UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Holloran, Thomas E
1201 Yale Place #1302
Minneapolis, MN 55403
2. Issuer Name and Ticker or Trading Symbol
Flexsteel Industries, Inc.
FLXS
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/10/2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. 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 |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Flexsteel Industries, Inc. |12/6/0|J(1)| |3,000 |(A)|12.375 |7,680 |(D) | |
Common Stock |2 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Option |12.375 |12/06|J(1)| |(D) |D |12/8/|12/8/|Flexsteel Co|2,000 | |-0- |(D)| |
| |/02 | | | | |92 |02 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |12.375 |12/06|J(1)| |(D) |D |12/9/|12/9/|Flexsteel Co|1,000 | |-0- |(D)| |
| |/02 | | | | |92 |02 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |15.75 | | | | | |12/15|12/15|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/93 |/03 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |11.125 | | | | | |12/15|12/15|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/94 |/04 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |11.25 | | | | | |12/6/|12/6/|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |95 |05 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |12.75 | | | | | |12/11|12/11|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/96 |/06 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |12.656 | | | | | |12/10|12/10|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/97 |/07 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |12.75 | | | | | |12/15|12/15|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/98 |/08 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |13.594 | | | | | |12/9/|12/9/|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |99 |09 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |10.563 | | | | | |12/11|12/11|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/00 |/10 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |10.750 | | | | | |12/11|12/11|Flexsteel Co| | |1,000 |(D)| |
| | | | | | |/01 |/11 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |15.9250 |12/10|J* |V|(A) |A |12/10|12/10|Flexsteel Co|2,500 | |2,500 |(D)| |
| |/02 | | | | |/02 |/12 |mmon Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
J(1) Exercise of Stock Options. Purchased 3,000 shares
@$12.375
J* Granted pursuant to the Flexsteel industries, Inc. 2002 Stock Option
Plan. Non-Qualified Stock Option.
