Form 4: Elite Pharmaceuticals CEO Acquires Shares to Settle Compensation
SEC Form 4 Filing
Nasrat A. Hakim, CEO of Elite Pharmaceuticals, acquired 49,534,368 shares of common stock to settle compensation owed under his employment agreement.
Summary
- On March 29, 2024, Nasrat A. Hakim, CEO, President, and Director of Elite Pharmaceuticals, acquired 49,534,368 shares of common stock.
- The acquisition was made to settle compensation owed to Hakim under his employment agreement dated August 1, 2013, as amended.
- The price per share for the acquisition was $0.00.
- Following the transaction, Hakim directly owns 216,649,250 shares of common stock.
- Hakim also indirectly owns 2,700,000 shares through an IRA and 2,223,147 shares through Kristine Hakim.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing is a standard disclosure of insider transactions. The acquisition of shares to settle compensation is neither particularly positive nor negative.
Positives
- The acquisition of shares by the CEO demonstrates his continued investment in the company.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the transactions of company insiders. This filing indicates a settlement of compensation through equity.
Stakeholder Impact
- The transaction increases the CEO's stake in the company, potentially aligning his interests further with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| August 1, 2013 | Date of the Employment Agreement between Nasrat A. Hakim and Elite Pharmaceuticals. |
| 03/29/2024 | Date of the transaction where Nasrat A. Hakim acquired shares of common stock. |
| 04/02/2024 | Date of signature of the Form 4 filing. |
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