Ownership Submission
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 OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
HERVEY JAY R
  2. Issuer Name and Ticker or Trading Symbol
BASSETT FURNITURE INDUSTRIES INC [BSET]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice Pres Sec & Gen Counsel
(Last)
(First)
(Middle)
3525 FAIRYSTONE PARK HWY, P O BOX 626
3. Date of Earliest Transaction (Month/Day/Year)
10/05/2012
(Street)

BASSETT, VA 24055
4. If Amendment, Date 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
(City)
(State)
(Zip)
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 10/05/2012   M   10,000 A $ 10.6 18,201.75 (1) D  
Common 10/05/2012   M   2,000 A $ 4.38 20,201.75 (1) D  
Common 10/05/2012   M   1,500 A $ 8.02 21,701.75 (1) D  
Common 10/05/2012   S   11,266 D $ 12.847 10,435.75 (1) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option $ 14.7 01/24/2006   M     0 01/15/2005 01/14/2012 Common 0 $ 14.7 2,250 D  
OPTION (2) $ 10.6 10/05/2012   M     3,334 10/17/2008 10/16/2017 COMMON 3,334 $ 10.6 0 D  
OPTION (2) $ 10.6 10/05/2012   M     3,333 10/17/2009 10/16/2017 COMMON 3,333 $ 10.6 0 D  
OPTION (2) $ 10.6 10/05/2012   M     3,333 10/17/2010 10/16/2017 COMMON 3,333 $ 10.6 0 D  
Option (3) $ 4.38 10/05/2012   M     2,000 07/14/2012 07/13/2020 Common 2,000 $ 4.38 0 D  
Option (3) $ 4.38 07/14/2010   A   2,000   07/14/2013 07/13/2020 Common 2,000 $ 4.38 2,000 D  
Option (3) $ 4.38 07/14/2010   A   2,000   07/14/2014 07/13/2020 Common 2,000 $ 4.38 2,000 D  
OPTION (3) $ 8.02 10/05/2012   M     1,500 07/13/2012 07/12/2021 COMMON 1,500 $ 8.02 0 D  
OPTION (3) $ 8.02 07/13/2011   A   1,500   07/13/2013 07/12/2021 COMMON 1,500 $ 8.02 1,500 D  
OPTION (3) $ 8.02 07/13/2011   A   1,500   07/13/2014 07/12/2021 COMMON 1,500 $ 8.02 1,500 D  
OPTION (3) $ 8.02 07/13/2011   A   1,500   07/13/2016 07/12/2021 COMMON 1,500 $ 8.02 1,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HERVEY JAY R
3525 FAIRYSTONE PARK HWY
P O BOX 626
BASSETT, VA 24055
      Vice Pres Sec & Gen Counsel  

Signatures

 Jay R Hervey   10/09/2012
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Includes shares acquired under the 2000 Employee Stock Purchase Plan in transactions exempt under Rule 16b-3(c).
(2) GRANTED UNDER THE 1997 EMPLOYEE STOCK PLAN WHICH IS A RULE 16b-3 PLAN.
(3) GRANTED UNDER THE 2010 STOCK INCENTIVE PLAN WHICH IS A RULE 16B-3 PLAN.

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