INNODATA INC — Director's Dealing 2003

Nov 13, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA CORP (INOD)
CIK: 0000903651
Period of Report: 2003-11-10

Reporting Person: PALMEN JAN (Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-10	Stock Options	$3.35	A	40000	Acquired	2013-11-09	Common Stock (40000)	Direct

Footnotes

F1: 25% on November 10, 2004 and linear thereafter over the succeeding 36 months.

F2: Stock Option Granted