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^*

PLUSH MARK J

(Last)

(First)

(Middle)

KEITHLEY INSTRUMENTS, INC.

28775 AURORA ROAD

(Street)

SOLON

44139

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
KEITHLEY INSTRUMENTS INC [ KEI ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP, CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2003

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 Shares	11/10/2003		M		5,000	A	$4.125	48,971	D
Common Shares	11/10/2003		S		100	D	$17.56	48,871	D
Common Shares	11/10/2003		S		100	D	$17.58	48,771	D
Common Shares	11/10/2003		S		200	D	$17.59	48,571	D
Common Shares	11/10/2003		S		100	D	$17.6	48,471	D
Common Shares	11/10/2003		S		700	D	$17.61	47,771	D
Common Shares	11/10/2003		S		200	D	$17.63	47,571	D
Common Shares	11/10/2003		S		100	D	$17.64	47,471	D
Common Shares	11/10/2003		S		100	D	$17.65	47,371	D
Common Shares	11/10/2003		S		300	D	$17.67	47,071	D
Common Shares	11/10/2003		S		100	D	$17.69	46,971	D
Common Shares	11/10/2003		S		100	D	$17.72	46,871	D
Common Shares	11/10/2003		S		600	D	$17.74	46,271	D
Common Shares	11/10/2003		S		400	D	$17.75	45,871	D
Common Shares	11/10/2003		S		200	D	$17.76	45,671	D
Common Shares	11/10/2003		S		100	D	$17.77	45,571	D
Common Shares	11/10/2003		S		200	D	$17.78	45,371	D
Common Shares	11/10/2003		S		300	D	$17.8	45,071	D
Common Shares	11/10/2003		S		100	D	$17.87	44,971	D
Common Shares	11/10/2003		S		200	D	$17.89	44,771	D
Common Shares	11/10/2003		S		200	D	$17.9	44,571	D
Common Shares	11/10/2003		S		200	D	$17.91	44,371	D
Common Shares	11/10/2003		S		100	D	$17.93	44,271	D
Common Shares	11/10/2003		S		200	D	$18.05	44,071	D
Common Shares	11/10/2003		S		100	D	$18.07	43,971	D
Restricted Common Shares⁽¹⁾								23,836	D
Common Shares								1,231	I	Trust⁽²⁾
Common Shares								1,231	I	Trust⁽³⁾
Common Shares								9	I	Wife

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)
Common Share Option	$4.125	11/10/2003		M			5,000	07/17/2001	07/16/2009	Common Shares	40,000	$0	35,000	D
Common Share Option	$45.125							08/02/2002	08/01/2010	Common Shares	42,000		42,000	D
Common Share Option	$18.41							07/25/2003⁽⁴⁾	07/24/2011	Common Shares	38,000		38,000	D
Common Share Option	$13.76							07/24/2004⁽⁴⁾	07/23/2012	Common Shares	35,000		35,000	D
Common Share Option	$16.12							07/19/2005⁽⁴⁾	07/18/2013	Common Shares	33,000		33,000	D

Explanation of Responses:

1. Restricted Shares will become fully vested on June 1, 2011

2. Martin J. Plush Trust, Virginia A. Plush Trustee

3. Christopher M. Plush Trust, Virginia A. Plush Trustee

4. Date reported applies to 50% of total, one-half of the balance is then exercisable in each succeeding year.

Remarks:

	Mark J. Plush	11/12/2003
	** 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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