SEC FORM 5 SEC Form 5
FORM 5 UNITED STATES 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
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
Form 3 Holdings Reported.
X
Form 4 Transactions Reported.
1. Name and Address of Reporting Person*
CITIGROUP INC

(Last) (First) (Middle)
399 Park Avenue

(Street)
New York NY 10043

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
EMAGIN CORP [ EMA ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2003
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A) or (D) Price
Common Stock 11/04/2003 X4 33,333 D $0.53 7,796,543 I By Subsidiary(1)
Common Stock 12/01/2003 X4 96,666 D $0.53 7,699,877 I By Subsidiary(1)
Common Stock 12/01/2003 X4 26,666 D $0.53 7,673,211 I By Subsidiary(1)
Common Stock 12/01/2003 X4 26,666 D $0.53 7,646,545 I By Subsidiary(1)
Common Stock 12/19/2003 X4 83,333 D $0.53 7,563,212 I By Subsidiary(1)
Common Stock 12/22/2003 X4 1,733,335 D $0.53 5,829,877 I By Subsidiary(1)
Common Stock 12/22/2003 X4 666,667 D $0.53 5,163,210 I By Subsidiary(1)
Common Stock 12/27/2003 X4 1,333,334 D $0.53 3,829,876 I By Subsidiary(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Options (obligation to sell) (2) 04/25/2003 4S 4,000,000 (2) (2) Common Stock 4,000,000 4,000,000 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 11/04/2003 4X 33,333 (2) (2) Common Stock 33,333 33,333 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/01/2003 4X 96,666 (2) (2) Common Stock 96,666 96,666 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/01/2003 4X 26,666 (2) (2) Common Stock 26,666 26,666 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/01/2003 4X 26,666 (2) (2) Common Stock 26,666 26,666 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/19/2003 4X 83,333 (2) (2) Common Stock 83,333 83,333 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/22/2003 4X 1,733,335 (2) (2) Common Stock 1,733,335 1,733,335 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/22/2003 4X 666,667 (2) (2) Common Stock 666,667 666,667 0 I By Subsidiary(1)
Call Options (obligation to sell) (2) 12/27/2003 4X 1,333,334 (2) (2) Common Stock 1,333,334 1,333,334 0 I By Subsidiary(1)
1. Name and Address of Reporting Person*
CITIGROUP INC

(Last) (First) (Middle)
399 Park Avenue

(Street)
New York NY 10043

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ASSOCIATED MADISON COMPANIES INC

(Last) (First) (Middle)
153 East 53rd St.

(Street)
New York NY 10043

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
CITIGROUP INSURANCE HOLDING CORP

(Last) (First) (Middle)
3120 Breckinridge Boulevard

(Street)
Duluth GA 30199

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
TRAVELERS INSURANCE CO

(Last) (First) (Middle)
ONE TOWER SQUARE

(Street)
HARTFORD CT 06183

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The Travelers Insurance Company ("Travelers") directly beneficially owns the securities reported herein. Travelers is a wholly owned subsidiary of Citigroup Insurance Holding Corporation ("Citigroup Insurance"), which is a wholly owned subsidiary of Associated Madison Companies, Inc. ("Associated Madison"), which is a wholly owned subsidiary of Citigroup Inc. ("Citigroup"). Each of Citigroup Insurance, Associated Madison and Citigroup disclaims beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein.
2. The options had an exercise price of $0.53 per share, were exercisable immediately, and had an expiration date of December 31, 2003.
3. The options were granted in consideration for certain investments in the Issuer that were made in connection with refinancing transactions that occurred in April 2003.
Citigroup Inc., By Serena D. Moe, Assistant Secretary 01/22/2004
Citigroup Insurance Holding Corporation, By: Serena D. Moe, Assistant Secretary 01/22/2004
Associated Madison Companies Inc., By: Serena D. Moe, Assistant Secretary 01/22/2004
The Travelers Insurance Company, By: Serena D. Moe, Assistant Secretary 01/22/2004
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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