FORM 5 - GJELDE
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
X 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:
EARL E. GJELDE
Post Office Box 1769
Silverthorne CO 80498
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
Year-end 1998
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 ___ No ___ Officer (give title below)
Yes ___ No ___ Other (specify below)
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):
None
6. Ownership Form: Direct (D) or Indirect (I) (Instruction 4)
N/A
7. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
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)
Stock Options
2. Conversion or Exercise Price of Derivative Security
$5.93 per share
3. Transaction Date (Month/Day/Year)
August 25, 1997
4. Transaction Code (Instruction 8)
A
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instructions 3, 4 and 5):
A. Acquired (A): 15,000 shares
B. Disposed of (D):
6. Date of Exercisable and Expiration Date (Month/Day/Year)
A. Date Exercisable February 26, 1998
B. Expiration Date February 23, 1999
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 15,000 shares
8. Price of Derivative Security (Instruction 5)
See explanation below.
9. Number of Derivative Securities Beneficially Owned at End of
Year (Instruction 4)
15,000 shares
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:
These derivative securities were issued to Mr. Gjelde at no
cost to the recipient under the 1996 Stock Option Plan. Mr.
Gjelde resigned from the Board of Directors effective
November 23, 1998, and is no longer a reporting person.
/s/
EARL E. GJELDE
Date: February 11, 1999
