7/26/2002, 1,250 shares on 7/26/2003, 1,250 shares on 7/26/2004, and 1,250 shares on 7/26/2005.

2. This option becomes exercisable as to one-fourth of the total number of option shares on each succeeding anniversary of the grant date. Thus this option becomes exercisable, beginning on the first anniversary of the grant date of 11/15/2005, as follows: 2,100 shares on 11/15/2006, 2,100 shares on 11/15/2007, 2,100 shares on 11/15/2008, and 2,100 shares on 11/15/2009.

3. This option becomes exercisable as to one-fourth of the total number of option shares on each succeeding anniversary of the grant date. Thus this option becomes exercisable, beginning on the first anniversary of the grant date of 10/19/2006, as follows: 2,760 shares on 10/19/2007, 2,760 shares on 10/19/2008, 2,760 shares on 10/19/2009, and 2,760 shares on 10/19/2010.

4. The security fully vests at time granted and remains restricted until the earlier of 11/15/2008 or the date of the officer's resignation or retirement.

5. The security fully vests at time granted and remains restricted until the earlier of 10/19/2009 or the date of the officer's resignation or retirement.

Remarks:

	K. Scott Gray	04/24/2007
	** 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.