Agreement for Exchange of Convertible Promissory Note for Series B Preferred Stock between Brazil Minerals, Inc. and Matthew H. Taylor

Contract Categories: Business Finance › Exchange Agreements
Summary

Brazil Minerals, Inc. and Matthew H. Taylor have agreed that Mr. Taylor will exchange a $50,000 convertible promissory note for 50 shares of the company's Series B Preferred Stock, each valued at $1,000. This agreement fully satisfies the debt owed under the note. Both parties confirm the exchange by signing the agreement, which is effective as of September 30, 2015.

Read More Arrow
EX-10.20 42 ex10_20.htm
Exhibit 10.20
 
 
BRAZIL MINERALS, INC.
155 North Lake Avenue, Suite 800
Pasadena, California 91101


 September 30, 2015

Mr. Matthew H. Taylor
[address]

Dear Mr. Taylor:

Reference is made to the Convertible Promissory Note from Brazil Minerals, Inc. (“BMIX”) to you in the principal amount of $50,000, a copy of which is attached hereto as Exhibit A (the “Note”).

This will confirm your agreement that BMIX is simultaneously herewith issuing to you 50 (fifty) shares of its Series B Preferred Stock, each with an issuance price of $1,000 per share, in exchange for, and in full satisfaction of, the Note. A copy of the Certificate of Designations, Preferences, and Rights of the Series B Preferred Stock of BMIX is attached hereto as Exhibit B.

Please acknowledge your agreement with the foregoing by signing a copy of this letter in the space indicated below and returning the signed copy to BMIX.

Very truly yours,
BRAZIL MINERALS, INC.

By: /s/ Marc Fogassa
       Marc Fogassa, Chief Executive Officer

AGREED TO:


/s/ Matthew H. Taylor
Matthew H. Taylor




Exhibit 10.20 -- Page 1