ULTRALIFE CORP — Director's Dealing 2006

Dec 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2006-12-19

Reporting Person: KAVAZANJIAN JOHN D (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-19	Common Stock, $.10 par value	M	1500	$4.49	Acquired	101477	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-19	Common Stock (Right to Buy)	$4.49	M	1500	Disposed	2006-12-31	Common Stock; $.10 par value (1500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.10 par value	1800	Indirect