CSP INC /MA/ — Director's Dealing 2008

Jan 15, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CSP INC /MA/ (CSPI)
CIK: 0000356037
Period of Report: 2008-01-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-11	Common Stock	M	9425	$4.25	Acquired	25842	Direct
2008-01-11	Common Stock	S	9425	$7	Disposed	16417	Direct
2008-01-11	Common Stock	S	13911	$7	Disposed	2506	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	2009-10-18	Common Stock (74437)	74437	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
Stock Option Right to Buy	$6.82	2017-12-12	Common Stock (20000)	20000	Direct

Footnotes

F1: The acquisition and sale reported on this Form 4 was effected pursuant to a rule 10b5-1 trading plan adopted by Mr. Lupinetti on 12/14/07

F2: Stock Option