ULTRALIFE CORP — Director's Dealing 2006

Dec 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2006-11-30

Reporting Person: GRACE BROTHERS LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-30	COMMON STOCK	P	400	$10.26	Acquired	3871796	Direct
2006-11-30	COMMON STOCK	P	200	$10.27	Acquired	3871996	Direct
2006-11-30	COMMON STOCK	P	700	$10.28	Acquired	3872696	Direct
2006-11-30	COMMON STOCK	P	300	$10.29	Acquired	3872996	Direct
2006-11-30	COMMON STOCK	P	23200	$10.3	Acquired	3896196	Direct
2006-11-30	COMMON STOCK	P	19700	$10.32	Acquired	3915896	Direct
2006-11-30	COMMON STOCK	P	1100	$10.3491	Acquired	3916996	Direct
2006-11-30	COMMON STOCK	P	177806	$10.35	Acquired	4094802	Direct
2006-11-30	COMMON STOCK	P	100	$10.37	Acquired	4094902	Direct
2006-11-30	COMMON STOCK	P	100	$10.38	Acquired	4095002	Direct