| 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*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
WSI INDUSTRIES, INC. [ WSCI ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 01/09/2008 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 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 | 01/09/2008 | M | 500 | A | $2.75 | 6,000 | D | |||
| Common Stock | 01/09/2008 | M | 1,500 | A | $3.44 | 7,500 | D | |||
| Common Stock | 01/09/2008 | M | 1,000 | A | $3.09 | 8,500 | D | |||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 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) | $5.39 | 01/09/2008 | A | 2,000 | 07/09/2008(1) | 01/09/2013 | Common Stock | 2,000 | $0 | 2,000 | D | ||||
| Stock Option (Right to Buy) | $2.75 | 01/09/2008 | M | 500 | 07/08/2004 | 01/08/2009 | Common Stock | 500 | $0 | 0 | D | ||||
| Stock Option (Right to Buy) | $3.44 | 01/09/2008 | M | 1,500 | 07/04/2006 | 01/04/2011 | Common Stock | 1,500 | $0 | 500 | D | ||||
| Stock Option (Right to Buy) | $3.09 | 01/09/2008 | M | 1,000 | 07/04/2007 | 01/04/2012 | Common Stock | 1,000 | $0 | 1,000 | D | ||||
| Explanation of Responses: |
| 1. The 2005 Plan provides that each non-employee director who is elected or re-elected to the Board of Directors at a meeting of shareholders will automatically receive a grant of an option to purchase 2,000 shares of common stock with the exercise price being the fair market value of a share of common stock on the date of the grant. All options vest as to 25% on the six-month anniversary of the date of grant and an additional 25% each of the three subsequent anniversary dates of the grant of options. The options are exercisable for a term of five years, unless such non-employee director ceases to be a member of the Board, in which case the stock option shall expire 30 days after such non-employee director's departure from the Board. |
| Getey M. Ritchott, Attorney-in-Fact for Eugene Mora | 01/10/2008 | |
| ** 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). | ||
| 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. | ||