Conversion Notice for Executive Compensation Note between Arman Tabatabaei and MCTC Holdings, Inc.

Contract Categories: Business Finance › Note Agreements
Summary

This document is a conversion notice from Arman Tabatabaei to MCTC Holdings, Inc., converting an outstanding executive compensation note into company shares. The original note, dated February 29, 2020, covered $10,000 per month in accrued executive compensation. On May 22, 2020, the principal and interest totaling $81,941.55 were converted into 694,902 shares of common stock at a price of $0.1179 per share. The shares are to be issued to Arman Tabatabaei. The document includes a calculation schedule for the conversion.

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EX-10.30 43 ea122309ex10-30_cannabis.htm TABATABAEI NOTE CONVERSION

Exhibit 10.30

 

EXHIBIT I

CONVERSION NOTICE

 

(To be executed by the Holder in order to Convert the Note)

 

TO: MCTC HOLDINGS, INC.

 

Via Email: ***@***

 

The undersigned hereby irrevocably elects to convert a portion of the outstanding Note into Alternative Conversion Stakes as outlined in the Note Agreement.

 

The date of the note was Feb 29, 2020 for the accrued monthly executive compensation of $10,000 a month per original Executive Agreement item 4.1. It was converted on May 22, 2020. The principal amount was $79,333.33. Interest was $2608.22 for a total conversion of $81,941.55. Conversion price was 11.79 cents and it converted to 694, 902 shares. The calculation schedule is on Exhibit II, following the signature.

 

Conversion Date: May 22, 2020

Principal Amount: $79,333.33

 

Please issue the shares of Common Stock in the following name and to the following address:

Issue to: Arman Tabatabaei

14252 Culver Dr #A555

Irvine Ca 92604

 

Authorized Signature:  /s/ Arman Tabatabaei  
Name: Arman Tabatabaei  
Title: CEO  

 

 

 

 

EXHIBIT II

CONVERSION Calculation

 

Arman Convertible

 

Date Taken  29-Feb-20 
Date Converted  22-May-20 
Prin Amount  $79,333.33 
Inter 10%  $2,608.22 
Convt $  $81,941.55 
Convert Price  $0.1179 
Convert to Shares   694,901.34 

 

4/22/20   0.25    0.3    0.21    0.23    0.23    44696 
4/23/20   0.26    0.26    0.17    0.2499    0.2499    23300 
4/24/20   0.24    0.24    0.18575    0.2    0.2    7750 
4/27/20   0.2    0.239    0.18    0.18    0.18    19108 
4/28/20   0.175    0.21    0.175    0.21    0.21    5412 
4/29/20   0.21725    0.3299    0.2    0.26998    0.26998    36454 
4/30/20   0.3    0.3299    0.26    0.29    0.29    52203 
5/1/20   0.3299    0.3299    0.26    0.29365    0.29365    39760 
5/4/20   0.26115    0.32    0.23    0.23    0.23    130267 
5/5/20   0.29    0.29    0.15    0.2125    0.2125    190303 
5/6/20   0.245    0.3    0.22    0.23    0.23    94089 
5/7/20   0.21    0.28    0.21    0.235    0.235    58824 
5/8/20   0.22    0.2489    0.182    0.2489    0.2489    39139 
5/11/20   0.24445    0.24445    0.18    0.2199    0.2199    67667 
5/12/20   0.2295    0.239    0.19    0.22    0.22    35800 
5/13/20   0.2    0.2523    0.192    0.22    0.22    98601 
5/14/20   0.275    0.28    0.21    0.245    0.245    109511 
5/15/20   0.24    0.26    0.2305    0.252    0.252    46662 
5/18/20   0.241    0.27    0.232    0.2599    0.2599    44549 
5/19/20   0.25    0.26    0.22    0.22    0.22    25698 
                               
Sum                       4.71673      
                               
Average                      $0.2358