Relinquishment of Debt Conversion Rights Agreement between Steven Malone and Findex.com, Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

Steven Malone, the president and CEO of Findex.com, Inc., agrees to permanently give up his right to convert $479,953.33 in unpaid salary (owed as demand debt) into company common stock. This decision is made to help the company free up more shares for raising essential capital and pursuing other business opportunities. By signing this agreement, Mr. Malone waives any future ability to convert this debt into stock, supporting the company's financial needs.

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EX-10.54 6 exhibit10_54.htm EXHIBIT 10.54

EXHIBIT 10.54 

 

 

 

RELINQUISHMENT OF DEBT CONVERSION RIGHTS

 

WHEREAS, Steven Malone (“Mr. Malone”), president and chief executive officer of Findex.com, Inc. (the “Company”), is owed by the Company as of the date hereof an amount in demand debt equal to $479,953.33, inclusive of accrued interest through the date hereof, as a result of accumulated, unpaid salary for services;

 

WHEREAS, 100% of the afore-described demand debt currently owed by the Company to Mr. Malone is convertible into shares of Company common stock in accordance with its terms;

 

WHEREAS, in order to make available to the Company the opportunity to raise critically required capital to enable the Company to reasonably sustain and grow itself, and enter into other desirable transactions, the Company needs available to it more authorized but unissued shares of common stock than it currently has available;

 

WHEREAS, the Company has requested that Mr. Malone, in the interests of enabling the Company to raise such critically required financing and enter into such other desirable transactions, relinquish his rights to convert his demand debt to shares of Company common stock, and Mr. Malone desires to so relinquish such rights;

 

NOW, THEREFORE, for and in consideration of the foregoing recitals, Mr. Malone hereby agrees to irrevocably relinquish any and all of his rights to convert all or any portion of the demand debt owed by the Company to him as of the date hereof.

 

IN WITNESS WHEREOF, Mr. Malone has executed this Relinquishment of Debt Conversion Rights this 24th day of December, 2018.

 

 

 

 

 

 

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Steven Malone