Robert Chen - May 16, 2022 Form 4 Insider Report for ELITE PHARMACEUTICALS INC /NV/ (ELTP)

Role
CFO, Secretary, Treasurer
Signature
Robert Chen
Stock symbol
ELTP
Transactions as of
May 16, 2022
Transactions value $
$36,000
Form type
4
Date filed
7/7/2022, 04:53 PM

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ELTP Options Award $36K +900K $0.04 900K May 16, 2022 Common Stock 900K $0.04 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Options were awarded by the Board of Directions as part of Mr. Chen's employment agreement.
F2 The options will best over a three-year period, commencing one year from the date of issuance. The first third will vest on May 16, 2023.