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 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * RICHARDSON JAMES R   2. Issuer Name and Ticker or Trading Symbol FLEXSTEEL INDUSTRIES INC [FLXS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) Senior VP Marketing (Last) (First) (Middle) PO BOX 877 3. Date of Earliest Transaction (Month/Day/Year) 12/08/2008 (Street) DUBUQUE, IA 52004 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

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               179,124 D   Common Stock               21,284 I 401k Plan Common Stock               15,049 I By Flexsteel Industries Common Stock               1,332 I By Wife Common Stock               175,876 I Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

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 Underlying Securities (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 12/09/1999

$ 13.25

12/09/1999

12/09/2009

Common Stock

9,000

9,000

D

Option 11/14/2000

$ 10.75

11/14/2000

11/14/2010

Common Stock

700

700

D

Option 11/02/2001

$ 10.3

11/02/2001

11/02/2011

Common Stock

1,050

1,050

D

Option 12/09/2002

$ 15.925

12/09/2002

12/09/2012

Common Stock

10,750

10,750

D

Option 12/08/2003

$ 19.21

12/08/2003

11/25/2013

Common Stock

10,750

10,750

D

Option 12/14/2004

$ 16.49

12/14/2004

12/14/2014

Common Stock

10,750

10,750

D

Option 12/13/2005

$ 14.4

12/13/2005

12/13/2015

Common Stock

10,750

10,750

D

Option 12/11/2006

$ 12.65

12/11/2006

12/11/2016

Common Stock

10,000

10,000

D

Option 12/10/2007

$ 12.35

12/10/2007

12/10/2017

Common Stock

10,000

10,000

D

Option 12/08/2008

$ 6.81

12/08/2008

A

20,000

12/08/2008

12/08/2018

Common Stock

20,000

$ 6.81

20,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
RICHARDSON JAMES R PO BOX 877 DUBUQUE, IA 52004			Senior VP Marketing

Signatures

James Richardson		12/09/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).

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