SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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).

1. Name and Address of Reporting Person^*

HSIAO CHARLES

(Last)

(First)

(Middle)

C/O IMPAX LABORATORIES, INC.

30831 HUNTWOOD AVE.

(Street)

HAYWARD

94544

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IMPAX LABORATORIES INC [ ipxl ]

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

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/02/2004

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 Following Reported Transaction(s) (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)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Puchase common stock through Employee Stock Purchase Plan	12/02/2004⁽¹⁾	12/02/2004⁽¹⁾	P		183	A	$10.9395	3,471	D
Charles & Pamela Hsiao TTEES 2004 Hsiao Family Trust⁽²⁾	12/02/2004		P		3,531,605	A	⁽³⁾	3,531,605	I	Trust

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)	Code	V	(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)
Options to buy common stock	$0.824	04/02/1999		A		333,580		⁽⁴⁾	04/02/2009	Common Stock	333,580	$0.824	333,580	D
Options to buy common stock	$5	12/22/2000		A		60,800		⁽⁵⁾	12/22/2010	Common stock	60,800	$5	60,800	D
Options to buy common stock	$6.72	03/08/2002		A		100,000		⁽⁶⁾	03/08/2012	Common Stock	100,000	$6.72	100,000	D
Options to buy common stock.	$3.04	03/10/2003	04/04/2003⁽⁷⁾	A		75,000		⁽⁶⁾	03/10/2013	Common Stock	75,000	$3.04	75,000	D
Options to buy common stock	$23.05	04/14/2004	04/20/2004⁽⁷⁾	A		75,000		⁽⁶⁾	04/14/2014	Common Stock	75,000	$23.05	75,000	D

Explanation of Responses:

1. Information not received from Wachovia until 12/02/04.

2. Does not include 2,601,924 shares of common stock held in the Chiin Hsiao Children Irrevocable Trust, as to which shares Dr. Hsiao does not have voting or dispositive power.

3. Statement of ownership.

4. Immediately exercisable.

5. Vest as follows: 10% after 1 year, 30% after 2 years, 60% after 3 years and 100% after 4 years from date of grant.

6. Vest over 4 years in 25% equal annual installments.

7. This is the day that the Company informed the recipient of the award.

	Charles Hsiao	12/02/2004
	** 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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