Oncotelic Therapeutics Inc. has entered into a new restricted stock agreement with CEO Dr. Vuong Trieu. Under the agreement, Dr. Trieu is eligible to receive up to 26,512 shares of convertible Series A Preferred Stock, which can be converted into up to 26,512,000 shares of common stock, based on the achievement of four specific performance milestones related to the company’s capital structure. The first milestone, involving the conversion of outstanding 2023 PPM Notes into new 2025 Units, has been achieved, granting Dr. Trieu 4,426 shares of Preferred Stock. Three additional milestones each allow for the vesting of 7,362 shares of Preferred Stock upon completion. The total potential issuance under the agreement represents approximately 4.99% of the company’s outstanding common stock as of the agreement date.

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