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^*

OLIVER MICHAEL O

(Last)

(First)

(Middle)

BRADY CORPORATION

6555 W. GOOD HOPE ROAD

(Street)

MILWAUKEE

53223

(City)

(State)

(Zip)

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

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

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	V.P. Human Resource

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2004

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)
Class A Common Stock	12/31/2004		J		10,000	A	$0⁽¹⁾	20,000	D

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 to Buy	$11.4063	12/31/2004		J		7,500⁽¹⁾		02/03/1998	02/03/2007	Class A Common Stock	15,000	⁽¹⁾	15,000	D
Option to Buy	$15.6875	12/31/2004		J		4,000⁽¹⁾		10/03/1998	10/03/2007	Class A Common Stock	8,000	⁽¹⁾	8,000	D
Option to Buy	$9.5938	12/31/2004		J		5,000⁽¹⁾		10/09/1999	10/09/2008	Class A Common Stock	10,000	⁽¹⁾	10,000	D
Option to Buy	$15.2813	12/31/2004		J		3,500⁽¹⁾		10/14/2000	10/14/2009	Class A Common Stock	7,000	⁽¹⁾	7,000	D
Option to Buy	$15.0157	12/31/2004		J		40,000⁽¹⁾		08/01/2001	08/01/2010	Class A Common Stock	80,000	⁽¹⁾	80,000	D
Option to Buy	$14.1575	12/31/2004		J		5,000⁽¹⁾		10/24/2001	10/24/2010	Class A Common Stock	10,000	⁽¹⁾	10,000	D
Option to Buy	$16	12/31/2004		J		5,000⁽¹⁾		10/16/2002	10/16/2011	Class A Common Stock	10,000	⁽¹⁾	10,000	D
Option to Buy	$16.3875	12/31/2004		J		7,000⁽¹⁾		11/14/2003	11/14/2012	Class A Common Stock	14,000	⁽¹⁾	14,000	D
Option to Buy	$17.0125	12/31/2004		J		15,000⁽¹⁾		08/01/2004	08/01/2013	Class A Common Stock	30,000	⁽¹⁾	30,000	D
Option to Buy	$17.325	12/31/2004		J		7,000⁽¹⁾		11/20/2004	11/20/2013	Class A Common Stock	14,000	⁽¹⁾	14,000	D
Option to Buy	$28.8425	12/31/2004		J		15,000⁽¹⁾		11/18/2005	11/18/2014	Class A Common Stock	30,000	⁽¹⁾	30,000	D
Phantom Stock Units	⁽²⁾	12/31/2004		A		744.56		⁽³⁾	⁽³⁾	Class A Common Stock	744.56	$62.516	8,556.4169	D
Phantom Stock Units	⁽²⁾	12/31/2004		J		8,556.4169		⁽³⁾	⁽³⁾	Class A Common Stock	8,556.4169	⁽¹⁾	17,112.8338	D

Explanation of Responses:

1. Adjusted for a Two-for-One Stock Split in the form of a 100% stock dividend on one share of Class A Common Stock on each oustanding share of Class A Common Stock. Effective Decemebr 31, 2004 for shareholders of record at the close of business on December 10, 2004.

2. This security converts to a common stock on a 1 for 1 basis.

3. The phantom stock units were acquired 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.

Remarks:

	/s/ Donald E. Rearic	01/03/2005
	** 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).
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