INNODATA INC — Director's Dealing 2003

Dec 15, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA ISOGEN INC (INOD)
CIK: 0000903651
Period of Report: 2003-12-11

Reporting Person: PALMEN JAN (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-11	Common Stock	M	13600	$1.56	Acquired	13600	Direct
2003-12-11	Common Stock	S	9200	$3.96	Disposed	4400	Direct
2003-12-11	Common Stock	S	800	$3.95	Disposed	3600	Direct
2003-12-11	Common Stock	S	3600	$3.99	Disposed	0	Direct
2003-12-12	Common Stock	M	6400	$1.56	Acquired	6400	Direct
2003-12-12	Common Stock	S	6400	$3.93	Disposed	0	Direct
2003-12-15	Common Stock	M	654	$1.56	Acquired	654	Direct
2003-12-15	Common Stock	S	654	$4.05	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-11	Stock Option	$1.56	M	13600	Disposed	2005-05-31	Common Stock (13600)	Direct
2003-12-12	Stock Option	$1.56	M	6400	Disposed	2005-05-31	Common Stock (6400)	Direct
2003-12-15	Stock Option	$1.56	M	654	Disposed	2005-05-31	Common Stock (654)	Direct

Footnotes

F1: Various

F2: Exercise of employee stock options