Debt Conversion Agreement between U-Vend, Inc. and Mark Chapman (June 30, 2016)
U-Vend, Inc. and Mark Chapman agreed to convert $30,000 of debt owed to Mr. Chapman, primarily from earned payroll and benefits, into 176,471 shares of U-Vend's common stock at a price of $0.17 per share. This agreement leaves an outstanding balance of approximately $20,000 still owed to Mr. Chapman. The conversion was approved by the company's Board of Directors and accepted by both parties on June 30, 2016.
U-Vend, Inc. 8-K
Exhibit 10.46
June 30, 2016
Mr. Mark Chapman
President
U-Vend America, Inc.
1507 7th Street, #425
Santa Monica, CA 90401
Dear Mr. Chapman:
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 $50,000. On that date, you had requested repayment of $30,000 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: $30,000 | |
| 2. | Conversion share price: $0.17 | |
| 3. | Shares delivered: 176,471 | |
| 4. | Approximate remaining balance of debt owed you: $20,000 |
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/ Mark Chapman
Mark Chapman
