NORTECH SYSTEMS INC — Director's Dealing 2004

Jan 14, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: NORTECH SYSTEMS INC (NSYS)
CIK: 0000722313
Period of Report: 2003-12-31

Reporting Person: ANDERLY GARRY M (Senior Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-10	Employee Stock Option (right to buy)	$8.00	A	6000	Acquired	2013-12-10	Common Stock (8000)	Direct

Footnotes

F1: Option is exercisable 20% one year after grant, 40% two years after grant, 60% three years after grant, 80% four years after grant, and 100% five years after grant.