ULTRALIFE CORP — Director's Dealing 2006

Dec 26, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2006-12-21

Reporting Person: HANNA PATRICK R JR (VP Corporate Business Strategy)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-21	Stock Option (Right to Buy)	$10.55	A	7500	Acquired	2013-12-21	Common Stock; $.10 par value (7500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.10 par value	2000	Direct

Footnotes

F1: This options vests as follows: 2,500 shares vest on 12/21/07; 2,500 shares vest on 12/21/08 and 2,500 shares vest on 12/21/09.