X0202 4 2006-05-23 0 0001023966 ISONICS CORP ISON 0001111913 ALEXANDER JAMES E C/O ISONICS CORPORATION 5906 MCINTYRE STREET GOLDEN CO 80403 1 1 0 0 President Common Stock 135455 I See footnote Common Stock 500000 I See footnote Common Stock 1165712 D Stock Option 1.17 2001-11-13 2006-11-13 Common Stock 100000 100000 D Stock Option 1.25 2002-03-28 2007-03-28 Common Stock 20000 20000 D Warrant 1.25 2002-03-28 2007-03-28 Common Stock 100000 100000 D Stock Option 4.64 2005-02-22 2015-02-22 Common Stock 100000 100000 D Stock Option 2.04 2005-05-05 2010-04-18 Common Stock 40000 40000 D Stock Option 1.96 2006-02-14 2016-02-08 Common Stock 100000 100000 D Stock Option 1.15 2006-05-23 4 A 0 75000 0 A 2006-05-23 2016-05-04 Common Stock 75000 75000 D Shares held by the James and Carol Alexander Foundation, Inc. Shares held by spouse. The reporting person disclaims beneficial ownership of all securities held by his spouse and children and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. This transaction is exempt by reason of Rule 16b-3(d). 20,000 shares vest on November 13, 2001, and 20,000 shares vest on November 13th of each of the years 2002, 2003, 2004, and 2005. All stock options are currently vested. Options granted by resolution of the Compensation Committee of the Board of Directors as consideration for salary deferral. The grant of the options is subject to acceptance by the reporting person by no later than April 30, 2002, which acceptance was received. Warrants to purchase 100,000 shares of common stock vest on March 28, 2002. The grant of the warrants is subject to acceptance by the reporting person by no later than Apil 30, 2002, which acceptance was received. Options granted by resolution of the Compensation Committee of the Board of Directors pursuant to the 1996 Executives' Equity Incentive Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on February 22, 2005. Such incentive stock options vest at a rate of 20,000 shares immediately on the date of the grant (February 22, 2005) and 20,000 shares on each anniversary of the grant date in each of years 2006, 2007, 2008 and 2009. Non-qualified options granted by resolution of the Compensation Committee of the Board of Directors pursuant to the 2005 Stock Option Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on May 5, 2005. Incentive stock options granted by resolution of the Compensation Committee of the Board of Directors pursuant to the 2005 Stock Option Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on February 14, 2006. Such incentive stock options vest at a rate of 25,000 shares immediately on the date of acceptance (February 14, 2006) and 25,000 shares on February 9, 2007, February 9, 2008, and February 9, 2009. Non-qualified options granted by resolution of the Compensation Committee of the Board of Directors pursuant to the 2005 Stock Option Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on May 23, 2006. Options vest at a rate of 18,750 shares immediately on the date of acceptance (May 23, 2006) and 18,750 shares on May 5, 2007, May 5, 2008, and May 5, 2009. /s/ James E. Alexander 2006-05-23