Agreement to Convert Debt between Sibling Group Holdings, Inc. and Richard Smyth
This agreement, dated September 30, 2012, is between Sibling Group Holdings, Inc. and Richard Smyth. Richard Smyth agrees to convert $136,328 of debt owed to him by the company into 68,500 shares of Sibling Group Holdings' common stock at a rate of $2.00 per share. Smyth may issue these shares to third parties and will inform the transfer agent when doing so. The agreement formalizes the conversion of debt into equity for the specified amount and terms.
EXHIBIT 10.1
AGREEMENT TO CONVERT DEBT
DATE: September 30, 2012
TO: Richard Smyth
FROM: Gerald F. Sullivan, Chairman, Sibling Group Holdings, Inc.
RE: Conversion of Debt
This memo shall serve to record the agreement by Richard Smyth to convert the existing debt at September 30, 2012 to common stock in SIBE at $2.00 per share. The outstanding amount as of that date that shall be converted is $136,328, and in consideration of the conversion of the debt 68,500 shares of common stock shall be issued. Richard Smyth may issue the shares to third parties and will notify the transfer agent of the issuance information at the time of issuance.
Thank you for your assistance.
Signed:
Gerald F. Sullivan
Chairman
Meshugeneh - settle payable | 188,500 |
Richard P. Smyth - settle payable | 68,500 |
