X0202 4 2006-06-22 0 0000893970 INTERPHARM HOLDINGS INC IPA 0001239118 SUTARA BHUPATLA 75 ADAMS AVENUE HAUPPAUGE NY 11788 0 1 0 0 President Common Stock 2006-06-22 4 M 0 100000 0.682 A 104000 D Option to Purchase Common Stock 0.682 2006-06-22 4 M 0 100000 0 D 2013-05-30 Common Stock 100000 700000 D Options to purchase 800,000 shares of common stock of Interpharm Holdings, Inc. ("Interpharm") were granted to Bhupatlal Sutaria on May 30, 2003. The options have the following vesting provisions: 25% of such options vested on January 1, 2005 and December 31, 2005 and an additional 25% of such options shall vest on each of December 31, 2006 and December 31, 2007. The options are subject to forfeiture in the event of a termination of Mr. Sutaria's emplyment with Interpharm. The term of the options is ten years from the date of grant. Bhupatlal Sutaria 2006-07-12