-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6VVFyoZuTWML5630aBN7NA==

<SEC-DOCUMENT>0001181431-09-004776.txt : 20090126
<SEC-HEADER>0001181431-09-004776.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20090126161247
ACCESSION NUMBER:		0001181431-09-004776
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090126
FILED AS OF DATE:		20090126
DATE AS OF CHANGE:		20090126

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHARPS COMPLIANCE CORP
		CENTRAL INDEX KEY:			0000898770
		STANDARD INDUSTRIAL CLASSIFICATION:	HAZARDOUS WASTE MANAGEMENT [4955]
		IRS NUMBER:				742657168
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		9350 KIRBY DRIVE
		STREET 2:		STE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054
		BUSINESS PHONE:		713-432-0300

	MAIL ADDRESS:	
		STREET 1:		9350 KIRBY DRIVE
		STREET 2:		STE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	US MEDICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19970128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL POLYMERS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19930916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ZERILLO PHILLIP
		CENTRAL INDEX KEY:			0001243897

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22390
		FILM NUMBER:		09545676

	BUSINESS ADDRESS:	
		STREET 1:		C/O SHARPS COMPLIANCE CORP
		STREET 2:		9350 KIRBY DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054
		BUSINESS PHONE:		7134320300
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd230986.xml
<DESCRIPTION>STOCK OPTION EXERCISE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-01-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000898770</issuerCik>
        <issuerName>SHARPS COMPLIANCE CORP</issuerName>
        <issuerTradingSymbol>SCOM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243897</rptOwnerCik>
            <rptOwnerName>ZERILLO PHILLIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9220 KIRBY DR.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 500</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77054</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.85</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-01-26</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2009-01-26</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-06-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-06-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>95000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.85</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-01-26</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2009-01-26</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-06-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-06-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>80000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Exercise of stock options previously granted under the Sharps Compliance 1993 Stock Plan</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Lynn H. Carnes</signatureName>
        <signatureDate>2009-01-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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