Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

For the record.

Accepting a generous compensation package from a company that he is a major shareholder of is not consistent with enhancing shareholder value. Just remember--to pay Nasrat cash for his income, the company is selling shares at less than .10 to LPC.

Nasrat doesn't get a paycheck. He gets paid with restricted shares. Still pure dilution, no doubt, but not through LPC. He gets a fancy certificate, and then he pays cash out of pocket to IRS for income tax. He has lived off savings for past 4 years. He has never taken $1 cash out of company; in fact, he loaned cash to the company. As the son of a steelworker, I tend to think all CEO's are overpaid, including this one, but at $1 million, his salary and bonus is commensurate with other pharma CEO's. I think it means something important that Nasrat has traded his whole life's work for shares of ELTP. By far the largest shareholder, he continues to work for shares today. Shareholder value means more to him than anyone.







https://globenewswire.com/news-release/2013/08/05/564476/10043225/en/Elite-Pharmaceuticals-Inc-Appoints-Nasrat-Hakim-as-President-and-Chief-Executive-Officer.html

Nasrat's willingness to accept stock in lieu of cash for payment of salary and bonus, at his insistence I might add, speaks volumes as to his opinion of Elite's future potential," said Jerry Treppel, Chairman of Elite Pharmaceuticals.

https://seekingalpha.com/article/4182056-elite-pharmaceuticals-inc-eltp-ceo-nasrat-hakim-q4-2018-results-earnings-call-transcript?part=single

I am Elite's number one stockholder. I have always believed in Elite's stock so much that I have never been paid a paycheck by this company except in stocks. Elite pays me in stocks every single paycheck. Every time Carter issues me restricted stocks in salary, I have to pay taxes on it. I've had to pay for three years. I had to pay the IRS on stocks that are really not cash, and I was paying 40% to 50% in taxes on money that I have not seen, okay.