EASTERN CO — Director's Dealing 2008

Sep 9, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EASTERN CO (EML)
CIK: 0000031107
Period of Report: 2008-09-05

Reporting Person: LEGANZA LEONARD F (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-05	Common Stock	M	28394	$9.33	Acquired	112730	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-05	Non-qualified employee stock option	$9.33	M	28394	Disposed	1998-09-09	Common Stock (56787.75)	Direct
2008-09-09	Non-qualified employee stock option	$9.33	D	28393.75	Disposed	1998-09-09	Common Stock (28393.75)	Direct
1999-12-15	Qualified employee stock option	$10.17	A	0	Acquired	1999-12-15	Common Stock (19671)	Direct
1999-12-15	Non-qualified employee stock option	$10.17	A	0	Acquired	1999-12-15	Common Stock (62829)	Direct
2000-07-19	Qualified employee stock option	$9.50	A	0	Acquired	2000-07-19	Common Stock (48750)	Direct

Footnotes

F1: 28,394 shares were exercised on September 5, 2008 at $9.33 per share. Original 9/9/1998 option was for 25,239 shares at
$21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999 and a 3-for-2 stock split effective 10/18/2006,
this option is now 56,787.75 shares at $9.33 per share.

F2: Original 9/9/1998 option was for 25,239 shares at $21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999
and a 3-for-2 stock split effective 10/18/2006, this option is now 56,787.75 shares at $9.33 per share. On September 5,
2008, 28,394 shares were exercised leaving a balance of 28,393.75 shares.

F3: Original 9/9/1998 option was for 25,239 shares at $21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999
and a 3-for-2 stock split effective 10/18/2006, this option is now 56,787.75 shares at $9.33 per share. On September 5,
2008, 28,394 shares were exercised. On September 9, 2008 the remaining 28,393.75 shares lapsed.

F4: Original 12/15/1999 option was for 13,114 shares at $15.25 per share. As a result of a 3-for-2 stock split effective
10/18/2006, this option is now 19,671 shares at $10.17 per share.

F5: Original 12/15/1999 option was for 41,886 shares at $15.25 per share. As a result of a 3-for-2 stock split effective
10/18/2006, this option is now 62,829 shares at $10.17 per share.

F6: The original 7/19/2000 option was for 32,500 shares at $14.25 per share. 7,017 shares were vested on 1/1/2001; 7,017 shares
were vested on 1/1/2002; 7,017 shares were vested on 1/1/2003; 7,017 shares were vested on 1/1/2004 and the remaining 4,432
shares vested on 1/1/2005. As a result of a 3-for2 stock split effective 10/18/2006, this option is now 48,750 shares at
$9.50 per share.