Pursuant to the employment agreement of Dec. 15, 2010, the accumulated balance of "deferred salary" earned but unpaid for HHSE C.E.O. Eric Parkinson - which has been disclosed on the company's periodic quarterly and annual OTC Markets filings - has been converted into Common Stock shares at a 1-to-1 basis (no discount to market price of shares).
The effective date of this transaction is April 17, 2026, and the conversion price is based on the closing price for the prior trading day, e.g., $.0079 / share.
As of Dec. 31, 2025, the accumulated balance of deferred salary to Parkinson was $362,949. There has been no interest earned on these deferrals, and no interest is due. As a result of the conversion and the April 16, 2026 closing price, Parkinson will receive 45,941,911 Common Stock Shares - which shall bear the Rule 144 Sale Restriction Legend as required for officers, directors or affiliates (i.e., sale restriction shall be for a minimum of 12-months from date of issue). As of this transaction, Parkinson will have 96,584,560 Common Stock Shares, in addition to his 6,400,000 "Preferred" shares of Hannover House, Inc.
This conversion will result in the reduction of the deferred salary payables liability on the company's balance sheet.
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