UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 4 Washington, D. C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 ( ) Check here if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ------------------------------------------------------------------------------------------------------------------------------------ | | | | |1 Name and Address of Reporting Person * |2 Issuer Name and Ticker/Trading Symbol|6 Relationship of Reporting | | | | Person(s) to Issuer | | Hertz Barry |Innodata Corporation INOD | (Check All Applicable) | | |---------------------------------------| ( X ) Director ( ) 10% Owner| | (Last) (First) (Middle)|3 IRS or Social |4 Statement for | ( X ) Officer ( ) Other | | | Security Number | Month/Year | (Give Title below) (Specify below)| | 95 Rockwell Place | of Reporting | | | | (Street 1) | Person | Mar. 2001 | Chairman | | | (Voluntary) |---------------------|------------------------------------| | | |5 If Amendment, |7 Individual or Joint/Group Filing | | (Street 2) | | Date of Original | (Check Applicable) | | | | (Month/Year) | Form filed by: | | Brooklyn NY 11217 | | | (X) One Reporting Person | | (City) (State) (Zip) | | | ( ) More Than One Reporting Person| ------------------------------------------------------------------------------------------------------------------------------------ Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ------------------------------------------------------------------------------------------------------------------------------------ |1 Title of Security |2 Trans- |3 Trans- |4 Securities Acquired |5 Amount of |6 Ownership|7 Nature of Indirect | | (Instruction 3) | action | action | (A) or Disposed of (D) | Securities | Form: | Beneficial Ownership | | | Date | Code | (Instructions 3, 4, 5) | Beneficially | Direct(D) | (Instruction 4) | | | (Month/ | (Instr 8)|------------------------| Owned at | or | | | | Day) |----------| Amount |(A)| Price | End of Month |Indirect(I)| | | | Year) | Code | V | |(D)| |(Instrs 3, 4) | (Instr 4) | | |--------------------------------|---------|------|---|-----------|---|--------|--------------|-----------|------------------------| | Common Stock | 3/1- | S | | 40,000 | D |$3.90- | 2,136,972| I |Owned through Track Data| | | 30/01| | | | | 7.37 | | |Corp. of which Mr. Hertz| | | | | | | | | | |is the principal stock | | | | | | | | | | |holder. | ------------------------------------------------------------------------------------------------------------------------------------ | Common Stock | 3/23/01 | M | | 168,000 | A | $.50 | | D | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | Common Stock | 3/7- | S | | 38,000 | D | $4.07- | 183,600| D | | | | 30/01 | | | | | 7.75| | | | ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). SEC 1474 (7-96)

FORM 4 (Continued) ------------------------------------------------------------------------------------------------------------------------------------ Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (Puts, Calls, Warrants, Options, Convertible Securities) ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | |1 Title of |2 Con- |3 Trans-|4 Trans-|5 Number of |6 Date |7 Title and Amount|8 Price |9 Number|10 Own-|11 Nature| | Derivative | ver- | action | action | Derivative | Exercisable and | of Underlying | of |of Deri-|ership:| of | | Security | sion | Date | Code | Securities | Expiration Date | Securities | Deri- |vative |Direct |Indirect | | (Instr 3) | or | (Month/| (Instr | Acquired (A) or | (Month/Day/Year)|(Instructions 3,4)| vative |Secur- |(D) or |Ownership| | | Exer- | Day/ | 8) | Disposed of (D) |-----------------|------------------| Sec- |ties |Indi- |(Instr 4)| | | cise | Year) | |(Instrs 3, 4, 5) | Date | Expir- | |Amount | urity |Owned at|rect(I)| | | | Price | |--------|-----------------| Exer- | ation | Title |or Num- |(Instr |End of |(Instr | | | | | |Code| V | (A) | (D) | cisable| Date | |ber of | 5) |Month | 4) | | | | | | | | | | | | |Shares | |(Instr4)| | | |------------|--------|--------|----|---|--------|--------|--------|--------|---------|--------|--------|--------|-------|---------| |Common Stock| $.50 | 3/23/01| M | | |168,000 | | | Common |168,000 | $.50 |803,996 | D | | | | | | | | | | | | Stock | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: Barry Hertz 4/6/01 _____________________________________ ___________ ** Signature of Reporting Person Date ** Intentional misstatement or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: Transmit one copy of this Form to EDGAR, using a typed signature. If space is insufficient, see Instruction 6 for procedure. SEC 1474 (7-96)

INNODATA CORP 4