SHEAHAN BARRY A 4

4 · CLEAN ENERGY COMBUSTION SYSTEMS INC · Filed Oct 2, 2003

Insider Transaction Report

Form 4

Period: 2003-01-02

CLEAN ENERGY COMBUSTION SYSTEMS INCCGYB

SHEAHAN BARRY A

DirectorChief Financial Officer

Transactions

Other
Common stock
2003-06-18+50,000→ 169,995 total(indirect: By corporation)
Other
Common stock
2003-10-01$0.10/sh+331,635$34,490→ 501,630 total(indirect: By corporation)
Award
Call option (right to buy)
2003-06-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-06-02Exp: 2008-06-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-08-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-08-02Exp: 2008-08-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-01-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-01-02Exp: 2008-01-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-03-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-03-02Exp: 2008-03-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-05-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-05-02Exp: 2008-05-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-09-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-09-02Exp: 2008-09-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-02-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-02-02Exp: 2008-02-02→ Common stock (1,000 underlying)
Other
Common stock
2003-03-06$0.67/sh+52,520$35,188→ 119,995 total(indirect: By corporation)
Award
Call option (right to buy)
2003-10-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-10-02Exp: 2008-10-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-04-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-04-02Exp: 2008-04-02→ Common stock (1,000 underlying)
Award
Call option (right to buy)
2003-07-02+1,000→ 1,000 total(indirect: By corporation)
Exercise: $2.00From: 2003-07-02Exp: 2008-07-02→ Common stock (1,000 underlying)

Footnotes (7)

[F1]Conversion of indebtedness into common stock. Shares issued and distributed on March 6, 2003. Conversion authorized by board of directors and transaction consented to by recipient on September 13, 2002. The valuation for issuance is CDN $1 (US $0.67) per share per agreement by parties. This price does not comport to the trading value of the shares on the public market, which was approximately $0.10 per share as of date of approval.
[F2]See footnote (1).
[F3]McSheahan Enterprises Ltd., a personal service company controlled by Mr. Sheahan. Mr. Sheahan owns a pecuniary interest in only a portion of the shares held by McSheahan Enterprises Ltd., and disclaims beneficial ownership thereof except to the extent of such pecuniary ownership.
[F4]Distribution by BO Technical Developments Ltd. to its shareholders.
[F5]Conversion of indebtedness into common stock. Shares issued and distributed on October 1, 2003. Conversion authorized by board of directors and transaction consented to by recipient on July 1, 2003. The valuation for issuance reflects the trading value of the shares on the public market as of the date of agreement to convert.
[F6]See footnote (5).
[F7]Issued as additional monthly compensation pursuant to management services agreement.

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