Sec Form 4 Filing - Morrisson Mark @ UNIVERSAL BIOSENSORS INC - 2010-05-25

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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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1. Name and Address of Reporting Person Morrisson Mark 2. Issuer Name and Ticker or Trading Symbol UNIVERSAL BIOSENSORS INC [ UBI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Managing Director/C.E.O. (Last) (First) (Middle) 1 CORPORATE AVENUE, ROWVILLE 3. Date of Earliest Transaction (MM/DD/YY) 05/25/2010 (Street) VICTORIA, C33178 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 05/25/2010 M 12,500 A $ 0 13,081 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Buy) ( 1 ) $ 1.72 ( 2 ) ( 1 ) 11/09/2019 Common Stock 150,000 150,000 D Stock Option (Right to Buy) ( 3 ) $ 0 ( 3 ) 06/28/2019 Common Stock 142,500 142,500 D Stock Option (Right to Buy) ( 4 ) $ 0 05/25/2010 M 12,500 ( 4 ) 05/14/2019 Common Stock 25,000 $ 0 25,000 D Stock Option (Right to Buy) $ 0.89 ( 2 ) ( 5 ) 03/16/2018 Common Stock 150,000 150,000 D Stock Option (Right to Buy) $ 0.26 ( 6 ) 12/31/2015 Common Stock 960,560 960,560 D Stock Option (Right to Buy) $ 1.18 ( 2 ) ( 7 ) 03/22/2017 Common Stock 45,000 45,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Morrisson Mark 1 CORPORATE AVENUE ROWVILLE VICTORIA, C33178 X Managing Director/C.E.O. Signatures /s/ Salesh Balak, attorney-in-fact 05/27/2010 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The stock options vest and become exercisable in three equal traches on 12/31/10, 12/31/11 and 12/31/12. ( 2 )The prices reported are stated in Australian dollars. ( 3 )14,167 stock options vest and become exercisable on 12/31/10, 30,000 stock options vest and become exercisable on 12/31/11, 47,500 stock options vest and become exercisable on 12/31/12, 33,333 stock options vest and become exercisable on 12/31/13 and 17,500 stock options vest and become exercisable on 12/31/14. ( 4 )12,500 stock options were exercised on May 25, 2010. The remaining stock options vest and become exersiable in two equal traunches on 12/31/10 and 12/31/11. ( 5 )1/3 of the stock options vested and became exercisable on 12/31/08, 1/3 of the stock options vested and became exercisable on 12/31/09, and 1/3 of the stock options vest and become exercisable on 12/31/10. ( 6 )1/3 of the stock options vested and became exercisable on 07/1/06. 1/2 of the remaining stock options vested and became exercisable on 07/01/07. The remaining stock options vested and become exercisable on 07/01/08. ( 7 )The stock options vested and became exercisable in three equal tranches on 12/31/07, 12/31/08, and 12/31/09.

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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