FREQUENCY ELECTRONICS INC — Director's Dealing 2003

Aug 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FREQUENCY ELECTRONICS INC (FEI)
CIK: 0000039020
Period of Report: 2000-10-13

Reporting Person: GILLARD MICHEL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2002-08-25	Common Stock, par value $1.00 per share ("Common Stock")	J	35000	—	Acquired	100011	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2000-10-13	Stock Option (Right to Buy)	$16.122	J	0	Acquired	2009-10-13	Common Stock (25000)	Direct

Footnotes

F1: On or about August 25, 2002, Frequency Electronics, Inc. (the "Company") issued 35,000 shares of Common Stock to the Reporting Person in accordance with the terms of a Share Purchase Agreement between Frequency Electronics, Inc. and Gillam S.A. dated as of August 29, 2000, which provided that the Reporting Person would receive additional shares of Common Stock of the Company to the extent the market value of the Company did not exceed a certain amount. The Reporting Person inadvertently failed to timely file this Statement of Changes in Beneficial Ownership on Form 4.

F2: On or about October 13, 2000, the Company issued to the Reporting Person an option to purchase 25,000 shares of Common Stock at an exercise price of $16.122. This option became exercisable on October 13, 2001 and expires on October 13, 2009. The Reporting Person inadvertently failed to timely file this Statement of Changes in Beneficial Ownership on Form 4.

F3: As of August 25, 2003 (after giving effect to the transactions reported on this Form 4), the Reporting Person held 100,011 shares directly and held an option to purchase 25,000 shares of Common Stock. The Reporting Person held 88,983 shares indirectly through Electrofina Luxembourg, a company headed by the Reporting Person.