UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
/ / Check box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
/ / Form 3 Holdings Reported
/ / Form 4 Transactions Reported
1. Name and Address of Reporting Person*
Hirshaut Yashar
(Last) (First) (Middle)
860 Fifth Avenue
(Street)
New York New York 10021
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Hi-Tech Pharmacal Co., Inc. (HITK)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
April 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
/X/ Director / / 10% Owner
/ / Officer (give title below) / / Other (specify below)
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7. Individual or Joint/Group Reporting (Check Applicable Line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
4. Securities Acquired
(A) or Disposed of (D)
2. Trans- (Instr. 3, 4 and 5)
action 3. Transaction -------------------------
Date Code (A) or
1. Title of Security (Instr.3) (Month/Day/Year) (Instr. 8) Amount (D) Price
--------------------------- ---------------- -------------- ------- ------- ------
<S> <C> <C> <C> <C> <C>
<CAPTION>
5. Amount 6. Ownership
of Secu- Form:
rities Direct 7. Nature of
Beneficially (D) or Indirect
Owned at end of Indirect Beneficial
Issuer's Fiscal Year (I) Ownership
(Instr.3 and 4) (Instr. 4) (Instr. 4)
--------------------- ------------ -----------
<S> <C> <C>
</TABLE>
*If the form is filed by more than one reporting person, see
instruction 4(b)(v).
<PAGE>
<TABLE>
<CAPTION>
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
5. Number of Deriva-
tive Securities 6. Date Exercisable
4. Transaction Acquired (A) or and Expiration
2. Conver- 3. Trans- Code Disposed of (D) Date (Month/Day/
sion of ation (Instr. 8) (Instr. 3, 4, and 5) Year)
Exercise Date ------------ ---------------------- ----------------
Price of (Month/ Date Expir-
1. Title of Derivative Derivative Day/ Exer- ation
Security (Instr. 3) Security Year) Code (A) (D) cisable Date
------------------------ ----------- --------- ----- --------- ------------ ------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Stock Option 12/19 (2) 12/19 12/18
(Right to Buy) (1) $5.25 1994 A 5,000 1995 2004
Stock Option 10/26 (2) 10/26 10/25
(Right to Buy) (3) $6.75 1994 A 2,000 1995 2004
Stock Option 10/26 (2) 10/26 10/25
(Right to Buy) (3) $7.625 1995 A 3,000 1996 2005
Stock Option 10/26 (2) 10/26 10/25
(Right to Buy) (3) $4.625 1996 A 3,000 1997 2006
Stock Option 10/26 (2) 10/27 10/26
(Right to Buy) (3) $5.375 1997 A 3,000 1998 2008
<CAPTION>
7. Title and Amount of 9. Number of 10. Ownership
Underlying Securities Derivative of
(Instr. 3 and 4) 8. Price of Securities Derivative 11. Nature of
------------------------ Derivative Beneficially Security: Indirect
Amount or Secur- Owned at End Direct (D) Beneficial
Number of ity of Year or Indirect Ownership
Title Shares (Instr. 5) (Instr. 4) (I) (Instr. 4) (Instr. 4)
------ ---------- ---------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C>
Common Stock 5,000 D
Common Stock 2,000 D
Common Stock 3,000 D
Common Stock 3,000 D
Common Stock 3,000 16,000 D
</TABLE>
Explanation of Responses:
(1) Stock Option granted under Hi-Tech Pharmacal Co., Inc.'s Amended and
Restated Stock Option Plan, which is a Rule 16b-3 plan.
(2) Twenty-five (25%) percent of such shares are exercisable one year after the
date of grant and on each year thereafter on the anniversary date of each
succeeding year, on a cumulative basis.
(3) Stock Option granted under Hi-Tech Pharmacal Co., Inc. 1994 Directors Stock
Option Plan.
/s/Yashar Hirshaut 6/11/98
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**Signature of Reporting Person Date
Yashar Hirshaut, M.D.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
