SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
SELTZER REUBEN
(Last) (First) (Middle)
C/O HI-TECH PHARMACAL CO., INC.
369 BAYVIEW AVENUE
(Street)
AMITYVILLE NY 11701
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
HI TECH PHARMACAL CO INC [ HITK ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/15/2005
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/15/2005 M 4,500 A $5.083 425,683 D
Common Stock 07/15/2005 S 6,543 D $28.06 419,140 D
Common Stock 07/15/2005 S 200 D $27.99 418,940 D
Common Stock 07/15/2005 S 100 D $27.98 418,840 D
Common Stock 07/15/2005 S 600 D $27.97 418,240 D
Common Stock 07/15/2005 S 200 D $27.96 418,040 D
Common Stock 07/15/2005 S 200 D $27.95 417,840 D
Common Stock 07/15/2005 S 2,450 D $27.92 415,390 D
Common Stock 07/15/2005 S 400 D $28.59 414,990 D
Common Stock 07/15/2005 S 1,600 D $28.58 413,390 D
Common Stock 07/15/2005 S 100 D $28.46 413,290 D
Common Stock 07/15/2005 S 99 D $28.45 413,191 D
Common Stock 07/15/2005 S 100 D $28.41 413,091 D
Common Stock 07/15/2005 S 100 D $28.36 412,991 D
Common Stock 07/15/2005 S 300 D $28.35 412,691 D
Common Stock 07/15/2005 S 99 D $28.26 412,592 D
Common Stock 07/15/2005 S 199 D $28.25 412,393 D
Common Stock 07/15/2005 S 400 D $28.24 411,993 D
Common Stock 07/15/2005 S 200 D $28.23 411,793 D
Common Stock 07/15/2005 S 1,000 D $28.22 410,793 D
Common Stock 07/15/2005 S 1,001 D $28.21 409,792 D
Common Stock 07/15/2005 S 800 D $28.19 408,992 D
Common Stock 07/15/2005 S 100 D $28.18 408,892 D
Common Stock 07/15/2005 S 100 D $28.17 408,792 D
Common Stock 07/15/2005 S 100 D $28.15 408,692 D
Common Stock 07/15/2005 S 101 ( 1 ) D $28.08 ( 1 ) 408,591 D
Common Stock 07/15/2005 S 1,101 D $28.05 407,490 D
Common Stock 07/15/2005 S 400 D $28.04 407,090 D
Common Stock 07/15/2005 S 300 D $28.03 406,790 D
Common Stock 07/15/2005 S 400 D $28.02 406,390 ( 2 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) ( 3 ) $5.083 07/15/2005 M 4,500 10/23/1996 ( 4 ) 10/23/2005 Common Stock 4,500 $5.083 0 ( 5 ) D
Explanation of Responses:
1. Includes one (1) share sold at $28.07.
2. Mr. Seltzer is also the indirect holder, through his spouse and issue, of 275,760 shares of Hi-Tech Common Stock.
3. Stock option granted under Hi-Tech's 1994 Directors Stock Option Plan.
4. The option became exercisable in 4 equal installments beginning on the first anniversary of the grant date.
5. Other than the options reflected on this form, Mr. Seltzer is also the holder of additional options to acquire 235,500 shares of Hi-Tech Common Stock, which options were granted on various dates, with various exercise prices, exercise dates, and expiration dates.
Remarks:
Reuben Seltzer 07/19/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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