DEBT FORGIVENESS AGREEMENT
This DEBT FORGIVENESS AGREEMENT (“Agreement”) is made effective as of June. 30, 2021, by and between Arvana Inc. (“Company”) and Zahir Dhanani (“Creditor” and together with the Company, the “Parties”).
WHEREAS, the Company owes Creditor certain payables for services rendered as a former officer and director of the Company, and for amounts expended in his official capacity on behalf of the Company, in the aggregate amount of two hundred and six thousand three hundred and one dollars and seventy-one cents ($206,301.71) as of the effective date of this Agreement (‘Debt”) comprised as follows:
|Payables||Date Incurred||Date Recorded||Currency||Total|
|Traveling expenses (020912ZD)||02/09/2012||02/29/2012||Canadian||7,975.08|
|Traveling expenses (020912ZD-2)||02/09/2012||02/29/2012||Canadian||8,910.80|
|Traveling expenses (032112ZD-1)||03/21/2012||03/31/2012||Canadian||9,010.50|
|Traveling expenses (032112-2)||03/21/2012||03/31/2012||Canadian||12,903.55|
|Traveling expenses (050712ZD)||05/07/2012||05/31/2012||Canadian||11,256.29|
|Traveling expenses (062512ZD)||06/25/2012||06/30/2012||Canadian||16,664.06|
|Traveling expenses (Zip)||07/19/2012||07/31/2012||Canadian||11,877.14|
|Traveling expenses (Rob)||07/19/2012||07/31/2012||Canadian||11,877.14|
|Traveling expenses (072012CZ)||07/20/2012||07/20/2012||Canadian||5,562.60|
|Traveling expenses (110712ZY)||09/07/2012||09/30/2012||Canadian||5,440.44|
|Traveling expenses (100212ZD)||10/02/2012||10/31/2012||Canadian||2,156.63|
|Traveling expenses (100212ZD-2)||10/02/2012||10/31/2012||Canadian||3,679.96|
|Fx at June 30, 2021||0.8068|
|Expenses (2nd qtr.)||06/30/2011||06/30/2011||USD||19,024.21|
|Expenses (3rd. qtr.)||09/30/2011||09/30/2011||USD||8,026.79|
|Expenses (4th qtr.)||12/31/2011||12/31/2011||USD||10,551.18|
|Debt assignment (Haafiz)||01/01/2012||01/31/2012||USD||(37,602.18)|
|Expenses (1st qtr.)||03/21/2012||03/31/2012||USD||7,652.17|
|Expenses (2nd qtr.)||06/30/2012||06/30/2012||USD||2,749.46|
|Hotel expenses (Senatus)||08/16/2012||08/31/2012||USD||928.48|
|Hotel expenses (Senatus)||08/25/2012||08/31/2012||USD||470.63|
|Hotel expenses (Senatus)||08/30/2012||08/31/2012||USD||480,86|
|Debt assignment (Zahir)||12/31/2016||12/31/2016||USD||37,602.18|
WHEREAS, the Creditor has determined to forgive the outstanding Debt in accordance with the terms of this Agreement.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Creditor hereby waives, forgives, and cancels all obligations owed by the Company to the Creditor that constitute the Debt as of June 30, 2021.
2. The Parties hereby represent and warrant to each other that this Agreement is a valid and binding obligation on each of the Parties. Furthermore, Creditor represents to Company that it has not transferred, assigned, or otherwise conveyed or alienated any of Creditor’s right, title, or interest in or to the Debt prior to entering into this Agreement.
3. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person or entity.
4. The Parties shall execute and deliver, or cause to be executed and delivered, any and all such other instruments and shall take all actions as may be necessary to effect the transaction contemplated by this Agreement.
5. This Agreement shall be construed, and the rights and obligations of the Parties under this Agreement shall be determined, in accordance with the internal laws of the State of Utah, without application of any state’s conflict of law principles.
6. Each part of this Agreement is intended to be severable. Should any term, covenant, condition, or provision of this Agreement prove to be unlawful, invalid, or unenforceable, such illegality, invalidity, or unenforceability shall not affect the remaining provisions of this Agreement, which shall remain in full force and effect and shall remain binding upon the Parties.
7. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and supersedes any and all prior agreements, representations, and understandings of the Parties, written or oral. The terms of this Agreement shall not be modified or amended except by subsequent written agreement of the Parties. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument.
[SIGNATURES ON THE FOLLOWING PAGE]
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first above written.
Arvana Inc. (“Company”)
/s/ Ruairidh Campbell
Name: Ruairidh Campbell
Date: June 30, 2021
Zahir Dhanani (“Creditor”)
/s/ Zahir Dhanani
Name: Zahir Dhanani
Date: June 30, 2021