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Filing Details

Accession Number:: 0001209191-10-022659
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-04-16 13:00:00
Reporting Period:: 2010-04-14

Filing Date:: 2010-04-16
Accepted Time:: 2010-04-16 19:37:22
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1046995	Emagin Corp	EMAN	Semiconductors & Related Devices (3674)	880378451

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1230586	Stillwater Llc	15 East 62Nd Street New York NY 10065-7204		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2010-04-14	240,385	$1.13	2,934,120	No	4	X	Direct
Common Stock	Disposition	2010-04-14	63,915	$4.25	2,870,205	No	4	S	Direct
Common Stock	Acquisiton	2010-04-14	875,467	$1.03	3,745,672	No	4	X	Direct
Common Stock	Disposition	2010-04-14	212,173	$4.25	3,533,499	No	4	S	Direct
Common Stock	Acquisiton	2010-04-14	29,742	$2.50	305,826	No	4	X	Indirect	By Rainbow Gate Corporation
Common Stock	Disposition	2010-04-14	17,496	$4.25	288,330	No	4	S	Indirect	By Rainbow Gate Corporation
Common Stock	Acquisiton	2010-04-14	653,333	$1.03	941,663	No	4	X	Indirect	By Rainbow Gate Corporation
Common Stock	Disposition	2010-04-14	158,338	$4.25	783,325	No	4	S	Indirect	By Rainbow Gate Corporation

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	X	Direct
No	4	S	Direct
No	4	X	Direct
No	4	S	Direct
No	4	X	Indirect	By Rainbow Gate Corporation
No	4	S	Indirect	By Rainbow Gate Corporation
No	4	X	Indirect	By Rainbow Gate Corporation
No	4	S	Indirect	By Rainbow Gate Corporation

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Purchase Warrants (right to buy)	Disposition	2010-04-14	240,385	$0.00	240,385	$1.13
Common Stock	Stock Purchase Warrants (right to buy)	Disposition	2010-04-14	875,467	$0.00	875,467	$1.03
Common Stock	Stock Purchase Warrants (right to buy)	Disposition	2010-04-14	29,742	$0.00	29,742	$2.50
Common Stock	Stock Purchase Warrants (right to buy)	Disposition	2010-04-14	653,333	$0.00	653,333	$1.03

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2008-04-02	2013-04-02	No	4	X	Direct
1,000,000	2008-12-22	2013-12-22	No	4	X	Direct
0	2004-11-03	2010-04-25	No	4	X	Indirect
0	2007-07-23	2011-07-21	No	4	X	Indirect

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Series B Convertible Preferred Stock	$0.75	2008-12-22		5,377,333	4,033	Direct
Common Stock	Series B Convertible Preferred Stock	$0.75	2008-12-22		937,333	703	Indirect
Common Stock	Stock Purchase Warrants (right to buy)	$0.48	2007-04-09	2011-07-21	1,000,000	1,000,000	Direct
Common Stock	Stock Purchase Warrants (right to buy)	$10.00	2008-10-26	2010-10-20	54,545	54,545	Indirect

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	5,377,333	4,033	Direct
	937,333	703	Indirect
2011-07-21	1,000,000	1,000,000	Direct
2010-10-20	54,545	54,545	Indirect

Footnotes

Reporting Person elected to do a cashless exercise of Warrant No. 325 pursuant to Section 10(b) of such warrant because the requirements of such section were met due to the Issuer failing to have an effective registration statement covering the underlying shares of such warrant.
Reporting Person elected to do a partial cashless exercise of Warrant No. 333 pursuant to Section 10(b) of such warrant because the requirements of such section were met due to the Issuer failing to have an effective registration statement covering the underlying shares of such warrant.
Rainbow Gate Corporation elected to do a cashless exercise of its Series F Warrant pursuant to Section 3(d) of such warrant because the requirements of such section were met due to the Issuer failing to have an effective registration statement covering the underlying shares of such warrant.
These securities are owned solely by Rainbow Gate Corporation. The sole member of Reporting Person is the investment manager of Rainbow Gate Corporation, and this report shall not be deemed an admission that Reporting Person is the beneficial owner of these securities except to the extent of its pecuniary interest therein.
Rainbow Gate Corporation elected to do a cashless exercise of Warrant No. ARW-310 pursuant to Section 2(b) of such warrant because the requirements of such section were met due to the Issuer failing to have an effective registration statement covering the underlying shares of such warrant.
The Stock Purchase Warrants to purchase Issuer's Common Stock were acquired on December 22, 2008 as part of a private placement by the Issuer in accordance with the Securities Purchase Agreement, dated December 18, 2008, between the Issuer and the Reporting Person. The Stock Purchase Warrants have an exercise price of $1.03, are exercisable immediately, and will expire on December 22, 2013.
The shares of Series B Convertible Preferred Stock have the rights and preferences set forth on the Certificate of Designations of Series B Convertible Preferred Stock filed with the Secretary of State for the State of Delaware on December 19, 2008. The Series B Convertible Preferred Stock has a stated value of $1,000 per share and currently has a conversion price of $0.75 per share.
The shares of Series B Convertible Preferred Stock were purchased on December 22, 2008 as part of a private placement with the Issuer in accordance with the Securities Purchase Agreement, dated December 18, 2008, between the Issuer and the Reporting Person.
The warrants to purchase Issuer's Common Stock have an exercise price of $0.48 per share, are exercisable immediately, and will expire on July 21, 2011.
The warrants to purchase Issuer's Common Stock have an exercise price of $10.00 per share, are exercisable immediately, and will expire on October 20, 2010.