ULTRALIFE CORP — Director's Dealing 2006

Dec 14, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: SCHMITZ WILLIAM A (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-12	Common Stock, $.10 par value	M	15000	$4.15	Acquired	22500	Direct
2006-12-12	Common Stock, $.10 par value	S	6000	$10.45	Disposed	16500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-12	Common Stock (Right to Buy)	$4.15	M	15000	Acquired	2007-11-16	Common Stock; $.10 par value (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.10 par value	300	Indirect

Footnotes

F1: Vest as follows: 10,000 shares on 11/16/02; 10,000 shares on 11/16/03; 10,000 shares on 11/16/04; 10,000 shares on 11/16/05 and 10,000 shares on 11/16/06