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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000893838-04-000006.txt : 20040115
<SEC-HEADER>0000893838-04-000006.hdr.sgml : 20040115
<ACCEPTANCE-DATETIME>20040115170436
ACCESSION NUMBER:		0000893838-04-000006
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040113
FILED AS OF DATE:		20040115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STILLWATER LLC
		CENTRAL INDEX KEY:			0001230586
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15751
		FILM NUMBER:		04527879

	BUSINESS ADDRESS:	
		STREET 1:		15 EAST 62ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMAGIN CORP
		CENTRAL INDEX KEY:			0001046995
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				561764501
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2070 ROUTE 52
		STREET 2:		SUITE 2000 V6E 2K3
		CITY:			HOPEWELL JUNCTION
		STATE:			NY
		ZIP:			12533
		BUSINESS PHONE:		9148921900

	MAIL ADDRESS:	
		STREET 1:		1580 ROUTE 52
		STREET 2:		SUITE 2000 V6E 2K3
		CITY:			HOPEWELL JUNCITON
		STATE:			NY
		ZIP:			12533

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FASHION DYNAMICS CORP
		DATE OF NAME CHANGE:	19980805
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>stillwater4011504_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-13</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001046995</issuerCik>
        <issuerName>EMAGIN CORP</issuerName>
        <issuerTradingSymbol>EMA</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001230586</rptOwnerCik>
            <rptOwnerName>STILLWATER LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>15 EAST 62ND STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <transactionDate>
         <value>2004-01-13</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>X</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1733335</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0.53</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1824760</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Option (right to buy)</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0.53</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2004-01-13</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>X</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1733335</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-04-25</value>
      </exerciseDate>
      <expirationDate>
         <value>2003-12-31</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1733335</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Represents the exercise of an option to purchase Common Stock of the Issuer owned by The Travelers Insurance Company pursuant to an option agreement entered into between Stillwater LLC and The Travelers Insurance Company dated as of April 25, 2003.  Pursuant to Stillwater LLC's option agreement, the closing of this option transaction occurred on January 13, 2004.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Mortimer D.A. Sackler, President, on behalf of Stillwater LLC</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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