X0202 4 2008-02-27 0 0001065754 VIKING SYSTEMS INC VKNG 0001216634 MATHEWS ROBERT C/O VIKING SYSTEMS, INC. 134 FLANDERS ROAD WESTBOROUGH MA 01581 0 1 0 0 CFO & Executive VP Stock Options 0.33 2008-02-27 4 A 0 553000 0 A 2009-02-27 2018-02-26 Common Stock 553000 553000 D Stock Options 0.33 2008-02-27 4 A 0 447000 0 A 2008-02-27 2018-02-26 Common Stock 447000 1000000 D Incentive stock options granted under the Company's Equity Incentive Plan. Options to vest as follows: 250,000 shares vest February 27, 2009, 53,000 shares vest March 31, 2009, 62,500 shares vest March 31, 2010, 62,500 shares vest June 30, 2010, 62,500 shares vest September 30, 2010 and 62,500 shares December 31, 2010. On February 27, 2008 Mr. Mathews surrendered all stock options granted to him prior to the January 4, 2008 stock split. Non-qualified stock options granted under the Company's Equity Incentive Plan. Options vest as follows: 250,000 shares vest on grant date of February 27, 2008, 9,500 shares vest March 31, 2009, 62,500 shares vest June 30, 2009, 62,500 shares vest September 30, 2009 and 62,500 shares vest December 31,2009. /s/ Robert Mathews 2008-03-03