Sec Form 4 Filing - ROWLAND JEREMY @ BION ENVIRONMENTAL TECHNOLOGIES INC - 2008-05-31

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 ROWLAND JEREMY 2. Issuer Name and Ticker or Trading Symbol BION ENVIRONMENTAL TECHNOLOGIES INC [ BNET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) COO of Bion Dairy (Last) (First) (Middle) 641 LEXINGTON AVENUE, 17TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 05/31/2008 (Street) NEW YORK, NY10022 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

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 Options (Right to Buy) $ 4 05/31/2008 05/31/2008 D( 1 ) 37,500 09/18/2006 12/15/2015 Common Stock 37,500 ( 1 ) 112,500 D Stock Options (Right to Buy) $ 4 05/31/2008 05/31/2008 D( 1 ) 37,500 09/18/2007 12/15/2015 Common Stock 37,500 ( 1 ) 75,000 D Stock Options (Right to Buy) $ 4 05/31/2008 05/31/2008 D( 1 ) 37,500 09/18/2008 12/15/2015 Common Stock 37,500 ( 1 ) 37,500 D Stock Options (Right to Buy) $ 4 05/31/2008 05/31/2008 D( 1 ) 37,500 09/18/2009 12/15/2015 Common Stock 37,500 ( 1 ) 0 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 09/30/2008 12/31/2015 Common Stock 18,750 ( 1 ) 18,750 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 12/31/2008 12/31/2015 Common Stock 18,750 ( 1 ) 37,500 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 03/31/2009 12/31/2015 Common Stock 18,750 ( 1 ) 56,250 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 06/30/2009 12/31/2015 Common Stock 18,750 ( 1 ) 75,000 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 09/30/2009 12/31/2015 Common Stock 18,750 ( 1 ) 93,750 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 12/31/2009 12/31/2015 Common Stock 18,750 ( 1 ) 112,500 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 06/30/2009 12/31/2015 Common Stock 18,750 ( 1 ) 131,250 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A( 1 ) 18,750 09/30/2009 12/31/2015 Common Stock 18,750 ( 1 ) 150,000 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 12/31/2009 07/31/2012 Common Stock 6,250 $ 0 156,250 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 06/30/2009 07/31/2012 Common Stock 6,250 $ 0 162,500 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 12/31/2009 07/31/2012 Common Stock 6,250 $ 0 168,750 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 06/30/2010 07/31/2012 Common Stock 6,250 $ 0 175,000 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 12/31/2010 07/31/2012 Common Stock 6,250 $ 0 181,250 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 06/30/2011 07/31/2012 Common Stock 6,250 $ 0 187,500 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 12/31/2011 07/31/2012 Common Stock 6,250 $ 0 193,750 D Stock Options (Right to Buy) $ 3 05/31/2008 05/31/2008 A 6,250 06/30/2009 07/31/2012 Common Stock 6,250 $ 0 200,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ROWLAND JEREMY 641 LEXINGTON AVENUE 17TH FLOOR NEW YORK, NY10022 COO of Bion Dairy Signatures /s/ Jeremy Rowland 06/06/2008 Signature of Reporting Person Date

Explanation of Responses:

( 1 )These transactions involved amendment of outstanding options to extend the expiration of the options and reduce the exercise price to $3.00.

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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