ULTRALIFE CORP — Director's Dealing 2007

Apr 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2007-04-02

Reporting Person: SCHMITZ WILLIAM A (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-02	Common Stock, $.10 par value	M	6000	$4.15	Acquired	32500	Direct
2007-04-02	Common Stock, $.10 par value	S	6000	$10.4205	Disposed	26500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-02	Common Stock (Right to Buy)	$4.15	S	6000	Disposed	2007-11-16	Common Stock; $.10 par value (6000)	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: This options vest as follows: 10,000 shares on 11/16/06.

F2: This option was exercised and the resulting shares sold pursuant to a Rule 10b5-1 trading plan entered into on 12/12/06.