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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</b></font></p>
<p align="center"><b><font face="serif" size="4">FORM 8-K</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT<br>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">Date of report (Date of earliest event reported):  September 1, 2006</font></p>
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<td align="center"><font size="2" face="serif"><b><u>Impax Laboratories, Inc.<br></u></b>(Exact name of registrant as specified in its charter)</font></td>
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<td width="33%"><font size="2" face="serif"><b><u>Delaware</u></b></font></td>
<td width="33%"><font size="2" face="serif"><b><u>0-27354</u></b></font></td>
<td width="33%"><font size="2" face="serif"><b><u>65-0403311</u></b></font></td>
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<td width="33%"><font size="2" face="serif">(State or other jurisdiction</font><br><font size="2" face="serif">of incorporation)</font></td>
<td width="33%"><font size="2" face="serif">(Commission</font><br><font size="2" face="serif">File Number)</font></td>
<td width="33%"><font size="2" face="serif">(I.R.S. Employer</font><br><font size="2" face="serif">Identification No.)</font></td>
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<td align="center"><font size="2" face="serif"><b><u>30831 Huntwood Ave., Hayward, CA 94544</u></b></font></td>
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<td align="center"><font size="2" face="serif">(Address of principal executive offices) (Zip Code)</font></td>
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<td align="center"><font size="2" face="serif"><b><u>510-476-2000</u></b></font></td>
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<td align="center"><font size="2" face="serif">(Registrant&#8217;s telephone number, including area code)  </font></td>
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<td align="center"><font size="2" face="serif"><b><u>Not Applicable</u></b></font></td>
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<td align="center"><font size="2" face="serif">(Former name or former address, if changed since last report)</font></td>
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<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
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<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 1.01. Entry into a Material Definitive Agreement.</b></font></p>
<p align="left"><font size="2" face="serif">On September 1, 2006, the registrant entered into an employment agreement with David S. Doll, pursuant to which Mr. Doll will continue to serve as the registrant&#8217;s Executive Vice President, Commercial Operations for an initial three-year term, subject to subsequent renewal for successive one-year terms.  Mr. Doll will receive an annual base salary of $295,000 through January 31, 2007, $335,000 for the 12 months ending January 31, 2008, and $395,000 thereafter.  He will also be eligible to participate in any bonus plans or incentive compensation programs as may be in effect during the agreement term, such bonus target set at 75% of his base salary. </font></p>
<p align="left"><font size="2" face="serif">In addition, Mr. Doll will initially be granted a restricted stock bonus award of 30,000 shares of the registrant&#8217;s Common Stock, vesting in equal increments over seven years, and options to purchase 30,000 additional shares, vesting in equal increments over four years.  On the second anniversary of the agreement, he will receive an additional 30,000-share restricted stock bonus award and an additional 30,000 options, vesting in the same manner as the initial awards.  The agreement also grants Mr. Doll certain fringe benefits and reimbursement for reasonable business expenses.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01. Financial Statements and Exhibits. </b></font></p>
<p align="left"><font size="2" face="serif">Exhibits. The following exhibit is filed herewith: </font></p>
<p align="left"><font size="2" face="serif">10.1 Employment Agreement with David S. Doll dated September 1, 2006.</font></p>
<p align="center"><font size="2" face="serif"><b>EXHIBIT INDEX</b></font></p>
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<td width="10%" align="left"><font size="1" face="serif">Exhibit No.</font></td>
<td align="left"><font size="1" face="serif">Description</font></td>
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<td width="10%" align="left"><font size="2" face="serif">10.1</font></td>
<td width="82%" align="left"><font size="2" face="serif">Employment Agreement with David S. Doll dated September 1, 2006</font></td>
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<p align="center"><font size="2" face="serif">2</font></p>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="left"><font size="2" face="serif">Dated:  September 8, 2006</font></p>
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<td align="left"><font size="2" face="serif">IMPAX LABORATORIES, INC.</font></td>
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<td width="6%" align="left"><font size="2" face="serif">By: </font></td>
<td align="left"><font size="2" face="serif"><u>/s/ Arthur A. Koch, Jr.</u></font></td>
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<td width="6%" align="left"><font size="2" face="serif">Name:</font></td>
<td align="left"><font size="2" face="serif">Arthur A. Koch, Jr.</font></td>
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<td width="6%" align="left"><font size="2" face="serif">Title:</font></td>
<td align="left"><font size="2" face="serif">Chief Financial Officer</font></td>
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Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):  September 1, 2006
Impax Laboratories, Inc.
(Exact name of registrant as specified in its charter)
Delaware
0-27354
65-0403311
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
30831 Huntwood Ave., Hayward, CA 94544
(Address of principal executive offices) (Zip Code)
510-476-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On September 1, 2006, the registrant entered into an employment agreement with David S. Doll, pursuant to which Mr. Doll will continue to serve as the registrant's Executive Vice President, Commercial Operations for an initial three-year term, subject to subsequent renewal for successive one-year terms.  Mr. Doll will receive an annual base salary of $295,000 through January 31, 2007, $335,000 for the 12 months ending January 31, 2008, and $395,000 thereafter.  He will also be eligible to participate in any bonus plans or incentive compensation programs as may be in effect during the agreement term, such bonus target set at 75% of his base salary.
In addition, Mr. Doll will initially be granted a restricted stock bonus award of 30,000 shares of the registrant's Common Stock, vesting in equal increments over seven years, and options to purchase 30,000 additional shares, vesting in equal increments over four years.  On the second anniversary of the agreement, he will receive an additional 30,000-share restricted stock bonus award and an additional 30,000 options, vesting in the same manner as the initial awards.  The agreement also grants Mr. Doll certain fringe benefits and reimbursement for reasonable business expenses.
Item 9.01. Financial Statements and Exhibits.
Exhibits. The following exhibit is filed herewith:
10.1 Employment Agreement with David S. Doll dated September 1, 2006.
EXHIBIT INDEX
Exhibit No.
Description
10.1
Employment Agreement with David S. Doll dated September 1, 2006
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:  September 8, 2006
IMPAX LABORATORIES, INC.
By:
/s/ Arthur A. Koch, Jr.
Name:
Arthur A. Koch, Jr.
Title:
Chief Financial Officer
3