Replies to post #348630 on Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Nasrat did not sell ANY stock since he joined Elite. He did not take $1 in salary neither.

So please explain how he goes to the supermarket all this time... lol

He is wealthy and it does matter.

While it is true that Nasrat takes his salary in stock, he prefers his bonus to be direct deposit. About $10K per week, with the car allowance. Not bad. Forget the supermarket-- he can almost afford to shop at Whole Foods.




https://sec.report/Document/0001213900-20-016181/

Pursuant to his August 2013 employment agreement, and as amended on January 12, 2016 (the “Hakim Employment Agreement”), Mr. Hakim receives an annual salary of $500,000 per year. The Salary is paid in shares of the Company’s Common Stock pursuant to the Company’s current procedures for paying Company executives in Stock. He also is entitled to an annual bonus equal to up to 100% of his annual salary, payable in accordance with the Company’s payroll practices. The Board may also award discretionary bonuses in its sole discretion. Mr. Hakim is entitled to employee benefits (e.g., health, vacation, employee benefit plans and programs) consistent with other Company employees of his seniority and a car allowance.