Debt Resolution Agreement between TetriDyn Solutions, Inc. and David W. Hempstead
TetriDyn Solutions, Inc. and shareholder David W. Hempstead have agreed to resolve the company's outstanding debt to Mr. Hempstead, totaling $84,080.21 (including principal and interest), by issuing 420,401 shares of the company's common stock at $0.20 per share. This agreement cancels the debt in exchange for stock, with both parties confirming their acceptance by signing the document on April 20, 2007.
Debt Resolution Agreement
TetriDyn Solutions, Inc. (the “Company”) had amounts due to David W. Hempstead (a shareholder) for funds loaned to the Company and for Company expenditures covered by Mr. Hempstead. The balances due to Mr. Hempstead at April 20, 2007 was $77,750.85. The notes payable bear interest at 6% per annum, resulting in the Company owing Mr. Hempstead an additional $6,329.36 in accrued interest.
On April 20, 2007, the Company offered and Mr. Hempstead accepted an agreement for the Company to pay the debt to Mr. Hempstead in the Company’s common stock, based on the fair value at closing that day. On April 20, 2007, the Company’s common stock closed at $0.20 per share. As a result, the Company will issue 420,401 shares of common stock for the cancellation of the debt to Mr. Hempstead.
Both of the above parties indicate their concurrence with the above agreement by signing below.
/s/ David W. Hempstead_______________
David W. Hempstead
/s/ Orville J. Hendrickson______________
Orville J. Hendrickson, Director
/s/ Larry J. Ybarrondo__________________
Larry J. Ybarrondo, Director
1651 Alvin Ricken Drive, Pocatello, Idaho 83201 ###-###-####
