Form 4 LIU ERIC For: Jun 02 (10K)

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, Section 17(a) of the Public Utility Holding Company Act of 1935 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^*

LIU ERIC

(Last)

(First)

(Middle)

800 PRIME PLACE

(Street)

HAUPPAUGE

11788

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MEDICAL ACTION INDUSTRIES INC [MDCI]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
VICE PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
06/02/2009

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.001 Par value								335,250	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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

1994 Stock Incentive (Right to Buy)

$ 10.58

06/02/2009

30,000

⁽¹⁾

06/02/2009

Common Stock

30,000

$ 10.58

30,000

1994 Stock Incentive (Right to Buy)

$ 16.95

05/29/2008

20,000

⁽¹⁾

05/29/2018

Common Stock

20,000

$ 16.95

20,000

1994 Stock Incentive (Right to Buy)

$ 21.67

05/22/2007

25,000

⁽¹⁾

05/22/2017

Common Stock

25,000

$ 21.67

25,000

1989 Non-Qualified Stock Plan

$ 1.92

10/14/1999

22,500

⁽¹⁾

10/14/2009

Common Stock

22,500

⁽²⁾

22,500

1989 Non-Qualified Stock Plan

$ 2

04/12/2000

30,000

⁽¹⁾

04/13/2010

Common Stock

30,000

⁽³⁾

30,000

1989 Non-Qualified Stock Plan

$ 2.67

04/06/2001

30,000

⁽¹⁾

04/06/2011

Common Stock

30,000

⁽⁴⁾

30,000

1994 Stock Incentive Plan (Right to Buy)

$ 8.5

05/31/2002

45,000

⁽¹⁾

05/31/2012

Common Stock

45,000

⁽⁵⁾

30,000

1994 Stock Incentive Plan (Right to Buy)

$ 8.87

05/29/2003

22,500

⁽¹⁾

05/29/2013

Common Stock

22,500

⁽⁶⁾

22,500

1994 Stock Incentive Plan (Right to Buy)

$ 11.48

05/19/2004

30,000

⁽¹⁾

05/19/2014

Common Stock

30,000

⁽⁷⁾

30,000

1994 Stock Incentive Plan (Right to Buy)

$ 11.93

05/23/2005

45,000

⁽¹⁾

05/23/2015

Common Stock

45,000

⁽⁸⁾

45,000

Explanation of Responses:

1. All options become exercisable within four (4) years after grant date, or sooner under certain circumstances.

2. The reporting person's 15,000 stock options, at the exercise price of $2.875, were granted on 10/14/1999. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 22,500 and the exercise price has decreased to $1.92.

3. The reporting person's 20,000 stock options, at the exercise price of $3.00, were granted on 4/12/2000. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 30,000 and the exercise price has decreased to $2.00.

4. The reporting person's 20,000 stock options, at the exercise price of $4.00, were granted on 4/6/2001. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 30,000 and the exercise price has decreased to $2.67.

5. The reporting person's 30,000 stock options, at the exercise price of $12.75, were granted on 5/30/2002. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 45,000 and the exercise price has decreased to $8.50.

6. The reporting person's 15,000 stock options, at the exercise price of $13.30, were granted on 5/29/2003. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 22,500 and the exercise price has decreased to $8.87.

7. The reporting person's 20,000 stock options, at the exercise price of $17.22, were granted on 5/19/2004. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 30,000 and the exercise price has decreased to $11.48.

8. The reporting person's 30,000 stock options, at the exercise price of $17.90, were granted on 5/23/2005. As a result of a stock split, which was paid on 2/9/2007, the number of options has been adjusted to 45,000 and the exercise price has decreased to $11.93.

	/s/ JIN-SHIN (ERIC) LIU	06/04/2009
	** 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.
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.

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