ULTRALIFE CORP — Director's Dealing 2011

Aug 29, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE CORP (ULBI)
CIK: 0000875657
Period of Report: 2011-06-07

Reporting Person: POPIELEC MICHAEL D (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-06-07	Employee Stock Option (right to buy)	$6.4218	A	250000	Acquired	2017-12-30	Common Stock; $.10 par value (250000)	Direct
2011-06-07	Employee Stock Option (right to buy)	$10.00	A	200000	Acquired	2020-12-30	Common Stock; $.10 par value (200000)	Direct
2011-06-07	Employee Stock Option (right to buy)	$15.00	A	200000	Acquired	2020-12-30	Common Stock; $.10 par value (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock; $.10 par value	30000	Direct

Footnotes

F1: The reported amount of securities benefically owned by Mr. Popielec reflects the amount owned on June 7, 2011, the transaction date identified in Table II, and does not reflect any subsequent acquisitions of the Company's Common Stock.

F2: This option vests as follows: 62,500 shares on 12/30/11; 62,500 shares on 12/30/12; 62,500 shares on 12/30/13 and 62,500 shares on 12/30/14.

F3: This option has an exercise price of $10 per share with a vesting to begin on the date the Company's Common Stock first reaches a closing price of $10 for 15 trading days in a 30 trading-day period, with such vesting in equal amounts of 50,000 shares over the four anniversary dates of such date.

F4: This option has an exercise price of $15 per share with a vesting to begin on the date the Company's Common Stock first reaches a closing price of $15 for 15 trading days in a 30 trading-day period, with such vesting in equal amounts of 50,000 shares over the four anniversary dates of such date.

F5: These options expire as of the later of December 30, 2017 and five years after the initial vesting commences, but in no event later than December 30, 2020.