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: KAVAZANJIAN JOHN D (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-21	Common Stock (Right to Buy)	$10.55	A	30000	Acquired	2013-12-21	Common Stock; $.10 par value (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.10 par value	101477	Direct
Common Stock, $.10 par value	1800	Indirect

Footnotes

F1: This option vests as follows: 10,000 shares on 12/21/07; 10,000 shares on 12/21/08 and 10,000 shares on 12/21/09.