TLSS settles $1.4M CEO pay with preferred stock; retention bonuses up to $500k

Transportation & Logistics Systems, Inc.

CEO Giordano settles $1,400,711.62 in outstanding liabilities for 10,007 shares of Series J convertible preferred stock.
Retention agreement provides up to $500,000 cash bonuses: $250k for $1M financing, another $250k for $2.5M financing.
Parties to negotiate a new employment agreement for services after Jan 1, 2026 within 60 days.
Company states paying cash would jeopardize going concern; Series J conversion shares to be listed on Trading Market.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Transportation & Logistics Systems, Inc. issued 10,007 shares of preferred stock to Sebastian Giordano for $1,400,711.62 in Outstanding Liabilities.

Security: preferred stock
Shares: 10,007 shares
Purchaser: Sebastian Giordano
Consideration: $1,400,711.62 in Outstanding Liabilities

Exact text from the filing

Pursuant to the Settlement Agreement, Mr. Giordano agreed to settle an aggregate of $1,400,711.62 in Outstanding Liabilities in exchange for the issuance of an aggregate of 10,007 shares of the Company’s Series J Senior Convertible Preferred Stock, par value $0.001 per share (the “ Series J Preferred Stock ”).

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-028129

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