Source: Payment Data Systems
Payment Data Systems, Inc. (OTC BB:PYDS.OB), an integrated electronic payments solutions provider, announced today that its CEO, Michael Long, has elected to receive PYDS common stock in lieu of more than $65,700 in accumulated unpaid salary. All other employees' owed unpaid wages have also elected to receive stock in lieu of cash payments.
Payment Data's Compensation Committee of the Board of Directors has granted a total of 859,743 shares, including 321,174 shares to Mr. Long, in exchange for the unpaid salaries that were due in cash. This represents a total cash savings of $179,000 in unpaid wages for the company. Currently, there are no remaining unpaid salary amounts owed to any employees. All shares are to be issued from the company's Employee Comprehensive Stock Plan