SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Felmer Thomas J

(Last)

(First)

(Middle)

6555 W. GOOD HOPE ROAD

(Street)

MILWAUKEE

53223

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/25/2004

3. Issuer Name and Ticker or Trading Symbol
BRADY CORP [ BRC ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	V.P. Direct Marketing Americas

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock (401K)	132	D
Class A Common Stock	230	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	⁽¹⁾	⁽¹⁾	Phantom Stock Units	4,592	$44.81	D
Option to Buy	⁽²⁾	⁽²⁾	Class A Common Stock -Performance Options	15,000	$34.025	D
Option to Buy	⁽³⁾	11/06/2005	Class A Common Stock	4,500	$25.1667	D
Option to Buy	⁽⁴⁾	11/14/2006	Class A Common Stock	5,000	$22.8125	D
Option to Buy	⁽⁵⁾	11/03/2007	Class A Common Stock	4,000	$31.375	D
Option to Buy	⁽⁶⁾	11/09/2008	Class A Common Stock	5,000	$19.1875	D
Option to Buy	⁽⁷⁾	11/14/2009	Class A Common Stock	4,000	$30.5625	D
Option to Buy	⁽⁸⁾	10/24/2010	Class A Common Stock	4,000	$28.315	D
Option to Buy	⁽⁹⁾	10/16/2011	Class A Common Stock	4,000	$32	D
Option to Buy	⁽¹⁰⁾	11/14/2012	Class A Common Stock	5,000	$32.775	D
Option to Buy	⁽¹¹⁾	11/20/2013	Class A Common Stock	5,000	$34.65	D

Explanation of Responses:

1. The phantom stock units were accured under the Brady Corporation employee deferred compensation agreement and are to be settled in installment payments of Brady's Class A Common Stock upon the person's cessation of services as an employee.

2. These options vest one-third each fiscal year 2004-2006 upon the attainment of predetermined net income levels.

3. Exercisable 33 1/3% per year beginning 11/06/96-11/06/98.

4. Exercisbale 33 1/3% per year beginning 11/14/97 - 11/14/99.

5. Exercisable 33 1/3% per year beginning 11/03/98 - 11/03/00.

6. Exercisable 33 1/3% per year beginning 10/09/99 - 10/09/01.

7. Exercisable 33 1/3% per year beginning 11/14/00 - 11/14/02.

8. Exercisable 33 1/3% per year beginning 10/24/01-10/24/03.

9. Exercisable 33 1/3 % per year beginning 10/16/02- 10/16/2004.

10. Exercisable 33 1/3% per year beginning 11/14/03-11/14/05.

11. Exercisable 33 1/3% per year beginning 11/20/04 - 11/20/06

Remarks:

	Donald E. Rearic	06/24/2004
	** 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 5 (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 Number.