ULTRALIFE CORP — Director's Dealing 2007

Jul 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2007-07-02

Reporting Person: SCHMITZ WILLIAM A (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-02	Common Stock, $.10 par value	M	100	$4.15	Acquired	26600	Direct
2007-07-02	Common Stock, $.10 par value	S	100	$10.49	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	2225	$4.15	Acquired	28725	Direct
2007-07-02	Common Stock; $.10 par value	S	2225	$10.50	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	219	$4.15	Acquired	26719	Direct
2007-07-02	Common Stock; $.10 par value	S	219	$10.52	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	1300	$4.15	Acquired	27800	Direct
2007-07-02	Common Stock; $.10 par value	S	1300	$10.53	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	668	$4.15	Acquired	27168	Direct
2007-07-02	Common Stock; $.10 par value	S	668	$10.54	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	200	$4.15	Acquired	26700	Direct
2007-07-02	Common Stock; $.10 par value	S	200	$10.55	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	381	$4.15	Acquired	26881	Direct
2007-07-02	Common Stock; $.10 par value	S	381	$10.56	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	200	$4.15	Acquired	26700	Direct
2007-07-02	Common Stock; $.10 par value	S	200	$10.57	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	100	$4.15	Acquired	26600	Direct
2007-07-02	Common Stock; $.10 par value	S	100	$10.58	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	221	$4.15	Acquired	26721	Direct
2007-07-02	Common Stock; $.10 par value	S	221	$10.59	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	179	$4.15	Acquired	26679	Direct
2007-07-02	Common Stock; $.10 par value	S	179	$10.59	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	100	$4.15	Acquired	26600	Direct
2007-07-02	Common Stock; $.10 par value	S	100	$10.61	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	200	$4.15	Acquired	26700	Direct
2007-07-02	Common Stock; $.10 par value	S	200	$10.62	Disposed	26500	Direct
2007-07-02	Common Stock; $.10 par value	M	100	$4.15	Acquired	26600	Direct
2007-07-02	Common Stock; $.10 par value	S	100	$10.63	Disposed	26500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-02	Common Stock (Right to Buy)	$4.15	S	7693	Disposed	2007-11-16	Common Stock; $.10 par value (7693)	Direct

Footnotes

F1: This option was exercised and the resulting shares sold pursuant to a Rute 10b5-1 trading plan entered into on 12-12-06.