UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
MILLSPAUGH, RICHARD L.
6335 LEMONWOOD DRIVE
COLORADO SPRINGS, CO 80918
USA
2. Issuer Name and Ticker or Trading Symbol
ONLINE POWER SUPPLY, INC.
OPWR
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
SEPTEMBER 2000
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
CHIEF FINANCIAL OFFICER
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
$.0001 Par Value Common|N/A | | |NONE |N/A|N/A |8,101 |D | |
Stock | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Right to Buy (ISOP) |$5.62 |N/A | | | | |12/14|12/05|$.0001 Par V|3,203 | |3,203 |D | |
| | | | | | |/99 |/99 |alue Common | | | | | |
| | | | | | | | |Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Right to Buy (ISOP) |$5.62 |N/A | | | | |01/02|01/02|$.0001 Par V|100,000| |100,000 |D | |
| | | | | | |/00 |/10 |alue Common | | | | | |
| | | | | | | | |Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Right to Buy (ISOP) |$8.125 |09/01|A |V|100,000 |A |09/01|09/01|$.0001 Par V|100,000| |100,000 |D | |
(a) | |/00 | | | | |/00 |/05 |alue | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(a) 25% of the share option vests immediately and 25% annually on September
1, 2001, 2002 and 2003.
SIGNATURE OF REPORTING PERSON
/s/ Richard L. Millspaugh
DATE
October 10, 2000
