Summary of LSI INDUSTRIES INC

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(f) The Compensation Committee of the Board of Directors of LSI

Industries Inc. took the following actions relating to executive compensation:

Fiscal 2009 Executive Compensation Matters

The Compensation Committee determined on August 18, 2009 there would be no cash bonuses for fiscal 2009 to the Company's executive officers under the Company's discretionary Annual Incentive Compensation Plan.

Fiscal 2010 Executive Compensation Matters

A. The Compensation Committee, on August 18, 2009, increased the annual base salaries of the Company's executive officers by approximately 2 1/2%. The annual base salary approved by the Compensation Committee for the Company's named executive officers is set forth in the table below. The Compensation Committee, on August 21, 2009, also granted the stock options, effective August 21, 2009, to the executives listed in the table below.

                          Executive Compensation Table


                                                                       Fiscal 2010
                                                                       Base Salary        Stock Options
                                                   Fiscal 2009         (effective          (Grant Date
Name                                                Cash Bonus          8/31/09)            8/21/09)

Robert J. Ready                                   $            -      $     645,750               65,000
President and Chief Executive Officer

James P. Sferra                                   $            -      $     512,500               60,000
Secretary, and Executive Vice President,
Manufacturing

Ronald S. Stowell                                 $            -      $     283,100               45,000
Vice President, Chief Financial Officer &
Treasurer

Scott D. Ready                                    $            -      $     266,500               45,000
President, LSI Lighting Solutions Plus

David W. McCauley                                 $            -      $     248,000               30,000
President, LSI Graphics Solutions Plus,and
President, Grady McCauley Inc.

B. The Compensation Committee took additional action on August 18, 2009 by amending the LSI Industries Inc. Retirement Plan to reduce the amount of the annual employer contribution from four percent to two percent of the covered amount of compensation for the fiscal year beginning July 1, 2009. This reduction in the Company contribution amount effectively offsets the majority of the salary increases disclosed above.

C. The Compensation Committee, on August 21, 2009, approved stock option grants to the Company's non-employee directors effective August 21, 2009, as indicated in the table below.

                          Director Stock Option Grant

                                            Stock Options
                                             (Grant Date
                             Name             8/21/09)
                       Gary P. Kreider               3,500
                       Dennis B. Meyer               3,500
                       Wilfred T. O'Gara             3,500
                       Mark A. Serrianne             3,500