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.

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