CSP INC /MA/ — Director's Dealing 2007

Aug 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CSP INC /MA/ (CSPI)
CIK: 0000356037
Period of Report: 2007-08-21

Reporting Person: Lupinetti Alexander R (CEO/President/Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-21	Common Stock	M	100	$6.01	Acquired	17246	Direct
2007-08-21	Common Stock	S	100	$8	Disposed	17146	Direct
2007-08-22	Common Stock	M	1074	$2.64	Acquired	18220	Direct
2007-08-22	Common Stock	S	1074	$8	Disposed	17146	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-21	Stock Option Right to Buy	$6.01	M	100	Disposed	2007-10-31	Common Stock (100)	Direct
2007-08-22	Stock Option Right to Buy	$6.01	M	1074	Disposed	2007-10-31	Common Stock (1074)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option Right to Buy	$6.4	2008-10-07	Common Stock (60500)	60500	Direct
Stock Option Right to Buy	$5	2009-10-19	Common Stock (75000)	75000	Direct
Stock Option Right to Buy	$4.25	2010-10-18	Common Stock (25000)	25000	Direct
Stock Option Right to Buy	$10.03	2014-12-30	Common Stock (40000)	40000	Direct
Stock Option Right to Buy	$6.5	2016-01-17	Common Stock (20000)	20000	Direct
Stock Option Right to Buy	$9.3	2017-02-21	Common Stock (16000)	16000	Direct

Footnotes

F1: Stock Option

F2: Stock Option