Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

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Quote:
Nasrat agreed to hold his preferred shares for 3 years and those 3 years are just now up .....

While IB is correct that the original Mikah note for $10,000,000 or 142,000,000 shares was not due until August 2016, the original note was amended when the Preferred Shares were created. The note became immediately exercisable at that point.



http://www.edgarexplorer.com/EFX_dll/EdgarPro.dll?FetchFilingConvPDF1?SessionID=7ZPSeSgJdJaMo-9&ID=9758559

Item 1.01 Entry into a Material Definitive Agreement.

On February 7, 2014, Elite Pharmaceuticals, Inc. (the “Company”) and Elite Laboratories, Inc., its wholly-owned subsidiary, amended the
following convertible promissory notes: (i) an August 1, 2013 Secured Convertible Note to Mikah Pharma LLC (“Mikah”) due August 1, 2016
in the principal amount of $10,000,000 (the “Mikah Note”), and (ii) a November 21, 2013 Convertible Note to Jerry Treppel due November 21,
2016 in the principal amount of $600,000 (the “Treppel Note” and, together with the Mika Note, the “Notes”). Mikah is owned by the
Company’s CEO and President and Mr. Treppel is a director of the Company. Generally, the Notes were amended to make them convertible
into shares of the Company’s newly created Series I Convertible Preferred Stock. For a description of this new series of preferred stock, please
see “Item 5.03” below. The Mikah Note also was amended to make it immediately exercisable.