Replies to post #19419 on ERHC Energy Inc (ERHE)

[Mongo1071]

A wise man gets his facts straight

1) His salary was not $150K per year, it was $200K

"...On January 25, 2005, the Board of Directors approved the increase in the salary of the President and Chief Executive Officer, Mr. Ali Memon, from $150,000 to $200,000 per year, effective February 1, 2005 through July 31, 2007.."

2) His option / convertable shares were not $.30 but had been reduced to $.20

"...On January 25, 2005, the Board of Directors approved the increase in the salary of the President and Chief Executive Officer, Mr. Ali Memon, to $200,000 per annum, effective February 1, 2005. Additionally, the Company agreed to amend the exercise price of the options granted to Mr. Memon from $0.30 per share to $0.20 per share. The financial impact of this change will be recognized in the three month period ending March 31, 2005..."

If he would have stuck around until July, he could have had another million shares.

"....During the year ended September 30, 2004, the Company issued options to purchase 3,000,000 shares of common stock to an employee as part of his initial compensation package. These options have an exercise price of $0.30 per share, with 1,000,000 options vesting each of July, 2004, 2005 and 2006....."

http://www.sec.gov/Archives/edgar/data/799235/000114420405003752/v012378_10q.htm

Seems kind odd to leave for 'personal reasons', when in just over 5 months, there would have been another 1,000,000 shares vested.

Mongrel