Limitless X Holdings Inc. Memorandum of Understanding for Stock Issuance Settlement
On April 8, 2026, Limitless X Holdings Inc. (the "Company") entered into a binding Memorandum of Understanding (MOU) with its CEO and Chairman, Jaspreet Mathur, to settle promised benefits totaling $50,000. This settlement addresses bonus and incentive stock compensation related to his efforts in growing the company and acquiring celebrity contracts. In consideration, the Company will issue 550,000 shares of Class B Convertible Preferred Stock to Mathur. These shares are subject to the terms in the Companyβs Certificate of Designation and are restricted securities. The Class B Preferred Stock has no voting rights, except as required by law, and does not accrue dividends. Each share has a liquidation preference of $3.00. The shares are convertible into 0.067 shares of common stock, subject to a beneficial ownership cap, with adjustments for stock splits and dividends. The MOU resolves all bonus and incentive obligations owed to Mathur, with Mathur responsible for any related taxes and legal fees.