INNODATA INC — Director's Dealing 2003

Nov 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA ISOGEN INC (INOD)
CIK: 0000903651
Period of Report: 2003-11-21

Reporting Person: GOLDFARB CHARLES F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-21	Common Stock	S	800	$4.40	Disposed	0	Direct
2003-11-21	Common Stock	M	60000	$2.25	Acquired	60000	Direct
2003-11-21	Common Stock	S	450	$4.39	Disposed	59550	Direct
2003-11-21	Common Stock	S	2000	$4.23	Disposed	57550	Direct
2003-11-21	Common Stock	S	6000	$4.21	Disposed	51550	Direct
2003-11-21	Common Stock	S	794	$4.40	Disposed	50756	Direct
2003-11-21	Common Stock	S	3300	$4.38	Disposed	47456	Direct
2003-11-21	Common Stock	S	15456	$4.37	Disposed	32000	Direct
2003-11-21	Common Stock	S	8000	$4.35	Disposed	24000	Direct
2003-11-21	Common Stock	S	2200	$4.31	Disposed	21800	Direct
2003-11-21	Common Stock	S	300	$4.32	Disposed	21500	Direct
2003-11-21	Common Stock	S	2700	$4.36	Disposed	18800	Direct
2003-11-21	Common Stock	S	13300	$4.30	Disposed	5500	Direct
2003-11-21	Common Stock	S	5500	$4.25	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-21	Stock Option	$2.25	M	60000	Disposed	2005-10-15	Common Stock (60000)	Direct

Footnotes

F1: Various

F2: Exercise of employee stock options