ESPEY MFG & ELECTRONICS CORP — Director's Dealing 2007

Feb 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESPEY MFG & ELECTRONICS CORP (ESP)
CIK: 0000033533
Period of Report: 2007-02-21

Reporting Person: PINSLEY HOWARD M (President/CEO/COB)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-21	Stock Option	$18.29	A	4000	Acquired	2017-02-21	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - $.33 1/3 par value	23460	Indirect
Common Stock - $.33 1/3 par value	93268	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$9.25	2013-03-04	Common Stock (4000)	0	Direct
Stock Option	$11.25	2014-08-16	Common Stock (4000)	0	Direct
Stock Option	$17.36	2015-10-13	Common Stock (4000)	0	Direct
Stock Option	$17.80	2016-05-19	Common Stock (4000)	0	Direct