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 ^*

LEGANZA LEONARD F

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

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

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chairman, President & CEO

(Last)

(First)

(Middle)

112 BRIDGE STREET

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2008

(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)
			Code	V	Amount	(A) or (D)	Price
Common Stock ⁽¹⁾	09/05/2008		M		28,394	A	$ 9.33	112,730	D

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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

Non-qualified employee stock option ⁽²⁾

$ 9.33

09/05/2008

28,394

09/09/1998

Common Stock

56,787.75

$ 0

28,393.75

Non-qualified employee stock option ⁽³⁾

$ 9.33

09/09/2008

28,393.75

09/09/1998

Common Stock

28,393.75

$ 0

Qualified employee stock option ⁽⁴⁾

$ 10.17

12/15/1999

Common Stock

19,671

$ 0

19,671

Non-qualified employee stock option ⁽⁵⁾

$ 10.17

12/15/1999

Common Stock

62,829

$ 0

82,500

Qualified employee stock option ⁽⁶⁾

$ 9.5

07/19/2000

⁽⁶⁾

07/19/2000

Common Stock

48,750

$ 0

131,250

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
LEGANZA LEONARD F 112 BRIDGE STREET NAUGATUCK, CT 06770	X		Chairman, President & CEO

Signatures

/s/Leonard F. Leganza		09/09/2008
^**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)	28,394 shares were exercised on September 5, 2008 at $9.33 per share. Original 9/9/1998 option was for 25,239 shares at $21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999 and a 3-for-2 stock split effective 10/18/2006, this option is now 56,787.75 shares at $9.33 per share.
(2)	Original 9/9/1998 option was for 25,239 shares at $21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999 and a 3-for-2 stock split effective 10/18/2006, this option is now 56,787.75 shares at $9.33 per share. On September 5, 2008, 28,394 shares were exercised leaving a balance of 28,393.75 shares.
(3)	Original 9/9/1998 option was for 25,239 shares at $21.00 per share. As a result of a 3-for-2 stock split effective 5/28/1999 and a 3-for-2 stock split effective 10/18/2006, this option is now 56,787.75 shares at $9.33 per share. On September 5, 2008, 28,394 shares were exercised. On September 9, 2008 the remaining 28,393.75 shares lapsed.
(4)	Original 12/15/1999 option was for 13,114 shares at $15.25 per share. As a result of a 3-for-2 stock split effective 10/18/2006, this option is now 19,671 shares at $10.17 per share.
(5)	Original 12/15/1999 option was for 41,886 shares at $15.25 per share. As a result of a 3-for-2 stock split effective 10/18/2006, this option is now 62,829 shares at $10.17 per share.
(6)	The original 7/19/2000 option was for 32,500 shares at $14.25 per share. 7,017 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; 7,017 shares were vested on 1/1/2004 and the remaining 4,432 shares vested on 1/1/2005. As a result of a 3-for2 stock split effective 10/18/2006, this option is now 48,750 shares at $9.50 per share.

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