X0303 4 2010-01-05 0000887497 HI TECH PHARMACAL CO INC HITK 0001263136 PETERS WILLIAM J C/O HI-TECH PHARMACAL CO., INC. 369 BAYVIEW AVENUE AMITYVILLE NY 11701 0 1 0 0 VP and Chief Financial Officer Common Stock 2010-01-05 4 M 0 2517 19.95 A 2517 D Common Stock 2010-01-05 4 S 0 2517 29.02 D 0 D Stock Option (Right to Buy) 19.95 2010-01-05 4 M 0 2517 0 D 2004-09-08 2013-09-08 Common Stock 2517 4983 D The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.00 to $29.25, inclusive. The reporting person undertakes to provide Hi-Tech Pharmacal Co., Inc., any security holder of Hi-Tech Pharmacal Co., Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote (1) of this Form 4. Stock Option granted under Hi-Tech Pharmacal Co., Inc.'s Amended and Restated Stock Option Plan, which is a Rule 16b-3 Plan. The option became exercisable in four (4) equal annual installments beginning on the first anniversary of the grant date. Other than the options to acquire an aggregate of 4,983 shares reflected on this form as still held by the filer, the filer is also the holder of additional options to acquire 100,000 shares of the Company's stock (for total options to acquire an aggegate of 104,983 shares held by the filer). The additional options were granted on various dates, with varying exercise prices and exercisable and expiration dates. William J. Peters 2010-01-07