X0303 4 2011-01-31 0 0001032761 KEYNOTE SYSTEMS INC KEYN 0001184213 BOESENBERG CHARLES C/O KEYNOTE SYSTEMS 777 MARINERS ISLAND BLVD. SAN MATEO CA 94404 1 0 0 0 Common Stock 1667 D Common Stock 2011-01-31 4 M 0 37664 10.62 A 39331 D Common Stock 2011-01-31 4 S 0 37664 17.48 D 1667 D Restricted Stock Units 0.00 Common Stock 15000 15000 D Restricted Stock Units 0.00 Common Stock 1667 0 D Non-Employee Option Grant 10.62 2011-01-31 4 M 0 37664 0.00 D 2007-03-24 2016-09-11 Common Stock 60000 22336 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 The restricted share units vest fully on September 30, 2009. Options exercised on 01/31/2011 for 37,664 shares. 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 of Stockholders. 25% of shares will be vested on March 24, 2007, the date of the 2007 Annual Meeting of Stockholders and ratably thereafter over the following 36 month period with the options fully vested at the 2010 annual meeting. 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/ Charles Boesenberg 2011-02-02