SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

HSU LARRY

(Last)

(First)

(Middle)

C/O IMPAX LABORATORIES, INC.

30831 HUNTWOOD AVENUE

(Street)

HAYWARD

94544

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/09/2008

3. Issuer Name and Ticker or Trading Symbol
IMPAX LABORATORIES INC [ IPXL ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,383,771	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (Right to Buy)	⁽¹⁾	05/07/2012	Common Stock	80,000	$7.1	I	By Spouse
Employee Stock Option (Right to Buy)	⁽²⁾	10/14/2014	Common Stock	30,000	$14.9	I	By Spouse
Employee Stock Option (Right to Buy)	⁽²⁾	09/21/2015	Common Stock	5,500	$9.85	I	By Spouse
Employee Stock Option (Right to Buy)	⁽³⁾	10/11/2017	Common Stock	20,000	$11.5	I	By Spouse
Employee Stock Option (Right to Buy)	⁽⁴⁾	11/15/2017	Common Stock	15,000	$11.4	I	By Spouse
Employee Stock Option (Right to Buy)	⁽⁵⁾	11/15/2017	Common Stock	10,000	$11.4	I	By Spouse
Employee Stock Option (Right to Buy)	⁽⁶⁾	12/22/2010	Common Stock	50,000	$5	D
Employee Stock Option (Right to Buy)	⁽⁷⁾	03/08/2012	Common Stock	100,000	$6.72	D
Employee Stock Option (Right to Buy)	⁽⁸⁾	03/10/2013	Common Stock	75,000	$3.04	D

Explanation of Responses:

1. The option became exercisable in three equal annual installments beginning on May 7, 2003, which was the first anniversary of the date on which the option was granted.

2. The option became fully exercisable on December 1, 2005, which was the date the Company accelerated the vesting of all outstanding stock options having an exercise price equal to or greater than $ 9.85.

3. The option becomes exercisable in four equal annual installments beginning on October 11, 2008, which was the first anniversary of the date on which the option was granted.

4. The option becomes exercisable in four equal annual installments beginning on November 15, 2008, which was the first anniversary of the date on which the option was granted.

5. The option becomes exercisable in four equal annual installments beginning on November 15, 2008, which was the first anniversary of the date on which the option was granted.

6. The option became exercisable in four equal annual installments beginning on December 22, 2001, which was the first anniversary of the date on which the option was granted.

7. The option became exercisable in four equal annual installments beginning on March 8, 2003, which was the first anniversary of the date on which the option was granted.

8. The option became exercisable in four equal annual installments beginning on March 10, 2004, which was the first anniversary of the date on which the option was granted.

Remarks:

The filing of this Statement shall not be construed as an admission (a) that the person filing this Statement is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any equity securities covered by this Statement, or (b) that this Statement is legally required to be filed by such person.

	/s/ Larry Hsu	12/09/2008
	** 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 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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