Settlement Agreement to Compromise Debt

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EX-10.1 2 ex10-1.htm

 

Exhibit 10.1

 

SETTLEMENT AGREEMENT TO COMPROMISE DEBT

 

 

This Agreement to Compromise Debt (the “Agreement”) is made and effective June 3, 2022,

 

BETWEEN: Webstar Technology Group, Inc. (the Debtor), a corporation organized and existing under the laws of the State of Wyoming with its head office located at:
   
  4231 Walnut Bend, Jacksonville, FL 32257
   
AND: JAMES OWENS (the Creditor), an individual domiciled in the State of Florida domiciled at:
   
  4231 Walnut Bend, Jacksonville, FL 32257

 

In consideration of the terms and covenants of this agreement, and other valuable consideration, the parties agree as follows:

 

Regarding the Company’s debt obligation of $1,644,583.34 (the Debt), as of the date of this Agreement compiled as follows:

 

  ● Loans to the Company by Creditor, as reflected on the Balance Sheet, in the amount of $756,450.
  ● Accrued salary and automobile allowance from January 1, 2020 until the date of this Agreement in the amount of $874,833.34.
  ● As part of this SETTLEMENT Agreement, Creditor will amend his employment agreement compensation to $1.00 per year.

 

Debtor agrees to convert 1,101,000 of the Debt into a Convertible Promissory Note in the form of the attachment. The remaining debt is to be forgiven and extinguished by the Creditor.

 

DEBTOR:  
   
/S/ Don D. Roberts  
DON D. ROBERTS, PRESIDENT AND CEO  
WEBSTAR TECHNOLOGY GROUP, INC.  
   
CREDITOR:  
   
/S/ James Owens  
JAMES OWENS  

 

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