Forfeiture Agreement between Home Touch Holding Company and David Gunawan Ng & Stella Wai Yau
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Summary
This agreement confirms that David Gunawan Ng and Stella Wai Yau, directors and principal shareholders of Home Touch Holding Company, have agreed to forfeit the right to repayment of loans made to the company by entities they control. The forfeiture was granted unconditionally and without receiving any additional stock or equity in return, in order to improve the company's financial position. There are no conditions attached to this agreement, and all future rights to repayment are also forfeited.
EX-10.15 4 hometouch_ex1015.htm FORFEITURE AGREEMENT hometouch_ex1015.htm
Exhibit 10.15
To: Home Touch Holding Company
From: David Gunawan Ng and Stella Wai Yau
Date: September 19, 2009
This will confirm the following is true and correct:
Because the Company was not in a position to meet repayment obligation to these related companies, Technics Group Limited and Penflow Technology (Asia) Limited, the forfeiture was granted by the related companies that were controlled by Mr. David Gunawan Ng and Ms. Stella Wai Yau, the directors of the Company, in exchange for the additional paid-in capital to the Company. The loans were forfeited by these entities controlled by the principal shareholders of the company in order to improve the Company's financial position. However, Mr. David Gunawan Ng and Ms. Stella Wai Yau, our directors, did not receive any additional stock or other equity interest from us in exchange for the forfeiture of these loans. The forfeiture was pursuant to an oral agreement.
This will confirm that:
| · | There were no conditions to our foregoing agreement. |
| · | We have personally agreed unconditionally to forfeit the right and any and all future rights to repayment of the foregoing. |
/s/ David Gunawan Ng
David Gunawan Ng
/s/ Stella Wai Yau
Stella Wai Yau
