SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BASSETT JOHN E III

(Last)

(First)

(Middle)

BASSETT FURNITURE INDUSTRIES INC

3525 FAIRYSTONE PARK HWY

(Street)

BASSETT

24055

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BASSETT FURNITURE INDUSTRIES INC [ BSET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President Global Sourcing

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2006

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common	07/18/2006		S		200	D	$16.85	8,699.164⁽¹⁾	D
Common	07/18/2006		S		500	A	$16.84	8,199.164⁽¹⁾	D
Common	11/24/2004		G		300	A	$19.51	3,015	I	Wife
Common	11/24/2004		G		300	A	$19.51	3,418	I	child John IV
Common	11/24/2004		G		300	A	$19.51	3,418	I	child-James
Common	11/24/2004		G		300	A	$19.51	3,418	I	child-Hayden

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 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option⁽²⁾	$22.625	05/06/1997		A		2,000		11/07/1997	05/06/2007	Common	2,000	$22.625	2,000	D
Option⁽³⁾	$32.25	03/24/1998		A		27,628		11/07/2000	03/23/2008	Common	27,628	$32.25	27,628	D
Option⁽³⁾	$14.875	01/18/2000		A		6,140		01/18/2001	01/17/2010	Common	6,140	$14.875	6,140	D
Option⁽³⁾	$14.875	01/18/2000		A		6,140		01/18/2002	01/17/2010	Common	6,140	$14.875	6,140	D
Option⁽³⁾	$14.875	01/18/2000		A		6,140		01/18/2003	01/17/2010	Common	6,140	$14.875	6,140	D
Option⁽³⁾	$14.7	01/15/2002		A		2,667		01/15/2003	01/14/2012	Common	2,667	$14.7	2,667	D
Option⁽³⁾	$14.7	01/15/2002		A		2,667		01/15/2004	01/14/2012	Common	2,667	$14.7	2,667	D
Option⁽³⁾	$14.7	01/15/2002		A		2,666		01/15/2005	01/14/2012	Common	2,666	$14.7	2,666	D
Option⁽³⁾	$21.12	02/24/2004		A		12,500		11/15/2004	02/23/2014	Common	12,500	$21.12	12,500	D

Explanation of Responses:

1. Shares acquired under the Employee Stock Purchase Plan.

2. Granted under the 1993 Long Term Incentive Plan which is a Rule 16b-3 Plan.

3. Granted under the 1997 Employee Stock Plan which is a rule 16b-3 Plan.

	John E Bassett III	07/20/2006
	** 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.
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