FORM 5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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(f) of the Investment Company Act of
1940
___ Check here if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instruction 1(b)
___ Form 3 Holdings Reported
___ Form 4 Transactions Reported
1. Name and Address of Reporting Person:
MICHAEL G. SEMMENS
342 St. Stephens School Road
Austin TX 78746-3101
2. Issuer Name and Ticket or Trading Symbol
ELECTROSOURCE, INC. ELSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
Yearend December 1996
5. If Amendment, Date of Original (Month/Year)
N/A
6. Relationship of Reporting Person to Issuer (Mark all applicable)
Yes X No ___ Director
Yes ___ No ___ 10% Owner
Yes X No ___ Officer (give title below)
Yes ___ No ___ Other (specify below)
Chairman of the Board/President/Chief Executive Officer
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instruction 3)
Common Stock, $1.00 par value
2. Transaction Date (Month/Day/Year)
N/A
3. Transaction Code (Instruction 8)
N/A
4. Securities Acquired (A) or Disposed of (D) (Instructions 3, 4 and 5):
A. Amount:
B. Acquired (A)___ Disposed of (D)____
C: Price:
5. Amount of Securities Beneficially Owned at End of Issuer's
Fiscal Year (Instructions 3 and 4):
(1) 2,067
(2) 40
6. Ownership Form: Direct (D) or Indirect (I) (Instruction 4)
(1) Direct
(2) Indirect
7. Nature of Indirect Beneficial Ownership (Instruction 4):
(2) Owned by spouse, as custodian for children
TABLE II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instruction 3)
(a) 1987 Stock Options
(b) 1987 Stock Options
(c) 1996 Stock Options (Contingent on shareholder approval at 1997
Annual Meeting)
2. Conversion or Exercise Price of Derivative Security
(a) $35.00*
(b) $12.50*
(c) $5.28
* reflects adjustment resulting from 1-for-10 reverse stock split
on July 22, 1996
3. Transaction Date (Month/Day/Year)
(a) 6/3/1994
(b) 2/1/1996
(c) 10/30/1996
4. Transaction Code (Instruction 8)
Code A - Grant or award transaction pursuant to Rule 16b-3(c)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instructions 3, 4 and 5):
A. Acquired (A): (a) 47,500*
(b) 3,334*
(c) 25,000
* reflects adjustment resulting from 1-for-10 reverse stock split
on July 22, 1996
B. Disposed of (D): None
6. Date of Exercisable and Expiration Date (Month/Day/Year)
A. Date Exercisable
(a) These options are exercisable: 12,500 shares
at December 3, 1994; 10,000 shares exercisable at
March 31, 1995; 10,000 shares exercisable at March
31, 1996; 7,500 shares exercisable when bid price
averages > $50.00 per share for an interval of 10
consecutive days; and 7,500 shares when bid price
averages > $100.00 per share for an interval of 10
consecutive days
(b) and (c) Exercisable 6 months from date of grant
B. Expiration Date
(a) 6/2/1999
(b) 1/31/2001
(c) 10/29/2006
7. Title and Amount of Underlying Securities (Instructions 3 and 4)
A. Title Common Stock, $1.00 par value
B. Amount or Number of Shares
(a) 47,500*
(b) 3,334*
(c) 25,000
* reflects adjustment resulting from 1-for-10 reverse stock split
on July 22, 1996
8. Price of Derivative Security (Instruction 5)
(a) through (c) These derivative securities were issued
pursuant to Stock Option Plan(s) at no cost to
the recipient
9. Number of Derivative Securities Beneficially Owned at End of Year
(Instruction 4)
75,834
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instruction 4):
Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
None
/s/
Michael G. Semmens
Date: January 27, 1997
