Iqstel Inc. has announced amendments to the employment agreements for its Chief Executive Officer, Leandro Iglesias, and Chief Financial Officer, Alvaro Quintana Cardona, as approved by the board of directors on June 23, 2025. The updated agreements allow both executives to convert their accrued salary and bonus into shares of the company's common stock or Series B Preferred Stock, in the event that their monthly remuneration is not paid in full on time. The conversion to common stock is determined based on the average price per share on the Nasdaq Capital Market over the last 10 days, applying a 25% discount. For Series B Preferred Stock, the number of shares is calculated by further dividing the result by 12.5. On June 24, 2025, Iglesias and Quintana elected to convert their accrued and unpaid salaries, totaling $631,500, into 6,571 shares of Series B Preferred Stock.
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