GAIA, INC — Director's Dealing 2006

Sep 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GAIAM INC (GAIA)
CIK: 0001089872
Period of Report: 2006-09-27

Reporting Person: RAY PAUL H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-27	Class A Common Stock	M	3000	$5.00	Acquired	9121	Direct
2006-09-27	Class A Common Stock	S	3000	$12.0273	Disposed	6121	Direct
2006-09-28	Class A Common Stocl	M	2000	$5.00	Acquired	8121	Direct
2006-09-28	Class A Common Stock	S	2000	$12.4568	Disposed	6121	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-27	Stock Option (right to buy)	$5.00	M	3000	Disposed	2006-10-29	Class A Common Stock (3000)	Direct
2006-09-28	Stock Option (right to buy)	$5.00	M	2000	Disposed	2006-10-29	Class A Common Stock (2000)	Direct

Footnotes

F1: Option vested on a monthlly basis commencing 10/29/1999, and is fully vested.