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.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

BLISS GARY

(Last)

(First)

(Middle)

5755 CENTRAL AVENUE

(Street)

BOULDER

80301

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SPECTRALINK CORP [ SLNK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President of Engineering

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)

X	Form filed by One Reporting Person
	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)
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)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock							283,950	D

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)
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)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (Right To Buy)	$9.125						01/19/2001⁽¹⁾	01/19/2008	Common Stock	56,989		56,989	D
Incentive Stock Option (Right to Buy)	$9.125						01/19/2001⁽¹⁾	01/19/2008	Common Stock	18,011		18,011	D
Non-Qualified Stock Option (Right to Buy)	$10.1875						02/20/2002⁽¹⁾	02/20/2011	Common Stock	63,460		63,460	D
Incentive Stock Option (Right to Buy)	$10.1875						01/20/2004⁽¹⁾⁽²⁾	02/20/2011	Common Stock	11,540		11,540	D
Non-Qualified Stock Option (Right to Buy)	$9.16						02/06/2003⁽¹⁾	02/06/2012	Common Stock	64,433		64,433	D
Incentive Stock Option (Right to Buy)	$9.16						01/06/2005⁽¹⁾⁽³⁾	02/06/2012	Common Stock	10,567		10,567	D
Non-Qualified Stock Option (Right to Buy)	$8.35						02/06/2004⁽¹⁾	02/06/2013	Common Stock	44,161		44,161	D
Incentive Stock Option (Right to Buy)	$8.35						01/06/2006⁽¹⁾⁽⁴⁾	02/06/2013	Common Stock	10,839		10,839	D

Explanation of Responses:

1. Date exercisable reflects first date on which any options become exercisable. Unless otherwise limited by rules governing incentive stock options, options granted become exercisable at a rate of 25% after 12 months from the date of grant and ratably per month thereafter, conditioned upon continued employment. Full vesting occurs 48 months from the date of grant.

2. Due to the limitations imposed under rules governing incentive stock options, initial vesting of this option will commence January 2004.

3. Due to the limitations imposed under rules governing incentive stock options, initial vesting of this option will commence January 2005.

4. Due to the limitations imposed under rules governing incentive stock options, initial vesting of this option will commence January 2006.

	/s/ Gary Bliss	02/13/2004
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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