Debt Conversion Agreement between Sibling Entertainment Holdings, Inc. and Stephen C. Carlson (October 2011)

Summary

Sibling Entertainment Holdings, Inc. agreed with its CEO, Stephen C. Carlson, to convert debt owed for his services from April 1 to September 30, 2011, into 596,747 shares of restricted common stock valued at $119,349. The shares are subject to a six-month trading restriction under Rule 144 and may be affected by limited market liquidity and potential dilution from other convertible stock. This agreement formalizes the debt conversion and outlines key conditions regarding the issued shares.

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EX-10.15 6 ex10_15.htm EXHIBIT 10.15 Unassociated Document
Exhibit 10.15

MEMO FROM SIBLING ENTERTAINMENT HOLDINGS, INC.

Date: October 1, 2011

From: Gerald Sullivan, Chairman

TO: Steve Carlson

RE: Conversion of Debt

As Chairman of Sibling Entertainment, I want to thank you for your willingness to help us by agreeing to accept shares of the common stock of SIBE in exchange for our obligations to you. Please accept this as support for the issuance as noted below:

On October 1, 2011, the Company entered into an agreement with Stephen C. Carlson, CEO, pursuant to which the Company issued 596,747 shares of common stock valued $119,349 to
convert debt for services as CEO for the period April 1, 2011 to September 30, 2011. These were issued on October 3, 2011.

Please note that these shares are restricted under Rule 144 and cannot be traded for at least six (6) months. Also note that the stock trades infrequently, and there may be no trading market for the shares when you are ready to trade. Also note that the Series common stock, which you are an owner of, may convert into common stock and that event may cause dilution to the common stock, and reduce the share price, or market for the stock.


Thanks again, and I look forward to working with you going forward.

/s/ GERALD F. SULLIVAN
Gerald F. Sullivan
Chairman