Debt/Equity Conversion Agreements of Related Parties, dated as of January 1, 2018

EX-10.97 2 f10k2018ex10-97_mphasetech.htm DEBT/EQUITY CONVERSION AGREEMENTS OF RELATED PARTIES, DATED AS OF JANUARY 1, 2018

Exhibit 10.97

 

Debt/Equity Conversion Agreement

 

THIS AGREEMENT, dated as of January 1, 2018, between mPhase Technologies, Inc., a New Jersey corporation, having an address at 688 New Dorp Lane, Staten Island, New York 10306-4933 (“Debtor”) and the following persons (each individually a “Lender” and collectively, the “‘Lenders”) having the following addresses:

 

1.Eagle Strategic Advisers LLC at 5624 17th Avenue, Brooklyn, New York 10204

 

2.Martin Smiley at 12 Sycamore Drive, Westport Connecticut 06880

 

3.Ronald Durando at 43 Alexander Avenue, Nutley, New Jersey 07110

 

4.Gustave Dotoli at 245 Rutgers Place, Nutley, New Jersey 07110

 

5.Edward Suozzo at 688 New Dorp Lane, Staten Island, New York 10306-4933

 

6.Karen Durando at 43 Alexander Avenue, Nutley, New Jersey 07110

 

WHEREAS, Debtor owes each of the respective Lenders the following monies (“Indebtedness”) in connection with Loans and Unpaid Compensation as set forth in Schedule A hereto that is convertible into common stock of Debtor at $.0001 per share;

 

WHEREAS, certain of the Lenders have, in addition been issued awards of common stock as set forth in Schedule B hereto;

 

WHEREAS, Lenders desire to convert all of the Indebtedness into common stock of the Company at $.0001 per share;

 

NOW, THEREFORE, in consideration of the mutual premises set forth herein, the parties hereto agree as follows:

  

1.Lenders each agree to convert their portion of the Indebtedness into common stock of the Company at a price of $.0001 per share.

 

2.Debtor agrees to accept such conversion and issue shares of common stock to each Lender to satisfy such Indebtedness.

 

3.This Agreement can be executed in counter-part signature pages.

 

4.This Agreement shall be governed by the laws of the State of New Jersey and may only be modified by a written agreement signed by each of the parties hereto.

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first-above written.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Schedule A

 

Computation of Shares of Common Stock to be issued

By mPhase Technologies, Inc.

  

Name  Unpaid Compensation   Conversion Price  Shares
           
Karen Durando  $44,500   $.0001 per share  485,000,000 shares
            
Ron Durando  $284,389   $.0001 per share  2,843,890,000 shares
            
Gus Dotoli  $127,194   $.0001 per share  1,271,940,000 shares
            
Martin Smiley  $127,194   $.0001 per share  1,271,940,000 shares
            
Abe Biderman  $186,000   $.0001 per share  1,860,000,000 shares
            
Edward Suozzo  $51,000   $.0001 per share  510,000,000 shares

  

Name  Loans Payable   Accrued Interest   Conversion Price  Shares 
                
Ron Durando  $346,404.85   $81,121.80   $.0001 per share   4,275,266,500 
                   
Gus Dotoli  $110,905.75   $31,737.21   $.0001 per share   1,426,429,500 
                   
Martin Smiley  $20,650   $111,285.29   $.0001 per share   1,319,352,900 
                   
Abe Biderman  $126,364.27    Interest included in loan   $.0001 per share   1,263,642,700 

 

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Schedule B

 

Name   Officers and Directors Awards of Common Stock
     
Ron Durando   2,000,000,000 shares
     
Gus Dotoli   1,000,000,000 shares
     
Martin Smiley   1,000,000,000 shares
     
Abe Biderman   1,000,000,000 shares
     
Edward Suozzo   500,000,000 shares

 

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Total Shares of Common Stock

To be issued

 

Name  Sum of Shares   Total 
         
Karen Durando   485,000,000    485,000,000 
           
Ron Durando   2,843,890,000      
    4,275,266,500-      
    2,000,000,000    9,119,156,500 
           
Gus Dotoli   1,271,940,000-      
    1,426,429,500-      
    1,000,000,000-      
           
         3,698,369,500 
           
Martin Smiley   1,271,940,000-      
    1,319,352,900-      
    1,000,000,000-      
           
         3,591,292,900 
           
Abe Biderman   1,860,000,000-      
    1,263,642,700      
    1,000,000,000-      
           
         4,123,642,700 
           
Edward Suozzo   510,000,000-      
    500,000,000-     
           
         1,100,000,000 

 

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/s/ Martin Smiley  
mPhase Technologies, Inc.  
By: Martin Smiley, CFO and General Counsel  

 

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/s/ Abraham Biderman  
Eagle Advisers, LLC  
   
/s/ Martin Smiley  
Martin Smiley  
   
/s/ Karen Durando  
Karen Durando  
   
/s/ Ron Durando  
Ron Durando  
   
/s/ Gustave Dotoli  
Gustave Dotoli  

 

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Debt Conversion Agreement

 

THIS AGREEMENT, dated as of November 28, 2017 by and between SCHUHALTER, COUGHLIN & SUOZZO, LLC, Edward Suozzo managing member, having an address at 688 New Dorp Lane, Staten Island, New York, N.Y. (“Creditor”) and mPhase Technologies, Inc. having an address at 688 New Dorp Lane, Staten Island, New York 10306-4933 (the “Company”).

 

WHEREAS, Creditor has accrued and unpaid fees for accounting and other services owed by the Company to Creditor in the aggregate amount of $52,000 (collectively, the “Payable”);

 

WHEREAS, Creditor and the Company have agreed to convert the Payable into Shares of Common Stock of the Company on the terms set forth herein;

 

NOW, THEREFORE, in consideration of the mutual premises set forth herein, the parties hereto agree as follows:

 

1.As of October 31, 2017, the Company owes the Creditor $40,000 of accrued and unpaid fees for accounting services.

 

2.As of October 31, 2017, the Company owes the Creditor $12,000 of accrued and unpaid fees for other services.

 

3.The Company and the Creditor agree that the Payable shall be converted into 520,000,000 shares of Common Stock of the Company at a conversion price of $.0001 per share upon the filing by the Company of an amendment to its Certificate of Incorporation increasing its authorized shares of Common Stock to 72 billion shares.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first-above written.

 

/s/ Edward Suozzo   /s/ Martin Smiley
SCHUHALTER, COUGHLIN & SUOZZO, LLC   mPhase Technologies, Inc
     
By: Edward Suozzo   By: Martin Smiley, Executive Vice President

 

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