Debt Conversion Agreement

EX-10.6 7 f8k011119ex10-6_mphasetech.htm DEBT CONVERSION AGREEMENT

Exhibit 10.6


Debt/Equity Conversion Agreement


THIS AGREEMENT, dated as of January 9 2019, 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


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 $.00005 per share;


WHEREAS, Lenders desire to convert all or a portion of the Indebtedness set forth in Schedule B into common stock of the Company at $.00005 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 $.00005 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.


s/s Ronald Durando  
mPhase Technologies, Inc.  
Ronald A. Durando  
President and CEO  
s/s Martin Smiley  
Martin Smiley  
s/s Ronald Durando  
Ronald Durando (individual capacity)  
s/s Gustatve Dotoli  
Gustave Dotoli  
s/s Abraham Biderman  
Abraham Biderman  
s/s Edward Suozzo  
Edward Suozzo  





Schedule A


   Amount   Amount @75%   Shares of Common 
Name  Owed   Converted   Stock 
Eagle Strategic Advisers LLC  $5,825   $4,369    87,375,000 
Ronald Durando  $117,538   $88,153    1,763,063,000 
Gustave Dotoli  $16,695   $12,521    250,425,000 
Martin Smiley  $37,289   $27,967    559,337,000 
Sub-total Officers’ & Director  $       $133,010    2,660,200,000 
Edward Suozzo  $20,400   $15,300    306,000,000