X0202 4 2006-06-22 0 0000893970 INTERPHARM HOLDINGS INC IPA 0001239123 SUTARIA MAGANLA 75 ADAMS AVE HAUPPAGUE NY 11725 1 0 0 0 Common Stock 2006-06-22 4 M 0 500000 0.682 A 543500 D Option to Purchase Common Stock 0.682 2006-06-22 4 M 0 500000 0 D 2010-05-30 Common Stock 500000 700000 D Options to purchase an aggregate of 1,200,000 shares of common stock of Interpharm Holdings, Inc. ("Interpharm") were granted to Dr. Sutaria on May 30, 2003 and have the following vesting dates: 25% of the options vested on January 1, 2005 and December 31, 2005 and an additional 25% of the options shall vest on December 31, 2006 and December 31, 2007. The options are subject to forfeiture if the employment of Maganlal Sutaria with Interpharm is terminated. The otptions have a term of ten years from the date of grant. Dr. Maganlal Sutaria 2006-07-10