X0303 4 2011-02-08 0 0001032761 KEYNOTE SYSTEMS INC KEYN 0001209876 RIEMAN DEBORAH C/O KEYNOTE SYSTEMS 777 MARINERS ISLAND BLVD. SAN MATEO CA 94404 1 0 0 0 Common Stock 1667 D Common Stock 2011-02-08 4 M 0 85 9.21 A 1752 D Common Stock 2011-02-08 4 S 0 85 18.20 D 1667 D Restricted Stock Units 0.00 Common Stock 15000 15000 D Non-Employee Option Grant 9.21 2011-02-08 4 M 0 85 0.00 D 2003-01-15 2012-01-15 Common Stock 50000 29915 D Non-Employee Option Grant 10.73 2004-03-25 2013-07-18 Common Stock 10000 10000 D Non-Employee Option Grant 11.98 2007-03-22 2015-07-01 Common Stock 60000 60000 D Non-Employee Option Grant 11.68 2006-09-30 2016-02-02 Common Stock 5000 5000 D Non-Employee Option Grant 10.97 2009-02-27 2016-03-23 Common Stock 15000 15000 D Non-Employee Option Grant 12.13 2007-02-02 2017-02-02 Common Stock 5000 5000 D Non-Employee Option Grant 13.51 2010-03-19 2020-03-19 Common Stock 15000 15000 D Non-Employee Option Grant 9.86 2008-02-01 2018-02-01 Common Stock 5000 5000 D Non-Employee Option Grant 11.97 2011-03-17 2018-03-20 Common Stock 15000 15000 D Shares acquired via vesting of Restricted Stock Units. Options were exercised on 02/08/2011 for 85 shares at an exercise price of $9.21 per share. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock. The restricted share units will be fully vested on the earlier of February 27, 2012 or the date of the Company's 2012 Annual Meeting. Option is fully vested as of the filing of this Form 4. Vests ratably over a 12-month period commencing on the date of the 2010 Annual Meeting and concluding on the date of the 2011 Annual Meeting. Vests ratably over a 12-month period commencing on the date of the 2011 Annual Meeting and concluding on the date of the 2012 Annual Meeting. /s/ Deborah Rieman 2011-02-10