INNODATA INC — Director's Dealing 2003

Nov 14, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: BROUWER KLAAS (Vice President - Technology)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-12	Common Stock	M	29950	$.67	Acquired	50950	Direct
2003-11-12	Common Stock	S	200	$4.15	Disposed	50750	Direct
2003-11-12	Common Stock	S	1300	$4.10	Disposed	49450	Direct
2003-11-12	Common Stock	S	200	$4.06	Disposed	49250	Direct
2003-11-12	Common Stock	S	2700	$4.02	Disposed	46550	Direct
2003-11-12	Common Stock	S	1300	$4.01	Disposed	45250	Direct
2003-11-12	Common Stock	S	24250	$4.00	Disposed	21000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-12	Stock Options	$.67	M	29950	Disposed	2004-06-08	Common Stock (29950)	Direct

Footnotes

F1: Various

F2: Exercise of employee stock options