SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BARRELLA JOSEPH N

(Last)

(First)

(Middle)

2000 TECHNOLOGY PARKWAY

(Street)

NEWARK

14513

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ULTRALIFE BATTERIES INC [ ULBI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr VP New Business Development

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $.10 par value	05/11/2004		M		13,500	A	$8.25	78,000	D
Common Stock, $.10 par value	05/11/2004		S		13,500	D	$18.8077	64,500	D
Common Stock, $.10 par value	05/11/2004		M		1,500	A	$5.5	66,000	D
Common Stock, $.10 par value	05/11/2004		S		1,500	D	$18.8077	64,500	D
Common Stock, $.10 par value	05/11/2004		M		1,500	A	$14	66,000	D
Common Stock, $.10 par value	05/11/2004		S		1,500	D	$18.8077	64,500	D
Common Stock, $.10 par value	05/11/2004		M		3,500	A	$7.375	68,000	D
Common Stock, $.10 par value	05/11/2004		S		3,500	D	$18.8077	64,500	D
Common Stock, $.10 par value	05/11/2004		M		5,000	A	$7.375	69,500	D
Common Stock, $.10 par value	05/11/2004		S		5,000	D	$19.1069	64,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$8.25	05/11/2004		M			13,500	06/25/1999	06/25/2004	Common Stock, $.10 par value	13,500	$0	0	D
Stock Option (Right to Buy)	$5.5	05/11/2004		M			1,500	12/29/2000	12/29/2005	Common Stock, $.10 par value	1,500	$0	0	D
Stock Option (Right to Buy)	$14	05/11/2004		M			1,500	03/31/2000	03/31/2005	Common Stock, $.10 par value	1,500	$0	0	D
Stock Option (Right to Buy)	$7.375	05/11/2004		M			3,500	03/31/2000	03/31/2005	Common Stock, $.10 par value	28,982	$0	25,482⁽¹⁾	D
Stock Option (Right to Buy)	$7.375	05/11/2004		M			5,000	03/31/2000	03/31/2005	Common Stock, $.10 par value	25,482	$0	20,482⁽¹⁾	D

Explanation of Responses:

1. Vests as follows: 508 shares on 6/2/01; 508 shares on 6/2/02; 7,966 shares on 6/2/03; 10,000 shares on 6/2/04 and 10,000 shares on 6/2/05.

Remarks:

	Robert W. Fishback by Authority of Joseph N. Barrella	05/13/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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