X0202 4 2005-09-19 0000879703 DIRECT INSITE CORP DIRI.OB 0001220686 CANNAVINO JAMES A 6501 RED HOOK PLAZA SUITE 201 - PMB RED HOOK, ST. THOMAS, U.S.V.I. VI 00802 VIRGIN ISLANDS, U.S. 1 1 0 0 Chairman of the Board & CEO Common Stock 2005-09-19 4 A 0 25909 A 558075 D Common Stock 2005-09-19 4 A 0 14764 A 532166 D Series C Redeemable Preferred Stock 2003-12-18 4 P 0 200 1000.00 A 200 D Common Stock Purchase Warrants .9348 2003-12-18 4 P 0 149765 .9348 A 2005-12-18 2008-12-18 Common Stock 149765 149765 D Common Stock Purchase Warrants .9348 2003-12-15 4 P 0 64185 .9348 A 2005-12-15 2008-12-15 Common Stock 64185 64185 D 2003 Stock Option Plan Right to Buy 1.16 2003-12-05 4 A 0 170000 1.16 A 2003-01-27 2008-12-31 Common Stock 170000 170000 D 2003A Stock Option Plan Right to Buy 1.16 2003-12-05 4 A 0 190000 1.16 A 2003-01-27 2008-12-31 Common Stock 190000 190000 D 2003 Stock Option Plan (Right to Buy) 1.26 2003-07-18 4 A 0 108000 1.26 A 2005-03-31 2006-04-01 Common Stock 108000 108000 D Stock Option Plan (Right to Buy) 2.02 2003-01-27 4 A 0 240000 2.02 A 2005-01-27 2008-01-26 Common Stock 240000 240000 D Stock Option Plan (Right to Buy) 2.05 2002-07-29 4 A 0 74000 2.05 A 2005-06-30 2012-07-28 Common Stock 74000 74000 D Stock Option Plan (Right to Buy) 1.05 2002-01-17 4 A 0 240000 1.05 A 2005-02-17 2012-01-16 Common Stock 240000 240000 D Shares were issued pursuant to the 2004 Stock Issuance/Stock Option Plan in lieu of compensation. Shares were issued pursuant to the 2004 Stock Issuance/Stock Option Plan as payment for services rendered as a board member for the fiscal year to date. Warrants to purchase common stock are exercisable at the rate of no less than 500 shares at a time during the term of the Warrants. Shares vest 10,000 shares per month commencing 2/17/02. 37,500 vest 12/5/03; 322,500 shares vest at the rate of 7,500 per month commencing on the 5th day of each month commencing 1/5/04 for 43 months. Shares vest one-third 6/30/03, one-third 6/30/04, and one-third 6/30/05. 120,000 shares vest 1/27/03; 120,000 shares vest at the rate of 5,000 per month commencing 2/27/03 and on the 27th day of each succeeding month through 1/27/05 /s/James A. Cannavino 2005-09-21