Elite Pharmaceuticals Inc (ELTP)

[Trend-Setter]

From 8-k filed today...
In connection with Mr. Ward’s appointment as chief financial officer, Mr. Ward entered into an employment agreement with the Company on September 4, 2023 (the “Ward Employment Agreement”), effective as of September 5, 2023 pursuant to which Mr. Ward will receive a base salary of $275,000 (“Base Salary”), a guaranteed annual bonus equal to 20% of Base Salary and is eligible to receive additional performance bonuses of up to 30% of Base Salary, as determined from time-to-time by the Company’s board of directors. Additionally, Mr. Ward will receive options to purchase 3,000,000 shares of the Company’s Common Stock at a price equal to the closing price of the Company’s Common Stock on the Effective Date.

https://www.sec.gov/ix?doc=/Archives/edgar/data/1053369/000149315223031972/form8-k.htm