FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KREIDER GARY P 		2. Issuer Name and Ticker or Trading Symbol

LSI INDUSTRIES INC [ LYTS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

1356-1 US 52 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/20/2008
(Street)

NEW RICHMOND, OH 45157
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 Shares                  3492   D    
Common Shares                  5000   I   By IRA  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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
Option to Buy   (3) $15.40                     (2) 4/19/2012   Common Shares   1875     1875   D    
Option to Buy   (3) $8.76                     (2) 11/14/2012   Common Shares   1875     1875   D    
Option to Buy   (3) $11.85                     (1) 11/13/2003   Common Shares   1875     1875   D    
Option to Buy   (3) $9.96                     (1) 10/27/2014   Common Shares   5000     5000   D    
Option to Buy   (3) $10.71                     (1) 11/18/2004   Common Shares   1500     1500   D    
Option to Buy   (3) $17.02                     (1) 11/15/2005   Common Shares   1500     1500   D    
Option to Buy   (3) $17.60                     (1) 8/24/2016   Common Shares   2500     2500   D    
Option to Buy   (3) $17.55                     (1) 11/14/2016   Common Shares   1500     1500   D    
Option to Buy   (3) $19.76                     (1) 8/24/2017   Common Shares   2500     2500   D    
Option to Buy   (3) $19.68                     (1) 11/15/2017   Common Shares   1500     1500   D    
Option to Buy   (3) $8.98                     (1) 8/22/2018   Common Shares   2500     2500   D    
Option to Buy   $4.60   11/20/2008     A     1500         (1) 11/20/2018   Common Shares   1500   $0   1500   D    

Explanation of Responses:
( 1)  Non-Qualified stock options granted pursuant to the Company's 2003 Equity Compensation Plan. The options vest at a rate of 25% at the conclusion of each 90 day period following the date of grant.
( 2)  Options granted pursuant to the Company's 1995 Directors Stock Option Plan. Options vest 25% per year commencng on the first anniversary of the date of grant.
( 3)  These holdings have been previously reported on Form 4.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KREIDER GARY P
1356-1 US 52
NEW RICHMOND, OH 45157 		X



Signatures
Gary P. Kreider 12/11/2008
** 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 control number.
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