Item 5.02(b), (c) Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Impax Laboratories, Inc. (the "Company") today announced that Arthur A. Koch, the Company's Executive Vice President, Finance, and Chief Financial Officer, has informed the Company of his decision to resign from his position with the Company to pursue other opportunities. Mr. Koch will assist the Company to help ensure a smooth transition.

Bryan M. Reasons, who currently serves as Vice President, Finance, has been appointed as Acting Chief Financial Officer, and the Company will initiate a search for a permanent successor.

Mr. Reasons, age 45, joined the Company in January 2012 as the Company's Vice President Finance. He previously served as Vice President Finance from January 2010 to November 2011 and as Vice President Risk Management and General Auditor from October 2005 to January 2010 at Cephalon, Inc. ("Cephalon"), a biopharmaceutical company. Following the acquisition of Cephalon by Teva Pharmaceutical Industries Ltd. ("Teva"), a generic pharmaceuticals company, he served as the Vice President Finance of Teva from November 2011 to January 2012. Prior to joining Cephalon, Mr. Reasons held various finance management positions at Dupont from 2003 to 2005 and served as senior manager at Pricewaterhouse Coopers LLP from 1992 to 2003.

There were no amendments to Mr. Reasons' salary, bonus eligibility or severance benefits as a result of his appointment as Acting Chief Financial Officer. Mr. Reasons' current base salary is $315,000, and he is eligible to receive an annual bonus of up to $189,000. Mr. Reasons is eligible to participate in the Company's equity incentive, savings, retirement, health and welfare plans on the terms offered to all plan participants.

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