Many executives, especially chief executives, receive nearly all of their compensation in stock. Both for public perception, and for tax reasons, Elon Musk, Eric Schmidt, Jack Dorsey, Larry Page, Mark Pincus, Mark Zuckerberg, and many others pay themselves only $1 per year.
Assuming these men and women are legally "employed" by their respective companies, and given that I don't believe compensation in stock is legally pay under the federal Fair Labor Standards Act, how do they manage to avoid receiving at least minimum wage in cash?
Where jurisdiction is concerned, I'd like to consider federal law in the United States, as well as state law in New York and California, though I am curious to hear about any other relevant state law as well (maybe Delaware Corporations follow only Delaware minimum wage laws?). Thanks in advance!