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How are the $1 salaries that CEOs sometimes take considered legal?
Part of your first link has this statement that I suspect you are missing: However, Section 13(a)(1) of the FLSA provides an exemption from both   minimum wage and overtime pay for employees employed as bona fide   executive, administrative, professional and outside sales employees. Note that executive is in that list. As for the additional note: To qualify for exemption, employees generally must meet certain tests   regarding their job duties and be paid on a salary basis at not less   than $455 per week. Generally which means, "in most cases; usually." is not a universal qualifier and thus exceptions can exist. I'd imagine that restricted stock could be a way around some of the rules as there would be a monetary value there in the case of the stock for companies of a particular size.