Robert P. McDermott - 14 Sep 2023 Form 4 Insider Report for iCoreConnect Inc. (ICCT)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ICCT	Series A Preferred Stock	Purchase	$50,000	+5,000	+100%	$10.00	10,000	14 Sep 2023	Common Stock			Direct	F1, F2
transaction	ICCT	Series A Preferred Stock	Purchase	$0	+4,673		$0.000000	4,673	14 Sep 2023	Common Stock			Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Each share of Series A Preferred Stock is convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into shares of Common Stock.
F2	Each share of Series A Preferred Stock is convertible into shares of Common Stock as is determined by dividing the Original Issue Price of $10.00 by the Conversion Price in effect at the time of conversion. The amount set forth in the table is based on an assumed Conversion Price of $10.00 per share, which is the current Conversion Price. The Conversion Price will be reset to the lesser of $10.00 or 20% above the simple average of the volume weighted average price on the 20 trading days following 12 months after August 25, 2023; provided further that such Conversion Price shall be no greater than $10.00 and no less than $2.00 (such amounts subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization).
F3	Acquired in a private transaction for no cash consideration.