It's all pretty strange. Shareef has a 120K salary yet needs a 100K loan in addition to his salary? And if you read the put agreement, Shareef couldn't exercise his put right even if he wanted to. In the 8K, Shareef makes it sound as if he is doing shareholders a favor by not demanding the company spend 500K buying back his shares yet the put agreement specifically states that if the company didn't have the cash then the put right agreement is extended until the company does have the cash. But apparently, he didn't like that agreement so he had this "disinterested director" who is actually a co-founder of the company and Shareef's BFF, change the agreement. So now he gets a 100K "loan" which will never be paid back and he can sell all his shares. This is turning out worse than the Franks crew.
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