ANI PHARMACEUTICALS INC — Director's Dealing 2014

May 27, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANI PHARMACEUTICALS INC (ANIP)
CIK: 0001023024
Period of Report: 2014-05-22

Reporting Person: Schrepfer Robert W (VP Bus Dev & Con Mfg)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-22	Common Stock	A	5000	—	Acquired	5000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-22	Option to Purchase	$6.60	A	46250	Acquired	2023-07-31	Common Stock (46250)	Direct

Footnotes

F1: On April 1, 2014, the Board of Directors of the Issuer approved the grant of restricted stock, which vests in equal annual installments on the first, second, third and fourth anniversaries of the date of grant. The award was made contingent upon receipt by the Issuer of stockholder approval of the Issuer's Fourth Amended and Restated 2008 Stock Incentive Plan. On May 22, 2014, the award was granted upon the stockholders' approval of the Issuer's Fourth Amended and Restated 2008 Stock Incentive Plan at the Issuer's 2014 annual meeting of stockholders.

F2: On August 1, 2013, the Board of Directors of the Issuer approved the grant of options to purchase the Issuer's common stock at an exercise price of $6.60, the closing price of the Company's common stock on The NASDAQ Global Market on August 1, 2013. The award was made contingent upon receipt by the Issuer of stockholder approval of the Issuer's Fourth Amended and Restated 2008 Stock Incentive Plan. On May 22, 2014, the award was granted upon the stockholders' approval of the Issuer's Fourth Amended and Restated 2008 Stock Incentive Plan at the Issuer's 2014 annual meeting of stockholders.

F3: The options vest in an equal annual amount over a four-year period beginning on the first anniversary of the grant date.