Document:

EXHIBIT 10.1

                                    AGREEMENT
                                    ---------

     AGREEMENT made as of the 8th day of January,  2010, by and between DAVID H.
LIEBERMAN,  an adult individual  (hereinafter  referred to as the "Executive" ),
and HERLEY INDUSTRIES,  INC., a Delaware corporation,  with its principal office
at 3061 Industry Drive,  Lancaster,  Pennsylvania 17603 (hereinafter referred to
as "Company").

                                   BACKGROUND

     The Executive is a senior partner in the law firm of Beckman, Lieberman and
Barandes,  LLP (the "Beckman Firm"),  one of several law firms that has provided
legal  services  to the  Company.  The  Executive  was a former  director of the
Company  and  served  as  Secretary  of the  Company  from  1994 to 2001.  As an
attorney,  officer and director, the Executive has provided valuable services to
the Company for over 35 years.

     On July 22, 2009,  the Executive  was  appointed to the Company's  Board of
Directors  and elected as an executive  officer of the  Company,  serving in the
capacity as Chairman of the Board.  In connection with his election as Chairman,
the Executive was awarded  100,000 shares of restricted  common stock which vest
in 2014,  subject  to  accelerated  vesting  under  certain  circumstances  (the
"Restricted  Stock") pursuant to the Restricted Stock Agreement  attached hereto
as  Exhibit  A  and  annual   compensation   of  $250,000   (the   "Chairmanship
Compensation").

     During the  Executive's  Chairmanship,  the  Executive was able to achieve,
either  alone or  along  with  others,  results  which  exceeded  the  Company's
expectations,  with  respect to both the  benefits  to the  Company and the time
period during which these benefits were able to be realized.  Specifically,  the
Executive  successfully  led a  transition  following  the  resignation  by  the
Company's  previous  Chairman and Chief Executive Officer and has contributed to
the  achievement of various  financial and strategic  goals.  Among the areas in
which the Company made significant progress during the Executive's  Chairmanship
include the substantially  improved  financial  performance of the Company,  the
transition to the Company's new Chief Executive  Officer,  resolution of various
legal matters (resulting in significant recoveries to the Company and savings in
ongoing legal fees), improved  stockholder,  supplier and customer relations and
an increased  Company market value.  These  achievements  resulted in measurable
immediate  substantial  financial benefits to the Company and achievements,  the
benefits from which, while not currently quantifiable, are likely to benefit the
Company in the future.

     Having  fulfilled  these  initiatives,  the Company and the Executive  have
determined that it would be in the  best-interests for the Company to transition
to a new  Chairman  of the Board and for the  Executive  to  transition  back as
counsel  to the  Company  as well as being  able to  engage  in  other  business
opportunities. Following the Executive's resignation as Chairman and a director,
the  Company  will  continue to have the  benefit of the  Executive's  expertise
through his services as outside  counsel to the Company through the Beckman Firm
by way of a  separate  arrangement  with the  Beckman  Firm.  As a result of his

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resignation,  the  Restricted  Stock will not vest and the Executive will forego
the potential  value of the  Restricted  Stock.  In light of this fact and, more
importantly,  the value of the  Executive's  achievements  on behalf of, and his
contributions  to, the Company  recited  above,  the Company has  determined  to
provide the Executive with a performance  payment in the amount of $900,000 (the
"Performance  Payment").  The Performance Payment was unanimously recommended by
the  Compensation  Committee of the Company's Board of Directors and unanimously
approved by the independent  members of the Board. In making its  determination,
the Compensation  Committee  retained  independent legal counsel and independent
compensation  consultants  to  assist  the  Committee.  The  Committee,  in  its
deliberations,  considered,  among other  factors,  the facts that the Executive
would  receive no benefit from the  Restricted  Stock and that the amount of the
Performance  Payment represented a relatively small percentage of the measurable
financial  benefits to the Company which resulted from the Executive's  efforts.
Further,  the Committee  took the view that the  Chairmanship  Compensation  was
inadequate to compensate the Executive for his efforts and achievements.

     Based on the foregoing and the  representations  and  obligations set forth
herein, the Company and the Executive have agreed that the Executive will resign
as Chairman of the Board and as a director.

     In  consideration  of the benefits  outlined in this  Agreement,  which the
Executive  acknowledges  constitute good and sufficient  consideration  for this
Agreement,  the Executive has agreed to the covenants  contained  herein,  and a
release of any and all claims he may have  against the Company  arising from his
employment or separation  from  employment  with the Company,  including  claims
under the Age Discrimination in Employment Act of 1967, as amended.

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                                    AGREEMENT

     NOW,  THEREFORE,  in consideration of the mutual promises contained herein,
and intending to be legally bound, the parties agree as follows:

     1. Recitals.  The recitals set forth as background  above are  incorporated
into  this  Agreement  as if they  were  set  forth  in full in the body of this
Agreement.

     2.  Resignation  from Current  Employment.  Effective  January 8, 2010 (the
"Separation  Date"),   Executive  shall  voluntarily  resign  from  his  current
employment  as Chairman of the Board of the Company.  The  Executive  shall also
resign his  position as a director  of the Company and each of its  subsidiaries
effective January 8, 2010.

     3.  Separation  Arrangements.  The Company and Executive have agreed to the
following.

          (a) Performance Payment. The Company shall pay the Performance Payment
     in a lump sum within three business days from the date of this Agreement in
     accordance with Exhibit B attached hereto.

          (b) Restricted Stock. The Executive hereby  relinquishes all rights to
     the Restricted  Stock and  acknowledges  that the Restricted Stock shall be
     cancelled as of the date of this Agreement.

          (c)  Chairmanship  Compensation.   The  Executive  shall  receive  his
     Chairmanship Compensation through the Separation Date.

          (d)  Public  Communications.   The  Company  shall  make  such  public
     disclosures of the terms of this Agreement as it and its counsel determines
     are required by applicable law; such  disclosures  will be substantially in
     the form attached hereto as Exhibit C.

          (e) No Other  Benefits.  The Executive  shall have no right to receive
     any other payment or benefit arising from his employment  relationship with
     the Company except (i) as specifically  set forth in this  Agreement,  (ii)
     for any and all  vested  and  exercisable  stock  options  (which  shall be
     exercisable  in  accordance  with  their  terms),  and (iii) for any vested
     retirement benefits provided under Company's 401(k) plan, up to the date of
     this  Agreement.  The payments set forth in this Agreement  include any and
     all outstanding and accrued  compensation,  wages, and benefits that may be
     due and owing to Executives  and that Company has no further  obligation to
     provide  Executive,  in his  capacity as  Chairman or a director,  with any
     compensation  of any sort,  or any  non-monetary  or  monetary  benefits in
     addition to that which is set forth in this Section 3.

          (f) Health Insurance  Benefits.  Consistent with the provisions of the
     Consolidated Omnibus Budget  Reconciliation Act of 1986 ("COBRA") regarding
     the  continuation  of  employee  health  benefits,  Executive  may elect to

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     continue coverage under Company's health and dental plans for Executive and
     Executive's  dependents currently enrolled in the plans for the time period
     proscribed by law commencing on the Separation Date.

          (g) Reimbursement. The Company shall pay the Executive, promptly after
     its receipt of the documentation or other evidence (if any) necessary under
     the Company's  standard  reimbursement  policies,  all amounts to which the
     Executive is entitled as  reimbursement  of expenses through the Separation
     Date under the  Company's  reimbursement  policies as in effect on the date
     the expenses were incurred.

          (h)  Indemnification.  With  respect  to  acts  or  omissions  of  the
     Executive while he was a director and officer of the Company, the Executive
     will  continue  to be  entitled  to (A) the  right to  indemnification  and
     advancement of expenses,  to the fullest  extent  provided by the Company's
     By-Laws or  otherwise,  from the Company,  unless  prohibited by applicable
     law,  and  (B)  coverage  under  the  Company's  directors'  and  officers'
     liability  insurance  policies  maintained by or on behalf of the Company's
     directors and officers.  For the absence of doubt, the Executive also shall
     be entitled to the benefits  described in this Section 3(h) with respect to
     any  liability  incurred  by  the  Executive  in  connection  with  current
     litigation  whereby plaintiffs have named the Company and various others as
     defendants.  Notwithstanding anything to the contrary contained herein, the
     terms and  conditions of a certain  Indemnification  Agreement  between the
     Company and Executive dated May 21, 2003 (the "Indemnification  Agreement")
     shall  continue  and remain in full force and effect  after the  Separation
     Date and nothing herein shall be deemed to limit its terms.

          (i) No Impact on Payments to Beckman Firm. The terms of this Agreement
     shall have no impact on payments  by the  Company to the  Beckman  Firm for
     legal  services by the Beckman Firm  provided to the Company or the ongoing
     relationship by the Company with the Beckman firm.

     4.  Post-Separation  Confidentiality and Cooperation.  The Executive agrees
that he shall not  disclose  confidential  information  of the Company and shall
cooperate with the Company as follows:

          (a) The  Executive  shall not at any time  disclose  to any  person or
     entity any trade secrets or Confidential Information learned or obtained by
     him while  employed  by the  Company,  without  written  permission  of the
     Company or as required by legal process,  subpoena, or Court order. As used
     herein, the term "Confidential  Information" means information disclosed to
     the Executive or known by him as a consequence of or through his employment
     with the  Company  and not  generally  known in the  industry  in which the
     Company is engaged,  or which is not in the public domain, and which in any
     way  relates  to  the  Company's  strategic  plans,  processes,   services,
     techniques or know how,  including,  but not limited to, customer lists and
     information  relating  to  research,  development,  purchasing,  financing,
     strategic planning, personnel information,  accounting,  marketing, leasing
     and selling.

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          (b) The  Executive  shall  cooperate  with the  Company  in  providing
     information  and being  available  for  consultations  in  connection  with
     situations  arising  from or related  to his  employment  with the  Company
     including,   but  not  limited  to,  cooperation  with  the  Company,   its
     accountants,  and attorneys in connection  with legal or financial  matters
     arising  from the  Executive's  employment  by  making  himself  reasonably
     available for consultation and participation in the Company matters. In the
     event that the Executive shall become involved in legal matters  associated
     with his employment with the Company,  the Executive agrees to cooperate in
     such matters by providing information,  consultation,  and testimony should
     the need for such arise.  The Company agrees that in the event Executive is
     required to perform any of the foregoing  acts,  that he will be reasonably
     compensated for his services.

     5. Non-admission of Liability. Nothing in this Agreement shall be construed
as an  admission of liability  by the  Executive  or the  Company;  rather,  the
Executive and the Company  Released  Parties are resolving any and all potential
disputes arising from the Executive's  employment with the Company and cessation
of that employment.

     6. General and Specific Releases.

          (a) Executive's  Release of Claims.  In  consideration of the benefits
     hereunder and the Company's other obligations hereunder,  the Executive (on
     his own  behalf  and,  to the  extent  enforceable,  on behalf of the other
     Executive  Released Parties (as such term is defined below)) hereby forever
     releases   and   discharges   the  Company,   its  parent  and   subsidiary
     corporations,  their respective  affiliates,  and their respective past and
     present officers,  directors,  shareholders,  partners,  members, managers,
     agents, employees and attorneys and each of their respective successors and
     assigns  (collectively,  "Company  Released  Parties"),  from  any  and all
     claims, complaints, liens, demands, causes of action, obligations,  damages
     and  liabilities,  known or unknown,  suspected  or  unsuspected,  that the
     Executive had, now has, or may hereafter  claim to have against the Company
     Released Parties,  arising out of or relating in any way to the Executive's
     hiring by,  employment  with, or separation  from, the Company or otherwise
     relating to any of the Company  Released  Parties up to and  including  the
     date the  Executive  signs this  Agreement,  except for any claims that may
     arise  under  this  Agreement.  Except to the  extent  that such  waiver is
     precluded by law, the  Executive  further  promises and agrees that he will
     not file,  initiate,  or cause to be filed or initiated,  any claim,  suit,
     complaint,  grievance,  action, or cause of action based upon,  arising out
     of, or relating to any claim,  demand,  or cause of action released herein,
     nor shall he participate,  assist or cooperate in any claim,  charge, suit,
     grievance,  complaint,  action or  proceeding  regarding any of the Company
     Released  Parties,  whether  before a court  or  administrative  agency  or
     otherwise, unless required to do so by law.

          (b)  Specific  Releases.  The releases set forth in Section 6(a) above
     specifically extend to, without limitation,  claims or causes of action for
     wrongful  termination,  impairment  of ability to compete in the open labor
     market, breach of an express or implied contract, breach of the covenant of

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     good  faith  and  fair   dealing,   breach  of   fiduciary   duty,   fraud,
     misrepresentation,  defamation,  slander, infliction of emotional distress,
     discrimination, harassment, disability, loss of future earnings, and claims
     under  any  state  constitution,   the  United  States  Constitution,   and
     applicable  state and federal fair employment  laws,  applicable  state and
     federal equal employment opportunity laws, and applicable state and federal
     labor statutes and regulations,  including but not limited to, Title VII of
     the Civil Rights Act of 1964, as amended,  the Pennsylvania Human Relations
     Act, the Family  Medical Leave Act, the National  Labor  Relations Act, the
     Labor-Management  Relations Act, the Worker Retraining and Notification Act
     of 1988, the Americans With  Disabilities  Act of 1990, the  Rehabilitation
     Act of 1973, the Employee Retirement Income Security Act of 1974 (except as
     to claims for vested  benefits),  and the Age  Discrimination in Employment
     Act of 1967, all as amended from time to time, all other employment tort or
     common law claims,  and all other  laws,  statutes  or  regulations  now or
     hereafter recognized,  and all claims for counsel fees and costs. Executive
     specifically  acknowledges  that he is releasing all claims for  attorneys'
     fees and costs.

          (c) Executive's Release of Unknown Claims. The Executive  acknowledges
     and agrees that, as a condition of this Agreement,  the Executive expressly
     waives all rights and claims against the Company  Released  Parties covered
     by  Sections  6(a) and (b) above that he knows about or suspects as well as
     those he may not  know  about  or  suspect,  including  those  afforded  by
     applicable law, up to and including the date he signs this  Agreement.  For
     the purpose of  implementing  a full and complete  release and discharge of
     the Company Released Parties with respect to the claims covered by Sections
     6(a) and (b) above, the Executive  expressly  acknowledges that the release
     above in this  Agreement  is intended  to include  and does  include in its
     effect, without limitation, all claims which he does not know or suspect to
     exist in his favor  against the  Company  Released  Parties,  and that this
     Agreement  expressly  contemplates the  extinguishments of all such claims,
     including,  but not  limited  to, any and all claims  under any  applicable
     federal, state or local law.

          (d)  Exceptions to Releases.  Notwithstanding  any other  provision of
     this Agreement,  the releases in Section 6(a) specifically do not extend to
     any obligation of the Company or any of its affiliates under this Agreement
     or any other agreement with or plan of the Company or any of its affiliates
     that, by its terms,  continues to afford the  Executive  rights or benefits
     after the Separation Date.

          (e) Review and  Revocation  Period.  For and in  consideration  of the
     Company's promise to cause the payment and benefits to be made as set forth
     in Section 3, above, Executive WAIVES ALL RIGHT AND CLAIMS he has ever had,
     or now has,  under THE AGE  DISCRIMINATION  IN  EMPLOYMENT  ACT OF 1967, AS
     AMENDED (ADEA). The Executive acknowledges that the Company has advised the
     Executive  that pursuant to the Age  Discrimination  in  Employment  Act of
     1967, as amended,  to consult with an attorney of the Executive's  choosing
     prior to signing this Agreement and that the Executive has twenty-one  (21)

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     days during which to consider the  provisions of this  Agreement,  although
     the Executive may sign and return it sooner. If the Executive  executes and
     returns this Agreement  prior to the expiration of such twenty-one (21) day
     period,  the  Executive  acknowledges  that he has had  sufficient  time to
     consider the terms of this  Agreement  with counsel and that he  expressly,
     voluntarily and knowingly  waives the remainder of such twenty-one (21) day
     period.  The  Executive  further  acknowledges  that the Executive has been
     advised by the  Company  that the  Executive  has the right to revoke  this
     Agreement  for a period of seven (7) days  after  signing  it and that this
     Agreement  shall not  become  effective  or  enforceable  until  such seven
     (7)-day revocation period has expired (the "Effective Date"). The Executive
     acknowledges  and  agrees  that if the  Executive  wishes  to  revoke  this
     Agreement,  the Executive must do so in writing,  and that such  revocation
     must be signed by the  Executive  and received by January 15, no later than
     5:00  p.m.,  Eastern  Standard  Time,  on the  seventh  (7th) day after the
     Executive has signed this Agreement.  The Executive acknowledges and agrees
     that, in the event that the Executive revokes this Agreement, the Executive
     shall  have no right to  receive  any  benefits  hereunder,  including  the
     benefits hereunder, except as required by law.

          (f) Company's Release of Claims.

               (i) For and in consideration of the Executive's  promises herein,
          the  Company (on its own behalf  and,  to the extent  enforceable,  on
          behalf of the other  Company  Released  Parties)  does hereby  remise,
          release and forever the  Executive and his agents,  attorneys,  heirs,
          successors and assigns (collectively, "Executive Released Parties") of
          and from any and all  manner of actions  and causes of action,  suits,
          debts,  liabilities,  losses,  damages,  claims and demands whatsoever
          (which are  otherwise  subject to waiver) that it had, has or may have
          against the Executive Released Parties,  whether sounding in contract,
          any form of tort or  otherwise,  whether at law or in equity,  whether
          known or unknown,  relating  to the  Executive's  employment  with the
          Company to the date of this  Agreement  except for any claims that may
          arise under this  Agreement.  Except to the extent that such waiver is
          precluded by law, the Company further promises and agrees that it will
          not file,  initiate,  or cause to be filed or  initiated,  any  claim,
          suit,  complaint,  grievance,  action,  or cause of action based upon,
          arising out of, or relating to any claim,  demand,  or cause of action
          released herein, nor shall it participate,  assist or cooperate in any
          claim,  charge,  suit,  grievance,  complaint,  action  or  proceeding
          regarding the Executive's Released Parties,  whether before a court or
          administrative agency or otherwise, unless required to do so by law.

               (ii) The Company  acknowledges and agrees that, as a condition of
          this  Agreement,  the Company  expressly  waives all rights and claims
          against the  Executive's  Released  Parties covered by Section 6(f)(i)
          above that it knows about or suspects as well as those it may not know
          about or suspect,  including  those afforded by applicable  law, up to
          and  including  the date it signs this  Agreement.  For the purpose of
          implementing  a  full  and  complete  release  and  discharge  of  the
          Executive's  Released  Parties with  respect to the claims  covered by
          Section 6(f)(i) above,  the Company  expressly  acknowledges  that the

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          release  above in this  Agreement  is  intended  to  include  and does
          include in its effect,  without  limitation,  all claims which it does
          not know or  suspect  to exist in its favor  against  the  Executive's
          Released Parties,  and that this Agreement expressly  contemplates the
          extinguishments of all such claims, including, but not limited to, any
          and all claims under any applicable federal, state or local law.

     7. Severability.  The covenants in this Agreement are severable, and if any
covenant  or portion  thereof is held to be  invalid  or  unenforceable  for any
reason,  such  covenant  or portion  thereof  shall be modified or adjusted by a
court or other tribunal  exercising its equitable powers to the extent necessary
to cure  such  invalidity  or  unenforceability,  and all  other  covenants  and
provisions shall remain valid and enforceable.

     8. Entire Agreement.  This Agreement expresses the entire Agreement between
the parties  regarding  Executive's  separation from  employment,  and all other
subjects   relating   hereto,   and  it   supersedes   all   prior   agreements,
understandings, and negotiations involving the parties on such subjects, whether
written or oral, consistent or inconsistent,  or otherwise;  provided,  however,
that the  Indemnification  Agreement shall remain in full force and effect. This
Agreement may not be amended, modified, waived, terminated or clarified,  except
by a written  agreement  signed by both  parties.  No  representation,  promise,
inducement or statement of intent  relating to his  employment  made prior to or
contemporaneously  with  this  Agreement  that has been made by the  Company  or
Executive shall have any binding effect.

     9. Waiver.  No waiver of any provision of this Agreement shall be deemed or
shall  constitute a waiver of any other provision of this Agreement,  whether or
not  similar,  nor  shall any  waiver  constitute  a  continuing  waiver  unless
otherwise expressly provided in a writing signed by the waiving party.

     10. Benefitted Parties. The covenants,  promises, rights and obligations of
Executive under this Agreement shall inure to the benefit of the Company and all
other present or future parents, subsidiaries,  successors and affiliates of the
Company and all such entities shall be considered third party  beneficiaries and
may enforce any provision of this Agreement.

     11.  Governing Law. This Agreement  shall be governed by and interpreted in
accordance  with the  domestic  laws of the  State of  Delaware  and each of the
parties  consents to the exclusive  jurisdiction  and venue of the courts of the
State of  Delaware  in all  disputes  arising out of or relating to the terms of
this Agreement.

     12. Remedies.  In the event that either party breaches any of the covenants
contained in this  Agreement,  the prevailing  party shall be entitled to obtain
injunctive  and  equitable  relief,  in any  court  of  competent  jurisdiction,
enjoining any such breach.

     13.  Sections.  The Section  headings  contained in this  Agreement are for
convenience of reference only and shall not affect the meaning or interpretation
of this Agreement.

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     14.   Counterparts.   This  Agreement  may  be  executed  in  two  or  more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall constitute but one and the same instrument.

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         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
8th day of January, 2010.

                                        HERLEY INDUSTRIES, INC.

                                        By: /s/ John A. Thonet
                                           -------------------------

                                           /s/ David H. Lieberman
                                           -------------------------
                                              David H. Lieberman

                                       10EXHIBIT 10.2

              Herley Announces Election of John Thonet as Chairman

January 12, 2010

LANCASTER,  Pa., January 12  /PRNewswire-FirstCall/  -- Herley Industries,  Inc.
(Nasdaq:  HRLY)  announced  today  that John A.  Thonet has  succeeded  David H.
Lieberman as Chairman of the Board. Mr. Lieberman was appointed to the Company's
Board of Directors  on July 22, 2009 and elected as an executive  officer of the
Company,  serving in the  capacity  as Chairman  of the Board.  As an  attorney,
officer and director,  Mr.  Lieberman  has provided  services to the Company for
over 35  years.  Having  fulfilled  various  initiatives,  the  Company  and Mr.
Lieberman  determined  that it would be in their mutual  best-interests  for the
Company to  transition  to a new Chairman of the Board and for Mr.  Lieberman to
transition  back as  counsel  to the  Company as well as being able to engage in
other business  opportunities.  During his tenure as Chairman, Mr. Lieberman was
able to achieve results which exceeded the Company's  expectations  with respect
to both the  benefits  to the Company  and the time  period  during  which these
benefits were able to be realized.

Mr.  Thonet  has been a  director  of the  Company  since 1991 and has served as
Secretary of the Corporation.  Mr. Thonet has been determined by the Board to be
an  independent  director  under  NASDAQ's  listing  rules.  Mr.  Thonet  is the
President of Thonet Associates, Inc., a consulting firm that he founded in 1980,
specializing  in  environmental   planning  and  engineering   design  for  land
development projects and land use planning programs.  Mr. Thonet holds BS and MS
degrees in Forest Engineering from the SUNY College of Environmental Science and
Forestry  at  Syracuse.  He is a licensed  professional  engineer in New Jersey,
Massachusetts,  Pennsylvania,  Michigan  and  West  Virginia  and is a  licensed
professional planner in New Jersey.

Mr.  Lieberman  commented:  "I am honored to have  served as  Chairman of Herley
during this important transition period and am very pleased with the appointment
of  John  Thonet  as my  successor.  John  has  displayed  excellent  leadership
qualities as a director and he will be receiving my full support".

Herley Industries,  Inc. is a leader in the design,  development and manufacture
of  microwave  technology  solutions  for the  defense,  aerospace  and  medical
industries  worldwide.  Based in Lancaster,  PA, Herley has seven  manufacturing
locations and approximately  1,000 employees.  Additional  information about the
Company can be found on the internet at www.herley.com.

For information at Herley contact:

Peg Guzzetti                           Tel: (717) 397-2777
Investor Relations                     www.herley.com

Safe Harbor Statement - Except for the historical  information contained herein,
this  release  may  contain  forward-looking  statements.  Such  statements  are
inherently  subject  to  risks  and  uncertainties.  Forward-looking  statements
involve various important  assumptions,  risks,  uncertainties and other factors
which could cause our actual results to differ  materially  from those expressed
in  such  forward-looking   statements.   Forward-looking   statements  in  this
discussion can be identified by words such as "anticipate,"  "believe," "could,"
"estimate," "expect," "plan," "intend," "may," "should" or the negative of these
terms  or  similar  expressions.  Although  we  believe  that  the  expectations
reflected in the forward-looking  statements are reasonable, we cannot guarantee
future  results,  performance  or  achievement.   Actual  results  could  differ
materially from those contemplated by the forward-looking statements as a result
of certain factors including but not limited to, competitive factors and pricing
pressures,  changes  in  legal  and  regulatory  requirements,  cancellation  or
deferral of customer orders, technological change or difficulties,  difficulties
in the  timely  development  of new  products,  difficulties  in  manufacturing,
commercialization  and  trade  difficulties  and  current  economic  conditions,
including the potential for significant  changes in U.S.  defense spending under
the new  Administration  which  could  affect  future  funding of  programs  and
allocations  within the budget to various  programs  as well as the  factors set
forth in this report and in our public  filings with the Securities and Exchange
Commission.

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