Agreement for Conversion of Debt between True Nature Holding, Inc. and Kevin Novack (February 14, 2019)
True Nature Holding, Inc. and creditor Kevin Novack have agreed to convert $15,000 of the company's outstanding debt into 120,000 shares of restricted common stock, leaving a remaining balance of $47,009. The agreement cancels $15,000 of debt in exchange for the shares, which are subject to Rule 144 holding requirements starting from March 16, 2016. Both parties confirm the debt is current and in good standing. The shares will be issued directly to Kevin Novack.
Exhibit 10.4
AGREEMENT FOR THE CONVERSION OF DEBT
On this 14th day of February 2019, True Nature Holding, Inc. (TNTY, "the Company") and Kevin Novack, (Creditor) have agreed as follows:
The Creditor has agreed to convert $15,000 of the outstanding principle and interest of $62,009.00 into shares leaving a balance of $47,009.00. Such amounts have been agreed to and are substantiated by the Company. This note is recorded in the Company's accounts payable;
The Company, in an effort to reduce its amounts outstanding, and to enhance its balance sheet, has requested that the Creditor receive payment through the issuance of restricted common stock in the Company;
The parties have agreed to cancel in full, the $15,000.00 through the issuance of 120 ,000 shares of restricted common stock. All parties agree the debt is current and in good standing. All parties agree that the holding period for these shares under Rule 144 shall begin on March 16th 2016, and that all shares were fully paid for as of that date.
The Creditor has asked for the shares to be issued to:
Kevin Novack
Signed this 14th day of February 2019:
/s/ Kevin Novack
Kevin Novack, Creditor, a non-affiliated shareholder
/s/ James P. Crone
James P. Crone, President and member of the Board of Directors True Nature Holding, Inc.
