Debt Conversion Agreement between U-Vend, Inc. and Paul Neelin (June 30, 2016)
U-Vend, Inc. and its Chief Operating Officer, Paul Neelin, agreed to convert $200,000 of the company's payroll debt owed to Mr. Neelin into 1,176,471 shares of newly issued common stock at a price of $0.17 per share. After this conversion, approximately $36,000 remains owed to Mr. Neelin. The agreement was approved by the company's Board of Directors and accepted by both parties on June 30, 2016.
U-Vend, Inc. 8-K
Exhibit 10.45
June 30, 2016
Mr. Paul Neelin
Chief Operating Officer and Secretary
U-Vend, Inc.
1507 7th Street, #425
Santa Monica, CA 90401
Dear Mr. Neelin:
As of June 30, 2016, the balance of funds owed to you through earned payroll and associated benefits, as specified in your employment agreement, totaled approximately $236,000. On that date, you had requested repayment of $200,000 of the outstanding balance in newly issued common stock of the Company, which the Company’s Board of Directors unanimously approved. You and the Company agreed to the following terms regarding this debt to equity conversion:
| 1. | Amount converted: $200,000 | |
| 2. | Conversion share price: $0.17 | |
| 3. | Shares delivered: 1,176,471 | |
| 4. | Approximate remaining balance of debt owed you: $36,000 |
By signing below you are signifying your acceptance of the above listed terms of conversion.
| Sincerely, | |
| /s/ Raymond Meyers | |
| Raymond Meyers | |
| Chief Executive Officer | |
| U-Vend, Inc. |
Accepted:
/s/ Paul Neelin
Paul Neelin
