EASTERN CO — Director's Dealing 2010

Jun 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EASTERN CO (EML)
CIK: 0000031107
Period of Report: 2010-06-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-06-22	Common Stock	F	31764	$14.58	Disposed	78360	Direct
2010-06-22	Common Stock	M	48750	$9.5	Acquired	127110	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-06-22	Qualified employee stock option	$9.50	M	48750	Disposed	2010-07-19	Common Stock (48750)	Direct

Footnotes

F1: 31,764 shares of previously acquired Eastern Company stock were surrendered to Eastern Treasury at the closing price on June 21, 2010 of $14.58 per share, for the purchase of stock options by Mr. Leganza.

F2: 48,750 shares were exercised on June 22, 2010 by Mr. Leganza. 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.

F3: 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. On June 22, 2010, 48,750 shares were exercised at $9.50 per share, leaving a zero balance.