INNODATA INC — Director's Dealing 2005

May 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA ISOGEN INC (INOD)
CIK: 0000903651
Period of Report: 2005-05-16

Reporting Person: PALMEN JAN (Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-16	Stock Option	$1.56	J	44346	Disposed	2005-05-31	Common Stock (44346)	Direct
2005-05-16	Stock Option	$2.59	J	44346	Acquired		Common Stock (44346)	Direct
2005-05-16	Stock Option	$2.25	J	40000	Disposed	2005-10-18	Common Stock (40000)	Direct
2005-05-16	Stock Option	$2.59	J	40000	Acquired		Common Stock (40000)	Direct

Footnotes

F1: Reported transaction involves the change in expiration date of previously reported and vested stock options from May 31, 2005 to: 9,000 expiring on May 31, 2009, 9,000 expiring on May 31, 2010, 9,000 expiring on May 31, 2011, 9,000 expiring on May 31, 2012, and 8,346 expiring on May 31, 2013; and the change of exercise price from $1.56 to $2.59.

F2: Reported transaction involves the change in expiration date of previously reported and vested stock options from October 18, 2005 to: 8,000 expiring on September 30, 2009, 8,000 expiring on September 30, 2010, 8,000 expining September 30, 2011, 8,000 expiring on September 30, 2012 and 8,000 expiring on September 30, 2013; and the change of the exercise price from $2.25 to $2.59.

F3: Currently exercisable