Progressive Care Inc (RXMD): The tax on 15M restricted shares (RSUs)...

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Progressive Care Inc (RXMD)

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Re: stockforce post# 185364

Saturday, 11/05/2022 9:26:27 PM

Saturday, November 05, 2022 9:26:27 PM

The tax on 15M restricted shares (RSUs) at 4c will be about 50%! That's $300,000 tax Jay has to pay just for the vested restricted shares. The COO Birute needs to pay a lump sum tax for her 5M vested shares too. Why would they do this if their original employment agreements were a graded vesting plan? Why would they agree to change the agreement and make all these RSUs vested immediately?

Armen was also granted 15M RSUs with them in November 2021. He did not change his graded vesting plan for these shares according to the previous 8K.
https://www.otcmarkets.com/filing/html?id=16134209&guid=nR_-kFbSbJNRB3h

How Are Restricted Share Units (RSUs) Taxed?
They are taxed as ordinary income at federal and state tax rates, with taxes due once the RSUs become vested and are assigned a value.
https://www.investopedia.com/articles/financial-advisors/110915/restricted-stock-units-what-know.asp

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