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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* OLSEN HANS H (Last) (First) (Middle) 8100 SW NYBERG RD. (Street) TUALATIN OR 97062 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PIXELWORKS, INC [ PXLW ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) President and CEO
	3. Date of Earliest Transaction (Month/Day/Year) 05/03/2007
	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	05/03/2007		A		150,000	A	$0(1)	250,000	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
Non-Qualified Stock Option (right to buy)	$1.42	05/03/2007		A		300,000		(2)	05/03/2017	Common Stock	300,000	$1.42	300,000	D
Incentive Stock Option (right to buy)	$16.5							(3)	01/02/2012	Common Stock	5,493		5,493	D
Incentive Stock Option (right to buy)	$22.063							(4)	01/02/2011	Common Stock	21,045		21,045	D
Non-Qualified Stock Option (right to buy)	$5.02							(5)	02/15/2016	Common Stock	42,500		42,500	D
Non-Qualified Stock Option (right to buy)	$6.25							(6)	12/20/2012	Common Stock	100,000		100,000	D
Non-Qualified Stock Option (right to buy)	$7.57							(7)	01/31/2013	Common Stock	100,000		100,000	D
Non-Qualified Stock Option (right to buy)	$9.48							(8)	03/04/2015	Common Stock	85,000		85,000	D
Non-Qualified Stock Option (right to buy)	$15.41							(9)	03/09/2014	Common Stock	100,000		100,000	D
Non-Qualified Stock Option (right to buy)	$16.5							(3)	01/02/2012	Common Stock	94,507		94,507	D
Non-Qualified Stock Option (right to buy)	$22.063							(4)	01/02/2011	Common Stock	66,455		66,455	D

Explanation of Responses:

1. Represents grant of restricted stock award ("RSA") which vests in equal monthly installments over 3 years, commencing the last day of the month of the date of grant. Vesting accelerates on termination of Mr. Olsen without cause, or by Mr. Olsen for good reason, within 3 years following an agreement on change in control of the Company, so all shares subject to the RSA are immediately vested. Termination for "good reason" means if Mr. Olsen has seen his responsibilities, duties, position or responsibilities reduced, his base salary reduced, his place of employment moved more than 50 miles, or if a successor does not assume the obligation of his RSA.

2. The option becomes exercisable in equal monthly installments over 3 years, commencing the last day of the month of the date of grant. Vesting accelerates on termination of Mr. Olsen without cause, or by Mr. Olsen for good reason, within 3 years following an agreement on change in control of the Company, so that the stock option is immediately exercisable. Termination for "good reason" means if Mr. Olsen has seen his responsibilities, duties, position or responsibilities reduced, his base salary reduced, his place of employment moved more than 50 miles, or if a successor does not assume the obligation of his stock option award.

3. The options become exercisable on a monthly basis over a 4-year period which commenced on January 31, 2002, as follows: 10% exercisable as of January 31, 2003, 20% exercisable as of January 31, 2004, 30% exercisable as of January 31, 2005 and 40% exercisable as of January 31,2006.

4. The options become exercisable on a monthly basis over a 4-year period which commenced on January 31, 2001, as follows: 10% exercisable as of January 31, 2002, 20% exercisable as of January 31, 2003, 30% exercisable as of January 31, 2004 and 40% exercisable as of January 31,2005.

5. The options become exercisable on a monthly basis over a 4-year period which commences February 15, 2006, as follows: 10% exercisable as of February 15, 2007, 20% exercisable as of February 15, 2008, 30% as of February 15, 2009 and 40% exercisable as of February 15, 2010.

6. The options become exercisable on a monthly basis over a 4-year period which commenced on December 31, 2002, as follows: 10% exercisable as of December 31, 2003, 20% exercisable as of December 31, 2004, 30% exercisable as of December 31, 2005 and 40% exercisable as of December 31,2006.

7. The options become exercisable on a monthly basis over a 4-year period which commenced on January 31, 2002, as follows: 10% exercisable as of January 31, 2003, 20% exercisable as of January 31, 2004, 30% exercisable as of January 31, 2005 and 40% exercisable as of January 31,2006.

8. The options become exercisable monthly over a 4-year period which commenced on March 4, 2005, with 10% becoming exercisable by March 4, 2006, 20% becoming exercisable by March 4, 2007, 30% becoming exercisable by March 4, 2008, and 40% becoming exercisable by March 4, 2009.

9. The option becomes exercisable on a monthly basis over a four year period which commences on March 31, 2004 as follows: 10% exercisable as of March 31, 2005, 20% exercisable as of March 31, 2006, 30% exercisable as of March 31, 2007, and 40% exercisable as of March 31, 2008.

	By: Shelley Hilderbrand For: Hans H. Olsen	05/07/2007
	** Signature of Reporting Person	Date
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