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*
Gattoni James B

(Last) (First) (Middle)
13410 SUTTON PARK DRIVE SOUTH

(Street)
JACKSONVILLE FL 32224

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LANDSTAR SYSTEM INC [ LSTR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Vice President & CFO
3. Date of Earliest Transaction (Month/Day/Year)
03/08/2012
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 03/08/2012 S 9,000 D $55.3492 (1) 42,600 D
Common Stock 03/08/2012 M 19,840 A $37.3088 62,440 D
Common Stock 03/08/2012 M 6,398 A $32.13 68,838 D
Common Stock 03/08/2012 M 27,381 A $38.18 96,219 D
Common Stock 03/08/2012 F 42,577 (2) D $54.94 53,642 D
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
Stock Options (Right to Buy) $37.3088 03/08/2012 M 19,840 (3) 01/03/2015 Common Stock 19,840 $0 160 D
Stock Options (Right to Buy) $32.13 03/08/2012 M 6,398 (4) 01/27/2015 Common Stock 6,398 $0 1,602 D
Stock Options (Right to Buy) $38.18 03/08/2012 M 27,381 01/02/2012 01/02/2017 Common Stock 27,381 $0 2,619 D
Explanation of Responses:
1. The price reported is the weighted average sale price for the transactions reported. The prices received ranged from $55.2150 to $55.4220. The reporting person will provide to the issuer, a security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each price within the range.
2. Represents shares withheld to pay the exercise price and tax withholding obligations.
3. Options became exercisable as to 6,668 on 1/3/2006, 6,586 on 1/3/2007 and 6,586 on 1/3/2008.
4. Options became exercisable as to 1,600 on 1/27/2006, 1,599 on 1/27/2007, 1,599 on 1/27/2008 and 1,600 on 1/27/2009.
/s/ L. Kevin Stout, attorney-in-fact 03/12/2012
** 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).
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