PIXELWORKS, INC — Director's Dealing 2008

May 23, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PIXELWORKS, INC (PXLW)
CIK: 0001040161
Period of Report: 2008-05-20

Reporting Person: OLSEN HANS H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-20	Non-Qualified Stock Option (right to buy)	$0.81	A	10000	Acquired	2018-05-20	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	250000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Incentive Stock Option (right to buy)	$16.5	2012-01-02	Common Stock (5493)	5493	Direct
Incentive Stock Option (right to buy)	$22.063	2011-01-02	Common Stock (21045)	21045	Direct
Non-Qualified Stock Option (right to buy)	$0.77	2018-04-01	Common Stock (40000)	40000	Direct
Non-Qualified Stock Option (right to buy)	$1.42	2017-05-03	Common Stock (83340)	83340	Direct
Non-Qualified Stock Option (right to buy)	$5.02	2016-02-15	Common Stock (13813)	13813	Direct
Non-Qualified Stock Option (right to buy)	$6.25	2012-12-20	Common Stock (100000)	100000	Direct
Non-Qualified Stock Option (right to buy)	$7.57	2013-01-31	Common Stock (100000)	100000	Direct
Non-Qualified Stock Option (right to buy)	$9.48	2015-03-04	Common Stock (51000)	51000	Direct
Non-Qualified Stock Option (right to buy)	$15.41	2014-03-09	Common Stock (100000)	100000	Direct
Non-Qualified Stock Option (right to buy)	$16.5	2012-01-02	Common Stock (94507)	94507	Direct
Non-Qualified Stock Option (right to buy)	$22.063	2011-01-02	Common Stock (66455)	66455	Direct

Footnotes

F1: 25% vest on the last day of the month of the first anniversary of the date of grant, with the remaining 75% vesting ratably on a monthly basis thereafter over three years.

F2: Mr. Olsen resigned from his position as President and Chief Executive Officer effective March 31, 2008 and was appointed to the Board of Directors effective April 1, 2008. These incentive stock options granted to Mr. Olsen while employed by Pixelworks were fully vested at resignation. If not exercised by June 30, 2008, they will be cancelled.

F3: Option granted to Mr. Olsen upon appointment to the Board of Directors effective April 1, 2008. 25% vests on the first anniversary date of the grant and the remaining 75% vests monthly over the following three years.

F4: Mr. Olsen resigned from his position as President and Chief Executive Officer effective March 31, 2008 and was appointed to the Board of Directors effective April 1, 2008. The vested portion of non-qualified stock options granted to Mr. Olsen while employed by Pixelworks as of March 31, 2008 (represented here) will remain outstanding until expiration or until three months following termination of his service on the Board of Directors.