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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>
</b></font><font size="2" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION<br>
</b></font><font size="2" face="serif"><b>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>
</b></font><font size="2" face="serif"><b>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):  August 14, 2006</font></p>
<p align="center"><font size="2" face="serif"><b><u>Impax Laboratories, Inc.<br>
</u></b></font><font size="2" face="serif">(Exact name of registrant as specified
in its charter)</font></p>
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<td align="center"><font size="2" face="serif"><b>Delaware</b></font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="30%" align="center"><font size="2" face="serif"><b>0-27354</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="34%" align="center"><font size="2" face="serif"><b>65-0403311</b></font></td>
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<td align="center"><font size="2" face="serif">(State or other jurisdiction</font><br><font size="2" face="serif">of incorporation)</font></td>
<td align="left">&nbsp;</td>
<td align="center"><font size="2" face="serif">(Commission</font><br><font size="2" face="serif">File Number)</font></td>
<td align="left">&nbsp;</td>
<td align="center"><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">&nbsp;</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">&nbsp;</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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<td align="center">&nbsp;</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>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</b></font></p>
<p align="left"><font size="2" face="serif"><b>Item 1.02.&nbsp;&nbsp;&nbsp;Termination of a Material Definitive Agreement.</b></font></p>
<p align="left"><font size="2" face="serif"><b>Item 5.02.&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Appointment of Principal Officer. </b></font></p>
<p align="left"><font size="2" face="serif">On August 15, 2006, the registrant announced that Barry R. Edwards will be relinquishing his positions as Chief Executive Officer and Director and that its President, Larry Hsu, Ph.D., will assume the additional position of Chief Executive Officer, both effective October 1, 2006.  A copy of the press release containing the announcement is attached as Exhibit 99.1 to this report. </font></p>
<p align="left"><font size="2" face="serif">In connection with Mr. Edwards&#8217; retirement
    the registrant on August 14, 2006 entered into a Consulting/Separation Agreement
    and Full Mutual Release with Mr. Edwards under which the registrant will
    pay Mr. Edwards a lump sum severance of $649,080 in three equal quarterly
    installments beginning October 6, 2006. Mr. Edwards will also serve as a
    special consultant to the registrant through September 30, 2008, for which
    he will receive consulting fees of $18,750 per month. All stock options held
    by Mr. Edwards will continue to be exercisable until 180 days after the end
    of the consulting term. The agreement also contains mutual releases and waivers
    with respect to matters arising out of Mr. Edwards&#8217; employment.  A
    copy of the agreement is attached as Exhibit 10.1 to this report. A description
    of Mr. Edwards&#8217; employment
agreement is contained in the registrant&#8217;s Proxy Statement filed on April
12,
2004
and is incorporated herein by reference. </font></p>
<p align="left"><font size="2" face="serif">The terms of Dr. Hsu&#8217;s employment agreement will not change as a result of his assuming the position of Chief Executive Officer. Information concerning Dr. Hsu&#8217;s background and his employment agreement is contained in the registrant&#8217;s Proxy Statement filed April 12, 2004 and is incorporated herein by reference.  </font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01.&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits. </b></font></p>
<p align="left"><font size="2" face="serif">Exhibits. The following exhibits are filed herewith: </font></p>
<p align="left"><font size="2" face="serif">10.1 Consulting/Separation Agreement and Full Mutual Release dated August 14, 2006.</font></p>
<p align="left"><font size="2" face="serif">99.1 Press Release dated August 15, 2006. </font></p>
<p align="center"><font size="2" face="serif"><b>EXHIBIT INDEX</b></font></p>
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<td align="left"><font size="2" face="serif">Exhibit No.</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Description</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="center"><font size="2" face="serif">10.1</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="88%" align="left"><font size="2" face="serif">Consulting/Separation Agreement and Full Mutual Release dated August 14, 2006</font></td>
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<td align="center"><font size="2" face="serif">99.1</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Press Release dated August 15, 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:  August 18, 2006</font></p>
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<td width="50%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">IMPAX LABORATORIES, INC.</font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">By: &nbsp;&nbsp;<u>/s/ Arthur A. Koch, Jr.</u></font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Name:&nbsp;&nbsp;Arthur A. Koch, Jr.</font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Title:&nbsp;&nbsp;Chief Financial Officer</font></td>
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<p align="center"><font size="2">3</font></p>
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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):  August 14, 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.
Item 1.02.   Termination of a Material Definitive Agreement.
Item 5.02.   Departure of Directors or Principal Officers; Appointment of Principal Officer.
On August 15, 2006, the registrant announced that Barry R. Edwards will be relinquishing his positions as Chief Executive Officer and Director and that its President, Larry Hsu, Ph.D., will assume the additional position of Chief Executive Officer, both effective October 1, 2006.  A copy of the press release containing the announcement is attached as Exhibit 99.1 to this report.
In connection with Mr. Edwards' retirement
    the registrant on August 14, 2006 entered into a Consulting/Separation Agreement
    and Full Mutual Release with Mr. Edwards under which the registrant will
    pay Mr. Edwards a lump sum severance of $649,080 in three equal quarterly
    installments beginning October 6, 2006. Mr. Edwards will also serve as a
    special consultant to the registrant through September 30, 2008, for which
    he will receive consulting fees of $18,750 per month. All stock options held
    by Mr. Edwards will continue to be exercisable until 180 days after the end
    of the consulting term. The agreement also contains mutual releases and waivers
    with respect to matters arising out of Mr. Edwards' employment.  A
    copy of the agreement is attached as Exhibit 10.1 to this report. A description
    of Mr. Edwards' employment
agreement is contained in the registrant's Proxy Statement filed on April
12,
2004
and is incorporated herein by reference.
The terms of Dr. Hsu's employment agreement will not change as a result of his assuming the position of Chief Executive Officer. Information concerning Dr. Hsu's background and his employment agreement is contained in the registrant's Proxy Statement filed April 12, 2004 and is incorporated herein by reference.
Item 9.01.   Financial Statements and Exhibits.
Exhibits. The following exhibits are filed herewith:
10.1 Consulting/Separation Agreement and Full Mutual Release dated August 14, 2006.
99.1 Press Release dated August 15, 2006.
EXHIBIT INDEX
Exhibit No.
Description
10.1
Consulting/Separation Agreement and Full Mutual Release dated August 14, 2006
99.1
Press Release dated August 15, 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:  August 18, 2006
IMPAX LABORATORIES, INC.
By:
/s/ Arthur A. Koch, Jr.
Name:  Arthur A. Koch, Jr.
Title:  Chief Financial Officer
3