Debt Settlement and Conversion Agreement between Sinobiomed Inc. and Michael Tan (December 2010)

Contract Categories: Business Operations › Settlement Agreements
Summary

Sinobiomed Inc. and Michael Tan have agreed to settle a debt of $561,370.34, which includes principal and interest, by converting the entire amount into 10,000,000 shares of Sinobiomed's common stock at a price of $0.0561 per share. The agreement is effective upon both parties signing and returning the document by December 6, 2010. This arrangement resolves the outstanding debt through the issuance of company shares instead of cash payment.

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EX-10.1 2 v207382_ex10-1.htm
6 Windsor Park Hill
Singapore  574198

December 2, 2010

Sinobiomed Inc.
Room 4304, 43/F China Resources Building
26 Harbour Road, Wan Chai
Hong Kong


Attention: Mr. Chris Metcalf, Chairman & Director

Dear Sir:

Re:
Settlement and Conversion of US$561,370.34 debt owing from Sinobiomed Inc. to Michael Tan

I hereby agree to the settlement of the US$561,370.34 debt owed to me from Sinobimoed Inc. (the “Company”), which includes a principal amount of $500,000 plus interest of $61,370.34, in exchange for the conversion of such debt into 10,000,000 shares of common stock of the Company at a conversion price of $0.0561 per share.

If the foregoing is satisfactory, please indicate your agreement by executing a copy of this letter where indicated below and returning an originally signed copy to the undersigned on or before December 6, 2010.

I appreciate your prompt response and action in settling the above matter.

Yours truly,

/s/ Michael Tan

MICHAEL TAN


The above terms and conditions are acknowledged and agreed to this 6th day of December, 2010.

SINOBIOMED INC.
per:

            /s/ George Yu                      
(Authorized Signatory)