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*
OLSEN KENNETH
(Last) (First) (Middle)
C/O SPORT CHALET INC
ONE SPORT CHALET DRIVE
(Street)
LA CANADA CA 91011
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SPORT CHALET INC [ SPCH ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/20/2005
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 09/20/2005 J(1) 18,100 D $0 0 D
Class B Common Stock 09/20/2005 J(1) 4,525 A $0 4,525 D
Class A Common Stock 09/22/2005 J(2) 31,675 A $0 31,675 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 option (right to buy) $16.53 09/20/2005 A 2,000 09/20/2005 09/20/2015 Common Stock 2,000 $0 2,000 D
Stock option (right to buy) $16.53 09/22/2005 D(3)(4) 2,000 (4) 09/20/2015 Common Stock 2,000 $0 0 D
Stock option (right to buy) $8.27 09/22/2005 A(3)(4) 500 (4) 09/20/2015 Class B Common Stock 500 $0 500 D
Stock option (right to buy) $8.27 09/22/2005 A(3)(4) 3,500 (4) 09/20/2015 Class A Common Stock 3,500 $0 3,500 D
Stock option (right to buy) $9.2 09/22/2005 D(3)(5) 5,000 (5) 08/01/2006 Common Stock 5,000 $0 0 D
Stock option (right to buy) $4.6 09/22/2005 A(3)(5) 1,250 (5) 08/01/2006 Class B Common Stock 1,250 $0 1,250 D
Stock option (right to buy) $4.6 09/22/2005 A(3)(5) 8,750 (5) 08/01/2006 Class A Common Stock 8,750 $0 8,750 D
Stock option (right to buy) $12.45 09/22/2005 D(3)(6) 5,000 (6) 11/03/2014 Common Stock 5,000 $0 0 D
Stock option (right to buy) $6.23 09/22/2005 A(3)(6) 1,250 (6) 11/03/2014 Class B Common Stock 1,250 $0 1,250 D
Stock option (right to buy) $6.23 09/22/2005 A(3)(6) 8,750 (6) 11/03/2014 Class A Common Stock 8,750 $0 8,750 D
Explanation of Responses:
1. Pursuant to a reclassification exempt under Rule 16b-7, each share of Common Stock ($0.01 par value) was reclassified into 0.25 of a share of Class B Common Stock ($0.01 par value) (the "Reclassification").
2. SPCH declared a dividend of seven shares of Class A Common Stock ($0.01 par value) for each share of Class B Common Stock outstanding as of September 22, 2005 (the "Dividend").
3. As a result of the Reclassification and the Dividend, (i) each SPCH option outstanding on 9/22/05 was automatically converted into two separate options, one with respect to a number of shares of Class B Common Stock equal to 0.25 times the number of existing Common Stock subject to such option, and one with respect to a number of shares of Class A Common Stock equal to 1.75 times the number of shares of existing Common Stock subject to such option and (ii) the applicable exercise price per share of each such option shall be one-half of the exercise price for the existing Common Stock. Amendment of outstanding options resulting in deemed cancellation of existing option and grant of replacement option.
4. The option was originally granted on September 20, 2005 and provides for vesting fully upon grant.
5. The option was originally granted on August 1, 2001 and provides for vesting in three equal annual installments commencing on August 1, 2001.
6. The option was originally granted on November 3, 2004 and provides for vesting in three equal annual installments commencing on November 3, 2004.
/s/ Kenneth Olsen 09/22/2005
** 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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