Edgar Filing: EASTERN CO

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SULLIVAN JOHN L III

2. Issuer Name and Ticker or Trading Symbol
EASTERN CO [EML]

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

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Vice President & CFO

(Last)

(First)

(Middle)

112 BRIDGE STREET

3. Date of Earliest Transaction (Month/Day/Year)
10/24/2007

(Street)

NAUGATUCK, CT 06770

4. If Amendment, Date 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

(City)

(State)

(Zip)

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 ⁽¹⁾	10/24/2007		A		107	A	⁽¹⁾	7,496	D
Common Stock ⁽²⁾	10/24/2007		M		7,500	A	$ 7.95	14,996	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Qualified employee stock option ⁽³⁾

$ 7.95

10/24/2007

7,500

12/16/1997

12/16/2007

Common Stock

7,500

$ 0

Qualified employee stock option ⁽⁴⁾

$ 12.33

07/21/1999

⁽⁴⁾

07/21/2009

Common Stock

18,750

$ 0

18,750

Non-qualified employee stock option ⁽⁵⁾

$ 10.17

12/15/1999

12/15/2009

Common Stock

15,000

$ 0

33,750

Qualified employee stock option ⁽⁶⁾

$ 9.5

07/19/2000

⁽⁶⁾

07/19/2010

Common Stock

30,000

$ 0

63,750

Qualified employee stock option ⁽⁷⁾

$ 9.6

04/26/2001

⁽⁷⁾

04/26/2011

Common Stock

22,500

$ 0

86,250

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SULLIVAN JOHN L III 112 BRIDGE STREET NAUGATUCK, CT 06770			Vice President & CFO

Signatures

/s/ John L. Sullivan III		10/25/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	107 shares acquired under The Eastern Company Dividend Reinvestment Plan and The Eastern Company Employee Stock Purchase Plan from January until September 2007.
(2)	7,500 shares were exercised on October 24, 2007 at $7.95 per share. Original 12/16/1997 option was for 5,000 shares at $17.875 per share. As a result of a 3-for-2 stock split effective 5/28/1999 this option became an option for 7,500 shares at $11.92 per share. On 5/4/2004 Mr. Sullivan exercised 2,500 shares, and this became an option for 5,000 shares at $11.92 per share. As a of a 3-for-2 stock split effective 10/18/2006, this option became an option for 7,500 shares at $7.95 per share.
(3)	Original 12/16/1997 option was for 5,000 shares at $17.875 per share. As a result of a 3-for-2 stock split effective 5/28/1999 this option became an option for 7,500 shares at $11.92 per share. On 5/4/2004 Mr. Sullivan exercised 2,500 shares, and this became an option for 5,000 shares at $11.92 per share. As a of a 3-for-2 stock split effective 10/18/2006, this option is now an option for 7,500 shares at $7.95 per share. On October 24, 2007, 7,500 shares were exercised at $7.95 per share leaving a zero balance.
(4)	Original 7/21/1999 option was for 12,500 shares at $18.50 per share. 5,400 shares were vested on date of grant 7/21/1999; 5,400 shares were vested on 1/1/2000 and the remaining 1,700 shares were vested on 1/1/2001. As a result of a 3-for-2 stock split effective 10/18/2006 this option is now for 18,750 shares at $12.33 per share.
(5)	Original 12/15/1999 option was for 10,000 shares at $15.25 per share. As a result of a 3-for-2 stock split effective 10/18/2006 this option is now for 15,000 shares at $10.17 per share.
(6)	Original 7/19/2000 option was for 20,000 shares at $14.25 per share. 4,810 shares were vested on 1/1/2001; 7,017 shares were vested on 1/1/2002; 7,017 shares were vested on 1/1/2003, and the remaining 1,156 shares were vested on 1/1/2004. As a result of a 3-for-2 stock split effective 10/18/2006 this option is now for 30,000 shares at $9.50 per share.
(7)	Original 4/26/2001 option was for 15,000 shares at $14.40 per share. 5,800 shares were vested on 1/1/2004; 6,944 shares were vested on 1/1/2005, and the remaining 2,256 shares were vested on 1/1/2006. As a result of a 3-for-2 stock split effective 10/18/2006 this option is now for 22,500 shares at $9.60 per share.

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