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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* STILLWATER LLC (Last) (First) (Middle) 15 EAST 62ND STREET (Street) NEW YORK NY 10021 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol EMAGIN CORP [ EMAN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/23/2007
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/23/2007		C		720,476	A	$0.35	1,481,158	D
Common Stock								262,842	I	By Rainbow Gate Corporation(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Purchase Warrants (right to buy)	$4.26	07/20/2007		H			30,000	(2)	07/20/2007	Common Stock	30,000	(2)	0	D
6% Secured Convertible Note	$0.35	07/23/2007		C		720,476		04/09/2007	07/23/2007	Common Stock	720,476	$252,167	714,286	D
6% Secured Convertible Note	$0.35	07/23/2007		H(3)			714,286	04/09/2007	01/21/2008(3)	Common Stock	714,286	$250,000	0	D
Amended and Restated 8% Secured Convertible Note	$0.35	07/23/2007		P(3)		714,286		07/23/2007	12/21/2008	Common Stock	714,286	$250,000	714,286	D
6% Secured Convertible Note	$2.6	07/23/2007		H(4)			269,231	07/21/2006	01/21/2008(4)	Common Stock	269,231	$700,000	0	I	By Rainbow Gate Corporation(1)
Amended and Restated 8% Secured Convertible Note	$0.75	07/23/2007		P(4)		933,333		07/23/2007	12/21/2008	Common Stock	933,333	$700,000	933,333	I	By Rainbow Gate Corporation(1)
Stock Purchase Warrants (right to buy)	$3.6	07/23/2007		H(5)			188,462	07/21/2006	07/21/2011	Common Stock	188,462	(5)	0	I	By Rainbow Gate Corporation(1)
Amended Stock Purchase Warrants (right to buy)	$1.03	07/23/2007		P(5)		653,333		07/23/2007	07/21/2011	Common Stock	653,533	(5)	653,333	I	By Rainbow Gate Corporation(1)
Stock Purchase Warrants (right to buy)	(6)							(6)	(6)	Common Stock	1,000,000		1,000,000	D
Stock Purchase Warrants (right to buy)	(7)							(7)	(7)	Common Stock	51,776		51,776	D
Stock Purchase Warrants (right to buy)	(8)							(8)	(8)	Common Stock	29,742		29,742	I	By Rainbow Gate Corporation(1)
Stock Purchase Warrants (right to buy)	(9)							(9)	(9)	Common Stock	54,545		54,545	I	By Rainbow Gate Corporation(1)

Explanation of Responses:

1. These securities are owned solely by Rainbow Gate Corporation. The sole member of Stillwater LLC is the investment manager of Rainbow Gate Corporation, and this report shall not be deemed an admission that Stillwater LLC is the beneficial owner of these securities except to the extent of its pecuniary interest therein.

2. These warrants expired and were not exercised by the Reporting Person.

3. The outstanding 6% Secured Convertible Note that was purchased pursuant to a Note Purchase Agreement dated on July 21, 2006, as amended on March 28, 2007, as part of a private placement by the Issuer, in which 50% of the principal amount matured on July 23, 2007 and 50% would have matured on January, 21, 2008, was amended pursuant to an Amendment Agreement with the Issuer, effective July 23, 2006 (the "Amendment Agreement"), which extended the maturity date for the entire note to December 21, 2008. This amendment is reported above as the cancellation of the "old" note and the acquisition of a new one.

4. The outstanding 6% Secured Convertible Note purchased on July 21, 2006, as part of a private placement by the Issuer, in which 50% of the principal amount matured on July 23, 2007 and 50% would have matured on January, 21, 2008, was amended pursuant to the Amendment Agreement, which extended the maturity date for the entire note to December 21, 2008, reduced the conversion price from $2.60 to $0.75 and increased the interest rate from 6% to 8%. This amendment is reported above as the cancellation of the "old" note and the acquisition of a new one.

5. The Stock Purchase Warrants acquired on July 21, 2006 as part of a private placement by the Issuer was amended pursuant to the Amendment Agreement, which decreased the warrant purchase price from $3.60 to $1.03. This amendment is reported above as the cancellation of the "old" warrant and the acquisition of a new one.

6. The warrants to purchase Issuer's Common Stock have an exercise price of $0.48 per share, are exercisable immediately, and will expire on July 21, 2011.

7. The warrants to purchase Issuer's Common Stock have an exercise price of $27.60 per share, are exercisable immediately, and will expire on June 10, 2008.

8. The warrants to purchase Issuer's Common Stock are exercisable immediately, will expire on April 25, 2010, and had an exercise price of $7.12 per share prior to the execution of the Amendment Agreement but are subject to re-pricing due to the execution of the Amendment Agreement in accordance with the terms of the original warrant.

9. The warrants to purchase Issuer's Common Stock have an exercise price of $10.00 per share, are exercisable immediately, and will expire on October 20, 2010

	/s/ Mortimer D.A. Sackler	07/25/2007
	** Signature of Reporting Person	Date
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