| NEW YORK                 | 14-1387171                             |
|--------------------------|----------------------------------------|
| (State of incorporation) | (I.R.S. Employer's Identification No.) |

----

D

| PART I     | FINANCIAL INFORMATION | PAGE                                                                                        |
|------------|-----------------------|---------------------------------------------------------------------------------------------|
|       |                  |                                                                                        |   |   |
|       | Item 1                | Financial Statements:                                                                       |   |
|       |                  |                                                                                        |   |   |
|       |                  |                                                                                        | Balance Sheets - |   |
|       |                  |                                                                                        | March 31, 2011 (Unaudited) and June 30, 2010 | 1 |
|       |                  |                                                                                        |   |   |
|       |                  |                                                                                        | Statements of Income (Unaudited) - |   |
|       |                  |                                                                                        | Three and Nine Months Ended March 31, 2011 and 2010 | 3 |
|       |                  |                                                                                        |   |   |
|       |                  |                                                                                        | Statements of Cash Flows (Unaudited)- |   |
|       |                  |                                                                                        | Nine Months Ended March 31, 2011 and 2010 | 4 |
|       |                  |                                                                                        |   |   |
|       |                  |                                                                                        | Notes to Financial Statements (Unaudited) | 5 |
|       |                  |                                                                                        |   |   |
|       | Item 2                | Management's Discussion and Analysis of  Financial Condition and Results of Operations | 8 |
|       |                  |                                                                                        |   |   |
|       | Item 3                | Quantitative and Qualitative Disclosures About Market Risk                                  | 11 |
|       |                  |                                                                                        |   |   |
|       | Item 4                | Controls and Procedures                                                                     | 11 |
|       |                  |                                                                                        |   |   |
|       |                  |                                                                                        |   |   |
| PART II    | OTHER INFORMATION     | 12                                                                                          |
|       |                  |                                                                                        |   |   |
|       | Item 1                | Legal Proceedings                                                                           | 12 |
|       |                  |                                                                                        |   |   |
|       | Item 2                | Unregistered Sales of Equity Securities                                                     | 12 |
|       |                  |                                                                                        |   |   |
|       | Item 3                | Defaults Upon Senior Securities                                                             | 12 |
|       |                  |                                                                                        |   |   |
|       | Item 5                | Other Information                                                                           | 12 |
|       |                  |                                                                                        |   |   |
|       | Item 6                | Exhibits                                                                                    | 12 |
|       |                  |                                                                                        |   |   |
| SIGNATURES |                  |                                                                                        | 14 |

----

Index

N

R

e

|                                                                                                                                        |   | 2011      |       |   | 2010     |        |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|----------|-------------|
|                                                                                                                                        |   | March 31, |       |   | June 30, |        |
|                                                                                                                                        |   |      |       |   |     |        |
| ASSETS:                                                                                                                                     |   |      |       |   |     |        |
|                                                                                                                                        |   |      |       |   |     |        |
|      Cash and cash equivalents                                                                                     |   | $         | 7,971,634  |   |     | $           | 4,475,066 |   |
|      Short term investments                                                                                        |   |      | 2,841,182  |   |     |        | 7,111,182 |   |
|      Trade accounts receivable, net                                                                                |   |      | 3,727,178  |   |     |        | 5,495,251 |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
|      Inventories:                                                                                                  |   |      |       |   |     |        |   |   |
|           Raw materials                                                                   |   |      | 1,305,839  |   |     |        | 1,233,597 |   |
|           Work-in-process                                                                 |   |      | 1,280,196  |   |     |        | 1,490,749 |   |
|           Costs relating to contracts in process, net of advance                          |   |      |       |   |     |        |   |   |
|                  payments of $150,171 at March 31, 2011 and |   |      |       |   |     |        |   |   |
|                  $142,492 at June 30, 2010                  |   |      | 8,789,705  |   |     |        | 8,217,040 |   |
|        Total inventories                                                                                      |   |      | 11,375,740 |   |     |        | 10,941,386 |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
|      Deferred income taxes                                                                                         |   |      | 228,584    |   |     |        | 229,086 |   |
|      Prepaid expenses and other current assets                                                                     |   |      | 179,307    |   |     |        | 185,832 |   |
|                Total current assets                              |   |      | 26,323,625 |   |     |        | 28,437,803 |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
|      Property, plant and equipment, net                                                                            |   |      | 2,958,095  |   |     |        | 2,717,330 |   |
|      Loan receivable                                                                                               |   |      | 118,346    |   |     |        | 11,546 |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
|                Total assets                                      |   | $         | 29,400,066 |   |     | $           | 31,166,679 |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
|                                                                                                                                        |   |      |       |   |     |        |   |   |
| See accompanying notes to the financial statements.                                                                                         |   |      |       |   |     | (Continued) |   |

----

Index

|                                                             |   | 2011      |       |   | 2010     |   |
|------------------------------------------------------------------|--------|-----------|------------|--------|----------|--------|
|                                                             |   | March 31, |       |   | June 30, |   |
|                                                             |   |      |       |   |     |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY:                            |   |      |       |   |     |   |
|                                                             |   |      |       |   |     |   |
| Accounts payable                                                 |   | $         | 1,041,840  |   |     | $      | 1,607,147 |   |
| Accrued expenses:                                                |   |      |       |   |     |   |   |   |
| Salaries, wages and commissions                                  |   |      | 277,594    |   |     |   | 203,435 |   |
| Vacation                                                         |   |      | 567,103    |   |     |   | 544,021 |   |
| ESOP payable                                                     |   |      | 61,837     |   |     |   | -- |   |
| Other                                                            |   |      | 101,641    |   |     |   | 177,086 |   |
| Payroll and other taxes withheld and accrued                     |   |      | 43,717     |   |     |   | 46,330 |   |
| Income taxes payable                                             |   |      | 118,906    |   |     |   | 14,793 |   |
| Total current liabilities                                        |   |      | 2,212,638  |   |     |   | 2,592,812 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Deferred income taxes                                            |   |      | 154,397    |   |     |   | 127,148 |   |
| Total liabilities                                                |   |      | 2,367,035  |   |     |   | 2,719,960 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Common stock, par value $.33-1/3 per share.                      |   |      |       |   |     |   |   |   |
| Authorized 10,000,000 shares; issued 3,029,874 shares            |   |      |       |   |     |   |   |   |
| on March 31, 2011 and June 30, 2010.  Outstanding      |   |      |       |   |     |   |   |   |
| 2,311,860 and 2,319,876 (includes  162,916 and 179,166 |   |      |       |   |     |   |   |   |
| Unearned ESOP Shares on March 31, 2011 and                       |   |      |       |   |     |   |   |   |
| June 30, 2010, respectively)                                     |   |      | 1,009,958  |   |     |   | 1,009,958 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Capital in excess of par value                                   |   |      | 14,390,675 |   |     |   | 14,172,284 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Retained earnings                                                |   |      | 21,819,709 |   |     |   | 23,002,981 |   |
|                                                             |   |      | 37,220,342 |   |     |   | 38,185,223 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Less:   Unearned ESOP shares                           |   |      | (2,588,954 | )      |     |   | (2,588,954 | ) |
|                                                             |   |      |       |   |     |   |   |   |
| Treasury shares, cost of 718,014 shares on March                 |   |      |       |   |     |   |   |   |
| 31, 2011 and 709,998 shares on June 30, 2010                     |   |      | (7,598,357 | )      |     |   | (7,149,550 | ) |
| Total stockholders’ equity                                 |   |      | 27,033,031 |   |     |   | 28,446,719 |   |
|                                                             |   |      |       |   |     |   |   |   |
| Total liabilities and stockholders' equity                       |   | $         | 29,400,066 |   |     | $      | 31,166,679 |   |

----

Index

T

|                                |   | Three Months |      |   | Nine Months |   |
|-------------------------------------|--------|--------------|-----------|--------|-------------|--------|
|                                |   | 2011         |      |   | 2010        |   |   | 2011 |   |   | 2010 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |
| Net sales                           |   | $            | 7,005,795 |   |        | $      | 6,955,827 |   |   | $ | 19,613,467 |   |   | $ | 19,697,098 |   |
| Cost of sales                       |   |         | 4,958,639 |   |        |   | 5,117,045 |   |   |   | 14,290,980 |   |   |   | 14,338,021 |   |
| Gross profit                        |   |         | 2,047,156 |   |        |   | 1,838,782 |   |   |   | 5,322,487 |   |   |   | 5,359,077 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
|   administrative expenses |   |         | 663,544   |   |        |   | 753,414 |   |   |   | 2,100,027 |   |   |   | 2,302,549 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                    |   |         | 1,383,612 |   |        |   | 1,085,368 |   |   |   | 3,222,460 |   |   |   | 3,056,528 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)              |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Interest and dividend income        |   |         | 13,616    |   |        |   | 15,890 |   |   |   | 43,925 |   |   |   | 84,554 |   |
| Other                               |   |         | 13,048    |   |        |   | 9,314 |   |   |   | 97,734 |   |   |   | 27,399 |   |
|                                |   |         | 26,664    |   |        |   | 25,204 |   |   |   | 141,659 |   |   |   | 111,953 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes          |   |         | 1,410,276 |   |        |   | 1,110,572 |   |   |   | 3,364,119 |   |   |   | 3,168,481 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes          |   |         | 398,245   |   |        |   | 301,849 |   |   |   | 948,802 |   |   |   | 852,824 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income                          |   | $            | 1,012,031 |   |        | $      | 808,723 |   |   | $ | 2,415,317 |   |   | $ | 2,315,657 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share:               |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Basic                               |   | $            | .47       |   |        | $      | .38 |   |   | $ | 1.12 |   |   | $ | 1.09 |   |
| Diluted                             |   | $            | .46       |   |        | $      | .38 |   |   | $ | 1.11 |   |   | $ | 1.08 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of          |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
|   shares outstanding:     |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Basic                               |   |         | 2,157,427 |   |        |   | 2,127,135 |   |   |   | 2,150,330 |   |   |   | 2,127,514 |   |
| Diluted                             |   |         | 2,181,559 |   |        |   | 2,138,898 |   |   |   | 2,173,518 |   |   |   | 2,135,836 |   |
|                                |   |         |      |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Dividends per share:                |   | $            | .2250     |   |        | $      | .2250 |   |   | $ | 1.6750 |   |   | $ | 1.6750 |   |

----

Index

&

|                                                                                           |   |      |           |    |   |   |
|------------------------------------------------------------------------------------------------|--------|-----------|----------------|---------|--------|--------|
|                                                                                           |   | March 31, |           |
|                                                                                           |   | 2011      |           |    | 2010   |   |
| Cash Flows From Operating Activities:                                                          |   |      |           |    |   |   |
| Net income                                                                                     |   | $         | 2,415,317      |    |   | $      | 2,315,657 |   |
|                                                                                           |   |      |           |    |   |   |   |   |
| Adjustments to reconcile net income to net cash provided by operating activities:              |   |      |           |    |   |   |   |   |
| Excess tax benefits from share-based compensation                                              |   |      | 10,939         |    |   |   | 3,138 |   |
| Stock-based compensation                                                                       |   |      | 54,374         |    |   |   | 76,408 |   |
| Depreciation                                                                                   |   |      | 349,723        |    |   |   | 342,405 |   |
| ESOP compensation expense                                                                      |   |      | 361,941        |    |   |   | 310,273 |   |
| Loss on disposal of assets                                                                     |   |      | 15             |    |   |   | 1,802 |   |
| Deferred income tax                                                                            |   |      | 27,751         |    |   |   | (17,579 | ) |
| Changes in assets and liabilities:                                                             |   |      |           |    |   |   |   |   |
| Decrease in trade receivables, net                                                             |   |      | 1,768,073      |    |   |   | 801,518 |   |
| Increase in income taxes receivable                                                            |   |      | --             |    |   |   | (175,844 | ) |
| Increase in ESOP receivable due to dividends on unallocated shares                             |   |      | --             |    |   |   | (27,518 | ) |
| (Increase) decrease in inventories           |   |      |  (434,354 | )  |   |   |  484,198 |   |
| Decrease in prepaid expenses and other current assets                                          |   |      | 6,525          |    |   |   | 41,000 |   |
| (Decrease) increase in accounts payable                                                        |   |      | (565,307       | )       |   |   | 395,653 |   |
| Increase (decrease) in accrued salaries, wages and commissions                                 |   |      | 74,159         |    |   |   | (62,079 | ) |
| Increase in vacation accrual                                                                   |   |      | 23,082         |    |   |   | 25,328 |   |
| Decrease in ESOP payable                                                                       |   |      | (300,104       | )       |   |   | (310,273 | ) |
| Decrease in other accrued expenses                                                             |   |      | (75,445        | )       |   |   | (2,686 | ) |
| (Decrease) increase in payroll & other taxes withheld and accrued                          |   |      | (2,613         | )       |   |   | 3,165 |   |
| Increase (decrease) in income taxes payable                                                    |   |      | 93,174         |    |   |   | (270,029 | ) |
| Net cash provided by operating activities                                                      |   |      | 3,807,250      |    |   |   | 3,934,537 |   |
|                                                                                           |   |      |           |    |   |   |   |   |
| Cash Flows From Investing Activities:                                                          |   |      |           |    |   |   |   |   |
| Additions to property, plant & equipment                                                   |   |      | (590,503       | )       |   |   | (386,029 | ) |
| Payment for loan receivable                                                                    |   |      | (125,000       | )       |   |   | -- |   |
| Proceeds from loan receivable                                                                  |   |      | 18,200         |    |   |   | 17,994 |   |
| Purchase of short term investments                                                             |   |      | (2,690,000     | )       |   |   | (7,594,731 | ) |
| Maturity of short term investments                                                             |   |      | 6,960,000      |    |   |   | 6,173,601 |   |
| Net cash provided by (used in) investing activities                                            |   |      | 3,572,697      |    |   |   | (1,789,165 | ) |
|                                                                                           |   |      |           |    |   |   |   |   |
| Cash Flows From Financing Activities:                                                          |   |      |           |    |   |   |   |   |
| Sale of treasury stock                                                                         |   |      | 12,081         |    |   |   | 326,752 |   |
| Dividends on common stock                                                                      |   |      | (3,598,589     | )       |   |   | (3,571,058 | ) |
| Purchase of treasury stock                                                                     |   |      | (575,246       | )       |   |   | (452,155 | ) |
| Proceeds from exercise of stock options                                                        |   |      | 267,436        |    |   |   | 135,580 |   |
| Excess tax benefits from share-based compensation                                              |   |      | 10,939         |    |   |   | 3,138 |   |
| Net cash used in financing activities                                                          |   |      | (3,883,379     | )       |   |   | (3,557,743 | ) |
|                                                                                           |   |      |           |    |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                                               |   |      | 3,496,568      |    |   |   | (1,412,371 | ) |
| Cash and cash equivalents, beginning of period                                                 |   |      | 4,475,066      |    |   |   | 2,775,319 |   |
| Cash and cash equivalents, end of period                                                       |   |      | 7,971,634      |    |   |   | 1,362,948 |   |
|                                                                                           |   |      |           |    |   |   |   |   |
| Supplemental disclosures of cash flow information:                                             |   |      |           |    |   |   |   |   |
| Income taxes paid                                                                              |   | $         | 806,000        |    |   | $      | 1,310,000 |   |

----

Index

C

----

Index

|                                                                       |   | 2011   |   | 2010    |
|----------------------------------------------------------------------------|--------|--------|--------|---------|
| Dividend yield                                                             |   |   | 4.69   | %       |   |   | 5.3 | % |
| Expected stock price volatility                                            |   |   | 33.13  | %       |   |   | 31.41 | % |
| Risk-free interest rate                                                    |   |   | 1.08   | %       |   |   | 1.79 | % |
| Expected option life (in years)                                            |   | 4.1yrs |   | 4.3 yrs |
| Weighted average fair value per share of options granted during the period |   | $      | 3.335  |    | $ | 2.767 |

|                                         |   | Employee Stock Options Plan |
|----------------------------------------------|--------|-----------------------------|
|                                         |   |                        |   |   |   | Weighted |   |   |   |
|                                         |   | Number of                   |   | Weighted |   | Average |   |   |   |
|                                         |   | Shares                      |   | Average |   | Remaining |   | Aggregate |
|                                         |   | Subject                     |   | Exercise |   | Contractual |   | Intrinsic |
|                                         |   | To Option                   |   | Price |   | Term |   | Value |
| Balance at July 1, 2010                      |   |                        | 127,600 |   |   | $ | 18.31 |   |   |   | 7.02 |   |   |   |   |
| Granted                                      |   |                        | 31,100 |   |   | $ | 19.20 |   |   |   | 9.38 |   |   |   |   |
| Exercised                                    |   |                        | (14,700 | ) |   | $ | 18.19 |   |   |   | -- |   |   |   |   |
| Forfeited or expired                         |   |                        | (2,000 | ) |   | $ | 17.09 |   |   |   | -- |   |   |   |   |
| Outstanding at March 31, 2011           |   |                        | 142,000 |   |   | $ | 18.53 |   |   |   | 6.95 |   |   | $ | 913,023 |   |
| Vested or expected to vest at March 31, 2011 |   |                        | 137,138 |   |   | $ | 18.52 |   |   |   | 6.87 |   |   | $ | 883,612 |   |
| Exercisable at March 31, 2011                |   |                        | 108,400 |   |   | $ | 18.40 |   |   |   | 6.22 |   |   | $ | 711,422 |   |

----

Index

|                            |   | 2011   |      |   | 2010   |   |
|---------------------------------|--------|--------|-----------|--------|--------|--------|
| Allocated Shares                |   |   | 422,273   |   |   |   | 431,061 |   |
| Committed-to-be-released shares |   |   | 16,250    |   |   |   | 16,875 |   |
| Unreleased shares               |   |   | 162,916   |   |   |   | 184,791 |   |
|                            |   |   |      |   |   |   |   |   |
| Total shares held by the ESOP   |   |   | 601,439   |   |   |   | 632,727 |   |
|                            |   |   |      |   |   |   |   |   |
| Fair value of unreleased shares |   | $      | 4,066,383 |   |   | $      | 3,714,299 |   |

----

Index

i

----

Index

----

Index

|                                                |   | Nine Months Ended March 31, |       |
|-----------------------------------------------------|--------|-----------------------------|------------|
|                                                |   | 2011                        |       |   | 2010 |   |
| Net cash provided by operating activities           |   | $                           | 3,807,250  |   |   | $ | 3,934,537 |   |
| Net cash provided by (used in) investing activities |   |                        | 3,572,697  |   |   |   | (1,789,165 | ) |
| Net cash used in financing activities               |   |                        | (3,883,379 | ) |   |   | (3,557,743 | ) |

----

Index

Q

o

----

Index

R

g

|   | None |
|--------|------|

l

|   | (a) | Securities Sold - | For the three and nine month period ended March 31, 2011, the Company sold 0 and 626 shares to the ESOP respectively.  The aggregate gross proceeds from the shares of common stock sold were $0 and $5,165 respectively.  The securities were sold for cash and the sales were made without registration under the Securities Act in reliance upon the exemption from registration afforded under Section 4(2) of the Securities Act of 1933.  Proceeds were used for general working capital purposes. |
|--------|-----|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Securities Repurchased |
|--------|-----|------------------------|

|   | Purchases of Equity Securities |      |
|--------|--------------------------------|-----------|
|   |                           |      |   |   |   |   |
|   |                           |      |   | Total Number | Maximum Number |   |
|   |                           |      |   | of Shares | (or Approximate |   |
|   |                           |      |   | Purchased | Dollar Value) |   |
|   |                           |      |   | as Part of | of Shares |   |
|   |                           | Total     | Average | Publicly | that May Yet |   |
|   |                           | Number    | Price | Announced | Be Purchased |   |
|   |                           | of Shares | Paid | Plan or | Under the Plan |   |
|   | Period                         | Purchased | per Share | Program | or Program (1) |   |
|   | March 1 to                     |      |   |   |   |   |
|   | March 31, 2011                 | 19,794    | $24.835 | 19,794 | $661,054 |   |

|    | (1) | Pursuant to a prior Board of Directors authorization, as of March 31, 2011 the Company can repurchase up to $661,054 of its common stock pursuant to an ongoing plan. |
|--------------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 3 | Defaults Upon Senior Securities |
|--------|---------------------------------|

o

t

|   | 31.1 | Certification of the Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of the Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 | Retired Director Compensation Program and Mandatory Retirement Agreement |
|--------|------|--------------------------------------------------------------------------|

----

Index

|   | 10.6 | Retired Director Compensation Program and Mandatory Retirement Agreement – Paul Corr |
|--------|------|--------------------------------------------------------------------------------------------|

|   | 10.7 | Retired Director Compensation Program and Mandatory Retirement Agreement – Carl Helmetag |
|--------|------|------------------------------------------------------------------------------------------------|

|   | 10.8 | Retired Director Compensation Program and Mandatory Retirement Agreement – Barry Pinsley |
|--------|------|------------------------------------------------------------------------------------------------|

|   | 10.9 | Retired Director Compensation Program and Mandatory Retirement Agreement – Howard Pinsley |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | 10.10 | Retired Director Compensation Program and Mandatory Retirement Agreement – Alvin Sabo |
|--------|-------|---------------------------------------------------------------------------------------------|

|   | 10.11 | Retired Director Compensation Program and Mandatory Retirement Agreement – Michael Wool |
|--------|-------|-----------------------------------------------------------------------------------------------|

----

Index

N

|   | ESPEY MFG. & ELECTRONICS CORP. |
|--------|------------------------------------|
|   |                               |
|   |                               |
|   | /s/ Mark St. Pierre                |
|   | Mark St. Pierre, President and     |
|   | Chief Executive Officer            |
|   |                               |
|   | /s/ David O'Neil                   |
|   | David O'Neil, Treasurer and        |
|   | Principal Financial Officer        |