X0201 4 2003-12-24 0 0000879684 INFONOW CORP / INOW 0001027310 HERBST HARRY R 1875 LAWRENCE STREET SUITE 1100 DENVER CO 80202 0 1 0 0 EVP, CFO Common Stock 2003-12-24 4 M 0 3700 1.47 A 31272 D Common Stock 2003-12-24 4 M 0 1000 1.075 A 32272 D Common Stock 2003-12-24 4 M 0 500 1.39 A 32772 D Common Stock 2003-12-24 4 M 0 200 2.35 A 32972 D Common Stock 2003-12-24 4 S 0 5900 2.8238 D 27072 D Common Stock 2003-12-26 4 M 0 3700 1.47 A 30772 D Common Stock 2003-12-26 4 M 0 1000 1.075 A 31772 D Common Stock 2003-12-26 4 M 0 500 1.39 A 32272 D Common Stock 2003-12-26 4 M 0 200 2.35 A 32472 D Common Stock 2003-12-26 4 S 0 5900 2.8904 D 26572 D Stock Option (right to buy) 1.47 2003-12-24 4 M 0 3700 0 D 2006-02-22 Common Stock 3700 213900 D Stock Option (right to buy) 2.35 2003-12-24 4 M 0 200 0 D 2006-10-26 Common Stock 200 9400 D Stock Option (right to buy) 1.075 2003-12-24 4 M 0 1000 0 D 2002-06-24 2007-06-24 Common Stock 1000 52000 D Stock Option (right to buy) 1.39 2003-12-24 4 M 0 500 0 D 2013-01-24 Common Stock 500 28500 D Stock Option (right to buy) 1.47 2003-12-26 4 M 0 3700 0 D 2003-02-22 Common Stock 3700 210200 D Stock Option (right to buy) 2.35 2003-12-26 4 M 0 200 0 D 2006-10-26 Common Stock 200 9200 D Stock Option (right to buy) 1.075 2003-12-26 4 M 0 1000 0 D 2002-06-24 2007-06-24 Common Stock 1000 51000 D Stock Option (right to buy) 1.39 2003-12-26 4 M 0 500 0 D 2013-01-24 Common Stock 500 28000 D The sales reported on this Form 4 were effected purusant to a preexisting Rule 10b5-1 plan. The stock option vested with respect to 7/36th of the total underlying shares on September 22, 2001, and thereafter vests with respect to 1/36th of the total underlying shares on the 22nd day of each month thereafter, provided that as of each such date the holder is an employee of the Company. The stock option vested with respect to 7/36th of the total underlying shares on May 26, 2002, and thereafter vests with respect to 1/36th of the total underlying shares on the 26th day of each month thereafter, provided that as of each such date the holder is an employee of the Company. The stock option vested with respect to 1/12th of the total underlying shares immediately upon grant, and thereafter vests with respect to the remaining underlying shares in equal monthly installments of 1/12th of the total underlying shares on the 24th day of each month after the grant date until fully vested on the first anniversary of the grant date, provided as of each such vesting date the reporting person is an employee of the Company. Harry R. Herbst 2003-12-29