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<SEC-DOCUMENT>0000950123-11-004312.txt : 20110121
<SEC-HEADER>0000950123-11-004312.hdr.sgml : 20110121
<ACCEPTANCE-DATETIME>20110121090458
ACCESSION NUMBER:		0000950123-11-004312
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110119
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110121
DATE AS OF CHANGE:		20110121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRALIFE CORP
		CENTRAL INDEX KEY:			0000875657
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				161387013
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20852
		FILM NUMBER:		11540093

	BUSINESS ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513
		BUSINESS PHONE:		3153327100

	MAIL ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRALIFE BATTERIES INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c11279e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="margin-left: 0.25in; width: 7.5in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): January 19, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ULTRALIFE CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD nowrap align="center" valign="top"><B>Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>000-20852
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>16-1387013</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="top"><B>2000 Technology Parkway, <BR>
Newark, New York
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>14513</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(315) 332-7100</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On January&nbsp;19, 2011, Ultralife Corporation (the &#147;Company&#148;), together with the Company&#146;s U.S.
subsidiaries (collectively, the &#147;Borrowers&#148;), entered into a First Amendment to Credit Agreement
(the &#147;First Amendment&#148;) with RBS Business Capital, a division of RBS Asset Finance, Inc. (&#147;RBS&#148;),
with respect to the Company&#146;s senior secured asset based revolving credit facility of up to $35.0
million (the &#147;Credit Facility&#148;). The Credit Facility has a maturity date of February&nbsp;17, 2013 (the
&#147;Maturity Date&#148;). The Credit Facility is secured by substantially all of the Company&#146;s assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The First Amendment amends the Credit Facility as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Eligible accounts receivable under the Credit Facility (for the determination of available
borrowings) now include foreign (non-U.S.) accounts subject to credit insurance payable to RBS
(formerly, such accounts were not eligible without arranging letter of credit facilities
satisfactory to RBS).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Interest will accrue on outstanding indebtedness under the Credit Facility at one of two LIBOR
rates plus a margin of 3.00% (formerly, this margin was 4.50%). Subject to certain conditions,
the Company will have the option to convert the interest rate under the Credit Facility to a
LIBOR Advantage Rate or the Prime Rate (formerly, the option to convert to the Prime Rate was
unavailable). The rate of interest under the Credit Facility can fluctuate based on the excess
availability average as set forth in the following table:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Excess Availability Average</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">LIBOR Rate Plus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">LIBOR Advantage Rate Plus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Prime Rate Plus</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greater than $10,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.00</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.00</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.00</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greater than $6,000,000
but less than or equal to
$10,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.25</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.25</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.25</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greater than $3,000,000
but less than or equal to
$6,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.50</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.50</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.50</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Credit Facility imposes a limit of $3,000,000 (formerly, $1,000,000) on loans or other
advances and/or investments made by the Company in or to any of our U.S. subsidiaries.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">All other terms of the Credit Facility remain unchanged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The First Amendment is attached to this Report as Exhibit&nbsp;10.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits<I>.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment to Credit Agreement with RBS Business Capital,
a division of RBS Asset Finance, Inc. dated as of February&nbsp;17,
2010</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: January 21, 2011      &nbsp;</TD>
    <TD colspan="3" align="left"><b>ULTRALIFE CORPORATION</b><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Peter F. Comerford
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Peter F. Comerford&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Vice President of Administration <br>&#038;
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c11279exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>FIRST AMENDMENT TO CREDIT AGREEMENT</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this &#147;<B>First Amendment</B>&#148;), dated as of January&nbsp;14,
2011, by and between <B>ULTRALIFE CORPORATION, </B>a Delaware corporation (&#147;<B>Ultralife</B>&#148;), <B>McDOWELL RESEARCH
CO., INC.</B>, a Delaware corporation (&#147;<B>McDowell</B>&#148;), <B>REDBLACK COMMUNICATIONS, INC.</B>, a Maryland
corporation (&#147;<B>RedBlack Communications</B>&#148;), and <B>ULTRALIFE ENERGY SERVICES CORPORATION</B>, a Florida
corporation (&#147;<B>Ultralife Energy</B>&#148;, and together with Ultralife, McDowell and RedBlack Communications,
each individually a &#147;<B>Borrower</B>&#148; and collectively, the &#147;<B>Borrowers</B>&#148;), and <B>RBS BUSINESS CAPITAL, a
division of RBS Asset Finance, Inc.</B>, a New York corporation (the &#147;<B>Lender</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Borrowers and the Lender are parties to a Credit Agreement dated as of February&nbsp;17, 2010,
as amended by that certain letter agreement dated September&nbsp;8, 2010 (the &#147;<B>Credit Agreement</B>&#148;),
pursuant to which the Lender has agreed to provide a revolving credit facility in an aggregate
principal amount not to exceed Thirty-Five Million Dollars ($35,000,000) to the Borrowers subject
to the terms and conditions set forth in the Credit Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">By letter agreement dated July&nbsp;28, 2010, the Lender consented to the name change made by
Stationary Power Services, Inc. to Ultralife Energy Services Corporation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Borrowers have requested that the Lender modify pricing under the Credit Agreement and the
Lender is willing to do so upon the terms and subject to the conditions set forth in this First
Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, the parties to this First Amendment, in consideration of their mutual covenants
and agreements contained in this First Amendment and the Credit Agreement, and intending to be
legally bound hereby, covenant and agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Definitions</U>. (a)&nbsp;Article&nbsp;1 &#147;<U><B>Definitions</B></U>&#148; of the Credit Agreement is hereby
amended to include the following definitions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>Excess Availability Average</B></U>&#148; means, as of the date of determination, a sum
equal to the mathematical average of the weekly average Excess Availability calculated for
each week of the twelve (12)&nbsp;week period ended on the date of determination.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>First Amendment</B></U>&#148; shall mean the First Amendment to Credit Agreement dated as
of January&nbsp;14, 2011 between the Borrowers and the Lender.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>First Amendment Closing Date</B></U>&#148; shall mean on or about January&nbsp;14, 2011 or, if
all the conditions specified in the First Amendment to Credit Agreement have not been
satisfied or waived by such date, such later date as the Lender and the Borrowers shall
mutually agree.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>Prime Rate Loan</B></U>&#148; shall mean any loan or advance for which the applicable rate
of interest is based upon the Prime Rate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>Prime Rate Margin</B></U>&#148; means, effective as of the date of the First Amendment,
1.0% (100 basis points) per annum.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>Ultralife Energy</B></U>&#148; means Ultralife Energy Services Corporation, a Florida
corporation formerly known as Stationary Power Services, Inc., with its chief executive
offices located at 4902 113th Avenue North, Clearwater, Florida 33760.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;The following definitions contained in Article&nbsp;1 &#147;<U><B>Definitions</B></U>&#148; of the Credit
Agreement are amended and restated in their entirety as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>Borrowers</B></U>&#148; means, collectively, the following (together with their respective
successors and assigns) (a)&nbsp;Ultralife Corporation, a Delaware corporation; (b)&nbsp;McDowell
Research Co., Inc., a Delaware corporation; (c)&nbsp;RedBlack Communications, Inc., a Maryland
corporation; (d)&nbsp;Ultralife Energy Services Corporation, a Florida corporation formerly known
as Stationary Power Services, Inc.; and (e)&nbsp;any Person that at any time after the date
hereof becomes a Borrower. Each of the Borrowers is sometimes referred to in this Agreement
individually as a &#147;<B>Borrower</B>&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>LA Margin</B></U>&#148; means, effective as of the date of the First Amendment, 3.0% (300
basis points) per annum.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<U><B>LIBOR Rate Margin</B></U>&#148; means, effective as of the date of the First Amendment,
3.0% (300 basis points) per annum.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Eligible Accounts</U>. Without limiting the current definition in the Credit
Agreement, &#147;Eligible Accounts&#148; under the Credit Agreement shall include an Account arising from a
sale of goods that are delivered or to be delivered outside the United States of America, and an
Account arising from a sale of goods to an account debtor domiciled outside the United States of
America, provided that such Account is subject to credit insurance payable to the Lender and issued
by an insurer and on terms and in an amount satisfactory to the Lender. To initiate advances
against Eligible Accounts under this Section&nbsp;2, the Borrowers shall deliver to the Lender copies of
its credit insurance policy(ies) together with loss payable endorsements to such policy(ies)
confirming the Lender as loss payee on such credit insurance on terms satisfactory to the Lender.
The terms of this Section&nbsp;2 replace the terms of that certain letter
agreement dated as of September&nbsp;8, 2010 pursuant to which the Lender notified the Borrowers of
the foregoing revision to the specifications for Eligible Accounts.
</DIV>
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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Loan Requests/Conversions</U>. Sections&nbsp;2.04(a) and 2.04(b) of the Credit Agreement
are hereby amended and restated in their entirety to read as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%"><B>(a)&nbsp;LIBOR Advantage Loan and Prime Rate Loan Requests. </B>By delivering a borrowing
request to the Lender on or before 10:00&nbsp;a.m., New York time, on a Business Day, the
Administrative Borrower may from time to time irrevocably request, on not less than one nor
more than three Business Days&#146; notice, that a LIBOR Advantage Loan or a Prime Rate Loan be
made. On the terms and subject to the conditions of this Agreement, each LIBOR Advantage
Loan and Prime Rate Loan shall be made available to the Administrative Borrower no later
than 11:00&nbsp;a.m. New York time on the day such Loan is made by deposit to the account of the
Administrative Borrower as shall have been specified in its borrowing request.
Notwithstanding the foregoing, the Administrative Borrower may provide the Lender with
written notice (in the form and with information required in this Section&nbsp;2.04) of any such
borrowing request for a LIBOR Advantage Loan or a Prime Rate Loan by telecopy on the day,
and by mail within one Business Day after the day, any such request is made. The Lender is
entitled to rely on any such request made in accordance with the terms of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%"><B>(b)&nbsp;Conversion to LIBOR Rate Loans. </B>By delivering a conversion notice to the Lender on
or before 10:00&nbsp;a.m., New York time, on a Business Day, the Administrative Borrower may from
time to time irrevocably elect, on not less than two nor more than five Business Days&#146;
notice, that all, or any portion, in an aggregate minimum amount of $1,000,000 and integral
multiples of $500,000, of any LIBOR Advantage Loan or Prime Rate Loan be converted on any
day into a LIBOR Rate Loan, with a LIBOR Interest Period of one, two or three months;
provided, however, that no portion of the outstanding principal amount of any LIBOR
Advantage Loan or Prime Rate Loan may be converted to LIBOR Rate Loans when any Event of
Default has occurred and is continuing and provided, further, that all accrued interest on
the principal amount of any LIBOR Advantage Loan or Prime Rate Loan to be converted
hereunder shall be paid in full.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Interest Rates</U>. Section&nbsp;3.01 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a)&nbsp;Interest on the outstanding principal amount of each Revolving Credit Loan, when
classified as a: (i)&nbsp;LIBOR Rate Loan, shall accrue during each LIBOR Interest Period at a
rate per annum equal to the sum of the Adjusted LIBOR Rate for such LIBOR Interest Period
plus the LIBOR Rate Margin, and be due and payable on each Interest Payment Date and on the
Maturity Date; (ii)&nbsp;LIBOR Advantage Loan, shall accrue at a rate per annum equal to the sum
of the LIBOR Advantage Rate for such LA Interest Period plus the LA Margin, and be due and
payable on each LA Interest Payment Date and on the Maturity Date; and (iii)&nbsp;Prime Rate
Loan, shall accrue at a rate per annum equal to the sum of the Prime Rate plus the Prime
Rate Margin, and be due and
payable on each LA Interest Payment Date and on the Maturity Date. Interest on LIBOR
Advantage Loan(s) and Prime Rate Loans shall be calculated for the actual number of days
elapsed on the basis of a 360-day year, including the first day of the applicable period to,
but not including, the date of repayment. The Borrowers shall not have the option to select
a LIBOR Rate Loan with respect to the Loans to be made on the Closing Date but may
thereafter convert all or any portion to one or more LIBOR Rate Loans in accordance with the
terms of this Article&nbsp;III.
</DIV>
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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;The interest rates under Section&nbsp;3.01(a) above hereof shall from time to time be
increased or decreased, as the case may be, based on the then applicable Excess Availability
Average and in accordance with the following pricing grid:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">LA Margin</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Excess Availability Average</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">LIBOR Rate Plus</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Rate Plus</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Prime Rate Plus</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Greater than $10,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">300 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">300 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">100 basis points</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Greater than $6,000,000
but less than or equal to
$10,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">325 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">325 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">125 basis points</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Greater than $3,000,000
but less than or equal to
$6,000,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">350 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">350 basis points
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">150 basis points</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">The Excess Availability Average shall be determined as of the end of each quarter,
commencing as of the end of the first fiscal quarter following the date of the First
Amendment. The Excess Availability Average as of the end of each fiscal quarter shall be
calculated for the twelve (12)&nbsp;week period then ended and shall be as shown on the
certificates to be delivered pursuant to Section&nbsp;6.01 hereof. Any interest rate adjustments
made based on the foregoing pricing grid shall be applicable to the Borrowers only for so
long as the applicable Excess Availability Average (as shown on the foregoing pricing grid)
is maintained and, in the event the applicable ratio is no longer maintained, the interest
rates under Section&nbsp;3.01(b) above shall increase to the rates applicable to the Excess
Availability Average achieved by the Borrowers. Any applicable reduction or increase shall
be effective as of the first Business Day of the month following receipt by the Lender of
the financial statements and certificate showing the Excess Availability Average, provided
that in the event the financial statements and certificates are not timely delivered, any
rate reduction then in effect shall be immediately discontinued as of the day such documents
were due until the first Business Day of the month following receipt by the Lender of proper
documents indicating that a reduction is applicable.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Interest After Default</U>. Section&nbsp;3.02(b) of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;each other Obligation hereunder if not paid when due shall bear interest at a rate
per annum equal to the sum of the rate of interest applicable to LIBOR Advantage Loans and
Prime Rate Loans plus two percent (2.0%) per annum from the time such Obligation becomes due
and payable and until it is paid in full.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Repayments and Interest</U>. Sections&nbsp;3.10(a) and 3.10(b) of the Credit Agreement are
hereby amended and restated in their entirety to read as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a) <U>LIBOR Advantage and Prime Rate Loans</U>. Interest on the LIBOR Advantage
Loans and the Prime Rate Loans will be due and payable on each LA Interest Payment Date and
on the Maturity Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b) <U>Repayments Continuations and Conversions.</U> LIBOR Rate Loans shall mature
and become payable in full on the last day of the LIBOR Interest Period relating to such
LIBOR Rate Loan. Upon maturity, a LIBOR Rate Loan may be continued for an additional LIBOR
Interest Period or may be converted to LIBOR Advantage Loan or a Prime Rate Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Intercompany Loans</U>. Section&nbsp;7.04(b) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;loans or other advances and/or investments made by Ultralife after the Closing Date
to or in any of the other Borrowers in an aggregate amount not to exceed $3,000,000 at any
one time outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Representations and Warranties</U>. The Borrowers represent and warrant to the Lender
that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a)&nbsp;Each of the Borrowers have and will continue to have corporate power and authority
to execute, deliver and perform the provisions of this First Amendment and the Credit
Agreement, as amended hereby, and to execute and deliver the instruments required by any of
the provisions of this First Amendment and the Credit Agreement, as amended hereby, to be
executed and delivered by the Borrowers; and all such action has been duly and validly
authorized by all necessary corporate proceedings on the part of each of the Borrowers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;The execution, delivery and performance of this First Amendment, as amended hereby,
will not conflict with, constitute a default under or result in the breach of, any
provisions of Law or the articles of incorporation or the by-laws of any of the Borrowers or
of any material agreement or other instrument to which any of the Borrowers is a party or by
which it is bound or to which any of them is subject.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(c)&nbsp;This First Amendment has been duly and validly executed and delivered by each of
the Borrowers, and this First Amendment and the Credit Agreement, as amended hereby,
constitute legal, valid and binding obligations of the Borrowers on and after its date of
delivery thereof, enforceable against the Borrowers in accordance with their respective
terms, except to the extent that enforceability of any of this First Amendment and the
Credit Agreement, as amended hereby, may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforceability of creditors&#146;
rights generally or limiting the right of specific performance.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(d)&nbsp;Except as set forth in Section&nbsp;9 below, the representations and warranties by the
Borrowers contained in Article&nbsp;IV of the Credit Agreement are correct and accurate in all
material respects on and as of the date of this First Amendment with the same effect as
though made on and as of the date of this First Amendment (except representations and
warranties which expressly relate to an earlier date or time, which representations and
warranties shall be true and correct in all material respects on and as of the specific
dates or times referred to therein).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(e)&nbsp;No event has occurred and is continuing which constitutes an Event of Default or
Potential Default.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Update to Schedule&nbsp;4.08</U>. Pursuant to Section&nbsp;6.01(s) of the Credit Agreement, the
Borrowers hereby submit an update to Schedule&nbsp;4.08 of the Credit Agreement, attached hereto as
<U>Amended Schedule&nbsp;4.08</U>, and the Lender hereby accepts the updates reflected on Amended
Schedule&nbsp;4.08 and waives any Default or Potential Default under the Credit Agreement arising from
such updates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Conditions to this First Amendment</U>. The obligation of the Lender to enter into
this First Amendment is subject to the accuracy in all material respects as of the date of this
First Amendment of the representations and warranties contained in this First Amendment, and to the
satisfaction of the following further conditions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a)&nbsp;This First Amendment shall be executed by the Borrowers and delivered to the Lender
and shall be in effect and all actions by the Borrowers contemplated hereby shall have been
taken.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;The Lender shall have received a certificate in form and substance satisfactory to
the Lender, dated as of the First Amendment Closing Date, certifying as to the names, true
signatures and incumbency of the officers of the Borrowers to execute this First Amendment
and the other documents and instruments to be executed in connection with this First
Amendment. The Lender may conclusively rely on such certificate unless and until a later
certificate revising the prior certificate has been furnished to the Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(c)&nbsp;Ultralife Energy shall have executed and delivered to the Lender an Amendment to
Security Agreement, satisfactory in terms, form and substance to the
Lender, confirming the change of its name from Stationary Power Services, Inc. to
Ultralife Energy Services Corporation.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(d)&nbsp;No action, proceeding, investigation, regulation or legislation shall have been
instituted, threatened or proposed before any court, governmental agency or legislative body
to enjoin, restrain or prohibit, or to obtain damages in respect of this First Amendment or
the consummation of the transactions contemplated hereby or which, in the Lender&#146;s sole
discretion, would make it inadvisable to consummate the transactions contemplated by this
First Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>No Waiver of Existing Defaults</U>. Except as otherwise provided in this First
Amendment, the Lender has not agreed to waive, and have not waived, any past or present Event of
Default or Potential Default under the Credit Agreement, as amended by this First Amendment, or any
of the other Loan Documents. Except as otherwise provided in this First Amendment, the Lender has
not consented to any departure by the Borrowers from their due performance under the Credit
Agreement, as amended by this First Amendment, or under any of the Loan Documents. The rights and
remedies of the Lender under the Credit Agreement, as amended by this First Amendment, and the
other Loan Documents shall survive the execution and delivery of this First Amendment and the
Lender may exercise such rights and remedies with respect to any such defaults at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>First Amendment Expenses</U>. The Borrowers agree to pay, and save the Lender
harmless against liability for the payment, of all reasonable out-of-pocket expenses of the Lender
arising in connection with this First Amendment including, without limitation, the reasonable fees
and expenses of counsel for the Lender and the expenses of any lien searches or other
investigations conducted for the Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Scope of First Amendment</U>. Except as amended by this First Amendment, the
provisions of the Credit Agreement shall remain in full force and effect. The Loan Documents shall
likewise remain in full force and effect. The Credit Agreement and this First Amendment shall be
construed as complementing each other and as augmenting and not restricting the Lender&#146;s rights,
and, except as specifically amended by this First Amendment, the Credit Agreement shall remain in
full force and effect in accordance with its terms. The Borrowers hereby ratify, confirm and
reaffirm, without condition, all Liens and security interests granted to the Lender pursuant to the
Credit Agreement and the Loan Documents, and such Liens and security interests shall continue to
secure the Loan or Loans and the Revolving Credit Loans as defined in each of such agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;<U>Miscellaneous</U>. This First Amendment will be deemed to be a contract under the
laws of the State of New York and for all purposes will be governed by and construed and enforced
in accordance with the laws of said State. The caption headings contained in this First Amendment
are for convenience of reference and shall not be deemed to be a part of this First Amendment or
used in the construction of this First Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.&nbsp;<U>Counterparts</U>. This First Amendment may be executed in counterparts and by the
Lender and the Borrowers on separate counterparts each of which, when so executed, shall be deemed
an original, but all such counterparts shall constitute but one and the same instrument.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;SIGNATURE PAGE FOLLOWS&#093;</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have
executed this First Amendment as of the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>ATTEST:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ULTRALIFE CORPORATION</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter F. Comerford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Philip A. Fain</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip A. Fain, CFO and Treasurer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;CORPORATE SEAL&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><B>ATTEST:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>McDOWELL RESEARCH CO., INC.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter F. Comerford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Philip A. Fain</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip A. Fain, Treasurer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;CORPORATE SEAL&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><B>ATTEST:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>REDBLACK COMMUNICATIONS, INC.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter F. Comerford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Philip A. Fain</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip A. Fain, Treasurer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;CORPORATE SEAL&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><B>ATTEST:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ULTRALIFE ENERGY SERVICES CORPORATION</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter F. Comerford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Philip A. Fain</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip A. Fain, Treasurer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;CORPORATE SEAL&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>RBS BUSINESS CAPITAL,<BR>
a division of RBS Asset Finance, Inc.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Paul Rebholz</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paul Rebholz <br>
Vice President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED SCHEDULE 4.08<BR>
OFFICERS AND DIRECTORS<BR>
(Updated to January&nbsp;14, 2011)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Ultralife Corporation</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Bradford T. Whitmore, Chair<BR>
Steven M. Anderson<BR>
Patricia C. Barron<BR>
James A. Croce<BR>
Michael D. Popielec<BR>
Thomas L. Saeli<BR>
Robert W. Shaw II<BR>
Ranjit C. Singh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Michael D. Popielec, President &#038; CEO<BR>
Peter F. Comerford, VP Administration, General Counsel &#038; Secretary<BR>
Philip A. Fain, CFO &#038; Treasurer<BR>
Patrick R. Hanna, Jr., VP Corporate Compliance
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Ultralife Batteries (UK)&nbsp;Ltd. (Wholly-Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Peter F. Comerford<BR>
Andrew J. Naukam
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>ABLE New Energy Co. Limited (Wholly-Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Xulong Zhang, Chair<BR>
David E. Gates<BR>
Robert F. Green
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>ABLE New Energy Co., Ltd (Wholly-Owned by ABLE New Energy Co. Limited)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Xulong Zhang, Chair<BR>
David E. Gates<BR>
Robert F. Green
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>McDowell Research Co., Inc. (Wholly-Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Peter F. Comerford
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">James J. Rasmussen, Jr., President<BR>
Patrick R. Hanna, Jr., Vice President<BR>
Philip A. Fain, Treasurer<BR>
Peter F. Comerford, Secretary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>RedBlack Communications, Inc. (Wholly-Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Peter F. Comerford
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">James J. Rasmussen Jr., President<BR>
Gene D. McHugh, Vice President<BR>
Peter F. Comerford, Secretary<BR>
Philip A. Fain, Treasurer
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Ultralife Batteries India Private Limited (Fifty-One Percent Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Andrew J. Naukam, Chair (Ultralife Designee)<BR>
Kenneth R. Bird<BR>
B.R. Ganesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Ultralife Energy Services Corporation (Wholly-Owned Subsidiary)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">Peter F. Comerford
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 10pt">John Christopher McComb, President<BR>
Philip A. Fain, Treasurer<BR>
Peter F. Comerford, Secretary
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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