U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

     Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940

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

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1.   Name and Address of Reporting Person*

   Baird                             Sheila
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   (Last)                           (First)              (Middle)

  100 Park Avenue
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                                    (Street)

  New York                         New York              10017
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   (City)                           (State)              (Zip)


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2.   Issuer Name and Ticker or Trading Symbol

     Ultralife Batteries, Inc.  (ULBI)

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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



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4.   Statement for Month/Year

     February 2001

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


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

     [_]  Director                             [X]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)


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7.   Individual or Joint/Group Filing (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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                                                                                                 5.
                                                                                                 Amount         6.
                                                                 4.                              of Securities  Owner-
                                                                 Securities Acquired (A) or      Beneficially   ship
                                       2A. Deemed   3.           Disposed of (D)                 Owned          Form:     7.
                         2.            Execution    Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of
                         Transaction   Date,        Code         ------------------------------- Reported       (D) or    Indirect
1.                       Date          if any       (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security       (Month/        (Month/      ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)              (Day/Year)     Day/Year)    Code     V                   (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock             2/28/2001                  P                222         A      6.155    24,000         (I)       ++
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                            (Print or Type Response)
(Over)



FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

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                                                                                                          9.         10.
                                                                                                          Number     Owner-
                                                                                                          of         ship
                                                                                                          Deriv-     Form
             2.                                                                                           ative      of
             Conver-                             5.                             7.                        Secur-     Deriv-  11.
             sion                                Number of                      Title and Amount          ities      ative   Nature
             or                                  Derivative    6.               of Underlying     8.      Bene-      Secur-  of
             Exer-                       4.      Securities    Date             Securities        Price   ficially   ity:    In-
             cise    3.       3A.        Trans-  Acquired (A)  Exercisable and  (Instr. 3 and 4)  of      Owned      Direct  direct
             Price   Trans-   Deemed     action  or Disposed   Expiration Date  ----------------  Deriv-  Following  (D) or  Bene-
1.           of      action   Execution  Code    of(D)         (Month/Day/Year)           Amount  ative   Reported   In-     ficial
Title of     Deriv-  Date     Date,      (Instr. (Instr. 3,    ----------------           or      Secur-  Trans-     direct  Owner-
Derivative   ative   (Month/  if any     8)      4 and 5)      Date     Expira-           Number  ity     action(s)  (I)     ship
Security     Secur-  Day/     (Month/    ------  ------------  Exer-    tion              of      (Instr. (Instr.    (Instr. Instr.
(Instr. 3)   ity     Year)    Day/Year)  Code V   (A)    (D)   cisable  Date    Title     Shares  5)      4)         4)      4)
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Explanation of Responses:
++ The  securities  reported  on  this  filing  are  held in the  account  of an
unregistered  investment  company over which the Reporting Person has investment
discretion  through the Reporting  Person's  position in the general  partner of
said  entity.  The  Reporting  Person in turn has a  pecuniary  interest  in the
securities held by said unregistered  investment company equal to his portion of
the incentive allocation  potentially made to the general partner of said entity
each year.

        /s/ Sheila Baird                                     October 15, 2002
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      **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 provided is insufficient, see Instruction 6 for procedure.

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