INNODATA INC — Director's Dealing 2003

Nov 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA ISOGEN INC (INOD)
CIK: 0000903651
Period of Report: 2003-11-14

Reporting Person: BAGERDJIAN HAIG S (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-14	Stock Options	$3.69	A	30000	Acquired	2013-11-13	Common Stock (30000)	Direct

Footnotes

F1: 25% on November 14, 2004 and linear thereafter over the succeeding 36 months.

F2: Stock Option Grant