Callahan Michael J – ‘4’ for 3/1/03 re: Material Sciences Corp.

On:  Tuesday, 3/4/03, at 5:07pm ET   ·   For:  3/1/03   ·   Accession #:  1051323-3-1   ·   File #:  1-08803

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        2     12K 
                Securities by an Insider -- callahan30103form4                   

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1. Name and Address of Reporting Person                                         
CALLAHAN, MICHAEL J.                                                      
82 LOCUST RD.                                                             
WINNETKA, IL 60093                                                        
2. Issuer Name and Ticker or Trading Symbol                                     
MATERIAL SCIENCES CORPORATION (MSC)                                       
3. IRS or Social Security Number of Reporting Person (Voluntary)                
4. Statement for Month/Day/Year                                                 
03/01/2003                                                                
5. If Amendment, Date of Original (Month/Day/Year)                              
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)         
(X) Director                   ( ) 10% Owner                              
( ) Officer (give title below) ( ) Other (specify below)                  
7. Individual or Joint/Group Filing (Check Applicable Line)                     
(X) Form filed by One Reporting Person                                    
( ) Form filed by More than One Reporting Person                          

                                                        [Enlarge/Download Table]
TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                  

+------------------------------+----------+----------+---------+--------------------------+--------------+-----------+------------+
|1. Title of Security          |2. Trans- |2A.Execu- |3. Trans-|4. Securities Acquired (A)|5. Amount of  |6. Owner-  |7. Nature   |
|                              |   action |   action |   action|   or Disposed of (D)     |Securities    |   ship    |   of In-   |
|                              |   Date   |   Date   |   Code  |                          |Beneficially  |   Form:   |   direct   |
|                              |          |          |         |                          |Owned         |   Direct  |   Bene-    |
|                              |  (Month/ |  (Month/ |         |                          |Following     |   (D) or  |   ficial   |
|                              |   Day/   |   Day/   +-----+---+-----------+---+----------+Reported      |   Indirect|   Owner-   |
|                              |   Year)  |   Year)  |Code |V  |Amount     |A/D|Price     |Transaction(s)|   (I)     |   ship     |
+------------------------------+----------+----------+-----+---+-----------+---+----------+--------------+-----------+------------+
                                                                                                                                   
Common Stock                                                                               8500           D                        

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                                                        [Enlarge/Download Table]
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                      

+----------+--------+-------+-------+---------+-----------+---------------------+----------------+----------+-------+-------+------+
|1.        |2.      |3.     |3A.    |4.       |5.         |6.                   |7.              |8.        |9.     |10.    |11.   |
|          |        |       |       |         |           |                     |                |          |Number |Owner- |      |
|          |        |       |       |         |           |                     |                |          |of     |ship   |      |
|          |        |       |       |         |           |                     |                |          |Deriv- |Form of|      |
|          |        |       |       |         |           |                     |Title and Amount|          |ative  |Deriv- |      |
|          |        |       |       |         |           |                     |of Underlying   |          |Secur- |ative  |Nature|
|          |Conver- |Trans- |Execu- |         |Number of  |                     |Securities      |          |ities  |Secur- |of    |
|          |sion or |action |tion   |         |Derivative |Date Exercisable     +-------+--------+          |Benefi-|ity:   |In-   |
|          |Exercise|Date   |Date   |         |Securities |and Expiration Date  |       |Amount  |          |cially |Direct |direct|
|          |Price of|       |       |Transac- |Acquired(A)|(Month/Day/Year)     |       |or      |          |Owned  |(D) or |Bene- |
|Title of  |Deriv-  |(Month/|(Month/|tion Code|Disposed(D)+----------+----------+       |Number  |Price of  |       |In-    |ficial|
|Derivative|ative   | Day/  | Day/  +------+--+-----+-----+Date Exer-|Expira-   |       |of      |Derivative|       |direct |Owner-|
|Security  |Security|Year)  |Year)  |Code  |V |(A)  |(D)  |cisable   |tion Date |Title  |Shares  |Security  |       |(I)    |ship  |
+----------+--------+-------+-------+------+--+-----+-----+----------+----------+-------+--------+----------+-------+-------+------+
                                                                                                                                    
Phantom     $0       03/01/2         A      V  1465         <F2>                 Common  1465     $0.0000    4875    D              
Stock                003                       <F1>                              Stock                                              
Stock       $7.1875                                                   12/16/2004 Common                      1566    D              
Option                                                                           Stock                                              
Stock       $8.375                                                    12/16/2005 Common                      4777    D              
Option                                                                           Stock                                              
Stock       $10.18                                                    12/16/2011 Common                      3930    D              
Option                                                                           Stock                                              
Stock       $12                                                       12/16/2004 Common                      3334    D              
Option                                                                           Stock                                              
Stock       $14.05                                                    12/16/2012 Common                      2847    D              
Option                                                                           Stock                                              
Stock       $14.4375                                                  03/01/2005 Common                      3117    D              
Option                                                                           Stock                                              

Explanation of Responses:                                                                                                           
<FN>                                                                                                                                
<F1>                                                                                                                                
Deferred stock units granted pursuant to the 2001 Compensation Plan for                                                             
Non-Employee Directors.  Stock units are deferred until receipt on March 1,                                                         
2006, as specified by the director.                                                                                                 
<F2>                                                                                                                                
The phantom stock units (deferred stock units) were issued pursuant to the 2001                                                     
Compensation Plan for Non-Employee Directors.  The units vest ratably over a                                                        
nine month period as follows:  25% on grant date, 25% three months from grant                                                       
date, 25% sixmonths from grant date, and 25% nine months from grant date.                                                           
</FN>                                                                                                                               

SIGNATURE OF REPORTING PERSON                                                   
/s/ MICHAEL J. CALLAHAN                                                         

DATE                                                                            
03/04/2003                                                                      

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘4’ Filing		Date		First		Last			Other Filings
		3/1/06		2					4
Filed on:		3/4/03							4,  8-K
For Period end:		3/1/03							4
									List all Filings