Debt Settlement Agreement between Infrastructure Developments Corp. and Morningstar Corporate Communications

Summary

Infrastructure Developments Corp. and Morningstar Corporate Communications have agreed to settle a $45,260 debt owed under a previous consulting agreement. Instead of cash payment, Infrastructure Developments Corp. will issue 3,017,334 shares of its common stock to Morningstar Corporate Communications. Once the shares are issued and authorized by the board, the debt will be fully cancelled and discharged, ending any further obligations between the parties related to this debt.

EX-10.9 8 exhibit109.htm DEBT SETTLEMENT AGREEMENT Converted by EDGARwiz

Exhibit 10.9

DEBT SETTLEMENT AGREEMENT

This Debt Settlement Agreement (this “Agreement”) is effective April 11, 2012 between Morningstar

Corporate Communications (“Creditor”) and Infrastructure Developments Corp. (“Debtor”).

SECTION ONE

ACKNOWLEDGEMENT OF EXISTING OBLIGATION

The parties acknowledge that Debtor is indebted to Creditor in the sum of forty five thousand two

hundred and sixty dollars ($45,260) pursuant to a consulting agreement with a contractual period of May

20, 2010 through May 19, 2011 (the "Consulting Agreement").

SECTION TWO

AGREEMENT FOR DIFFERENT METHOD OF PAYMENT

Debtor and Creditor desire and agree to provide for the payment of the above-stated indebtedness in

accordance with terms and provisions different from, and in substitution of, the terms and obligations of

loan repayment as described in Section One above.

SECTION THREE

CONSIDERATION

In consideration of the mutual promises contained in this Agreement, Debtor and Creditor agree as

follows:

Method of Payment: Debtor agrees to pay to Creditor and Creditor agrees to accept from

Debtor, in full satisfaction of the terms of the Consulting Agreement and the $45,260 of the

indebtedness described in Section One, three million, seventeen thousand, three hundred and

thirty four (3,017,334) shares of Debtor’s common stock, valued at $0.015 per share

Satisfaction: On execution of this Agreement and Debtor’s board of directors resolution

authorizing the issuance of 3,017,334 shares of Debtor’s common stock to Raymond Dove

for the Creditor, any and all indebtedness of Debtor to Creditor will be forever cancelled and

discharged.

In witness whereof, the parties have executed this Agreement on the date first mentioned above.

Infrastructure Developments Corp.

/s/ Thomas Morgan

By: Thomas Morgan, chief executive officer

Morningstar Corporate Communications

/s/ Chris Dove

By: Chris Dove, president