SYPRIS SOLUTIONS INC — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SYPRIS SOLUTIONS INC (SYPR)
CIK: 0000864240
Period of Report: 2007-05-14

Reporting Person: KRAMER JOHN M (Group VP & Pres of Sub)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-14	Common Stock	M	10000	$6.25	Acquired	70243	Direct
2007-05-14	Common Stock	S	7676	$7.7232	Disposed	62567	Direct
2007-05-15	Common Stock	S	3322	$7.7281	Disposed	59245	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-14	Options (Right to Buy)	$6.25	M	10000	Disposed	2009-02-26	Common Stock (10000)	Direct

Footnotes

F1: Option granted pursuant to 1994 Stock Option Plan for Key Employees adopted on October 27, 1994, the only consideration of which was service as an employee.

F2: Option granted on February 27, 2001 and vested in five equal annual installments of (20%) each on every anniversary date, beginning on the second anniversary of the date, with the option being fully vested and exercisable on the sixth anniversary of the date.