Elite Pharmaceuticals Inc (ELTP)

[rrr2003]

You are absolutely correct. The excerpt from the PR quoted below confirms Nasrat does indeed receive shares in lieu of a cash salary:

"Northvale, New Jersey, Monday, August 05, 2013: Elite Pharmaceuticals, Inc. (OTCBB: ELTP) today announced the appointment of longtime industry veteran Nasrat Hakim as President, Chief Executive Officer and member of Elite’s board of directors. Elite has also purchased from Mikah Pharma, LLC (“Mikah”) twelve approved and one pending Abbreviated New Drug Applications (“ANDAs”) to add to Elite’s pipeline of products. As part of his employment agreement, Mr. Hakim has elected to receive his salary in restricted common stock in lieu of cash. Jerry Treppel remains Chairman of the Board of Directors."


http://ir.elitepharma.com/profiles/investor/ResLibraryView.asp?ResLibraryID=74897&GoTopage=4&Category=2163&BzID=2258&t=1948&G=939