iQSTEL Inc. Files 8-K: Material Agreement, Officer Changes
Ticker: IQST · Form: 8-K · Filed: Mar 4, 2024 · CIK: 1527702
Sentiment: neutral
Topics: material-agreement, officer-changes, corporate-action
TL;DR
iQSTEL filed an 8-K on Feb 29th for a material agreement and officer changes.
AI Summary
On February 29, 2024, iQSTEL Inc. filed an 8-K report detailing a material definitive agreement and changes in its board and officer composition. The filing also includes financial statements and exhibits, with specific details on compensatory arrangements for certain officers.
Why It Matters
This filing indicates significant corporate actions, including a new material agreement and potential shifts in leadership, which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and changes in officers, which can introduce uncertainty and potential strategic shifts.
Key Players & Entities
- iQSTEL Inc. (company) — Registrant
- February 29, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
FAQ
What is the nature of the material definitive agreement entered into by iQSTEL Inc. on February 29, 2024?
The filing indicates a material definitive agreement was entered into, but the specific details of this agreement are not provided in the summary information.
What specific changes occurred regarding directors or officers on February 29, 2024?
The filing mentions the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with details on compensatory arrangements.
What financial statements and exhibits are included with this 8-K filing?
The filing states that financial statements and exhibits are included, but the specific content of these documents is not detailed in the provided summary.
What is iQSTEL Inc.'s state of incorporation and IRS Employer Identification Number?
iQSTEL Inc. is incorporated in Nevada and its IRS Employer Identification Number is 45-2808620.
What was iQSTEL Inc.'s former company name and when did the name change occur?
iQSTEL Inc. was formerly known as PURESNAX INTERNATIONAL, INC. (name change on 20151124), PURE SNAX INTERNATIONAL, INC. (name change on 20150813), and B-MAVEN, INC. (name change on 20110810).
Filing Stats: 1,082 words · 4 min read · ~4 pages · Grade level 10.9 · Accepted 2024-03-04 17:19:27
Key Financial Figures
- $31,000 m — we will compensate him with a salary of $31,000 monthly and he is eligible for a bonus as
- $22,000 m — we will compensate him with a salary of $22,000 monthly and he is eligible for a bonus as
- $2,500 — h 10,000 shares of common stock cash of $2,500 for their service as Directors. The Cha
Filing Documents
- iqst8k022924.htm (8-K) — 31KB
- ex10_1.htm (EX-10.1) — 65KB
- ex10_2.htm (EX-10.2) — 53KB
- ex10_3.htm (EX-10.3) — 65KB
- ex10_4.htm (EX-10.4) — 53KB
- 0001663577-24-000071.txt ( ) — 489KB
- iqst-20240229.xsd (EX-101.SCH) — 3KB
- iqst-20240229_lab.xml (EX-101.LAB) — 33KB
- iqst-20240229_pre.xml (EX-101.PRE) — 22KB
- iqst8k022924_htm.xml (XML) — 3KB
01 – Entry into a Material Definitive
Item 1.01 – Entry into a Material Definitive Agreement The disclosures concerning the entry into material definitive agreements contained in Item 5.02 are incorporated herein by reference into this Item 1.01. SECTION 5 – Corporate Governance and Management
02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers Officer Compensation On February 29, 2024, our board of directors approved amended and restated employment and indemnification agreements in favor of our Chief Executive Officer, Leandro Jose Iglesias and our Chief Financial Officer, Alvaro Quintana Cardona, to replace their existing agreements. The agreements are effective as of January 1, 2024. The new five year employment agreement with Mr. Iglesias provides that we will compensate him with a salary of $31,000 monthly and he is eligible for a bonus as follows: (i) up to two months of salary on a yearly basis, (ii) up to 4% of our net income on a yearly basis, and (iii) up to 1,000,000 shares of our common stock, a determined by our board of directors, all payable 15 days after our annual report is filed. If we do not have the cash available, the agreement provides that Mr. Iglesias may convert his accrued salary/bonus into shares of our common stock at the average price of our common stock during the last 10 days after applying a discount of 25%. Mr. Iglesias agreed to two year non-compete and non-solicit restrictive covenants. If Mr. Iglesias is terminated for cause he shall forfeit any rights to severance, which is available to him in the event of termination without cause. The new five year employment agreement with Mr. Quintana provides that we will compensate him with a salary of $22,000 monthly and he is eligible for a bonus as follows: (i) up to two months of salary on a yearly basis, (ii) up to 4% of our net income on a yearly basis, and (iii) up to 800,000 shares of our common stock, a determined by our board of directors, all payable 15 days after our annual report is filed. If we do not have the cash available, the agreement provides that Mr. Cardona may convert his accrued salary/bonus into shares of our common stock at the average price of our common stock during the last 10 days af
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Amended and Restated Employment Agreement with Mr. Iglesias, dated February 29, 2024 10.2 Amended and Restated Indemnification Agreement with Mr. Iglesias, dated February 29, 2024 10.3 Amended and Restated Employment Agreement with Mr. Cardona, dated February 29, 2024 10.4 Amended and Restated Indemnification Agreement with Mr. Cardona, dated February 29, 2024 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. iQSTEL Inc. /s/ Leandro Iglesias Leandro Iglesias Chief Executive Officer Date March 4, 2024 4