ELTP · Elite Pharmaceuticals Inc /Nv/

All of the stock options were fully vested and exercisable as of the transaction date.

All of the stock options were fully vested and exercisable as of the transaction date.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.52 to $0.56, inclusive. The reporting person undertakes to provide to Elite Phannaceuticals, any security holder of Elite Pharmaceuticals, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote(1) to this Form 4

All of the stock options were fully vested and exercisable as of the transaction date.

Shares issued in settlement of compensation owed to the Reporting Person pursuant to his Employment Agreement with the issuer, dated August 1, 2013, as amended.

Options were awarded by the Board of Directions as part of Mr. Plassche's employment retention agreement.

The options will best over a three-year period, commencing one year from the date of issuance. The first third will vest on January 3, 2024.

The Board of Directors approved and awarded options on November 10, 2022, as part of Mr. Kirkov's employment agreement dated September 6, 2022.

The options will vest over a three-year period, commencing one year from the date of issuance. The first third will vest on September 6, 2023.

Options were awarded by the Board of Directions as part of Mr. Chen's employment agreement.

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.

Options were awarded by the Board of Directors as part of Mr. Bregman's employment agreement.

The options will vest over a three-year period, commencing one year from the date of issuance. The first third will vest on May 17, 2022

The preferred shares are convertible into shares of common stock at a rate of 6,576,878.18 shares of common stock for each whole share of preferred stock, effectively $0.1521 per share of common stock.

Shareholder Approval was obtained on June 23, 2020 for an increase in the number of authorized shares of common stock to permit full conversion of the preferred stock.

None

Represents 2018 and 2019 salary shares