4 1 e-9650.txt FORM 4 FOR MARTORI ENTERPRISES INCORPORATED ------------------------------ OMB APPROVAL ------------------------------ ------ OMB Number: 3235-0287 FORM 4 Expires: January 31, 2005 ------ Estimated average burden hours per response ....... 0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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(h) of the Investment Company Act of 1940 [ ] Check this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ================================================================================ 1. Name and Address of Reporting Person* Martori Enterprises Incorporated -------------------------------------------------------------------------------- (Last) (First) (Middle) 2111 East Highland Avenue, Suite 210 -------------------------------------------------------------------------------- (Street) Phoenix AZ 85016 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name AND Ticker or Trading Symbol ILX Resorts Incorporated ("ILX") ================================================================================ 3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary) ================================================================================ 4. Statement for Month/Day/Year February 24, 2003 ================================================================================ 5. If Amendment, Date of Original (Month/Day/Year) ================================================================================ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [ ] Director [X] 10% Owner [ ] Officer (give title below) [ ] Other (specify below) ------------------------------------ ================================================================================ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by One Reporting Person [ ] Form filed by More Than one Reporting Person ================================================================================ Page 1 of 3 Form 4 (continued) Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

========================================================================================================================== | | | | | 5. | | | | | | | Amount | | | | | | | of | | | | | | | Secur- | | | | | | 4. | ities | | 7. | | | | Securities | Bene- | 6. | Nature | | | | Acquired (A) | ficially | Owner- | of | | | | or Disposed | Owned | ship | Indirect | | 2A. | 3. | of (D) (Instr. | Following| Form: | Bene- | | Deemed | Transaction | 3, 4 and 5) | Reported | Direct | ficial | 2. | Execution | Code | ---------------- | Trans- | (D) or | Owner- 1. | Transaction | Date, if | (Instr. 8) | |(A)| | action(s)| Indirect | ship Title of Security | Date (Month/| any (Month/| ----------- | Amount|or |Price | (Instr. | (I) | (Instr. (Instr. 3) | Day/Year) | Day/Year) | Code | V | |(D)| | 3 and 4) | (Instr.4)| 4) -------------------------------------------------------------------------------------------------------------------------- Series A Preferred (122/137/022003) 340 D -------------------------------------------------------------------------------------------------------------------------- Common (122/137/022003) ~~851~~846,110 D&I 1 -------------------------------------------------------------------------------------------------------------------------- Common ~~(bonus)~~ 2/724/03 53,000 DA $8.5925 ~~846~~849,110 D&I 1 -------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------- ==========================================================================================================================

Page 2 of 3 Form 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

Explanation of Responses: 1. 73,000 shares are owned by the Martori Enterprises Incorporated Defined Benefit Pension Plan /s/ Joseph P. Martori 2/24/03 ------------------------------- ------------ **Signature of Reporting Person Date * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedures. Page 3 of 3

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