CirTran Corporation (CIRX)

[MFlores]

CEO Earned $563,306 in 2012. Yes he did!

The Company 10K-A stated that the CEO earned $563,306 in 2012, $465,000 of that in salary.

From the 10K-A:

Name and Principal Position (a) Iehab J. Hawatmeh
Year (b) 2012
Salary (c) $465,000
Bonus (d) 66,376
Option (f) 5,852
All Other (i) 26,078
Total ($) (j) $563,306

In the same section the Company stated:

"Under our Forbearance Agreement with our principal secured lender, YA Global Investments, L.P., all cash amounts payable to Mr. Hawatmeh in excess of an aggregate of $120,000 per year is accrued and will not be paid until the obligation due YA Global is paid."

So, the CEO can't be paid more than $120,000 in cash per year of the $563,306 until YA Global is paid in full. However, apparently he can be paid in stock since that would be non-cash. At some point he will be paid the entire annual amount of $563,306, whether it is in cash or stock.

Probably before anyone else gets theirs (except for YA Global).