CONVERSION AGREEMENT
Kemet Investment Limited Partnership, a limited partnership formed pursuant to
the laws of Pennsylvania with offices at 000 Xxxxxxxxx Xxxxx, Xxxxxxxx, XX,
hereby acknowledges and agrees to the following:
WHEREAS, Kemet is a shareholder of PowerNomics Enterprise Corporation, a
Delaware corporation ("PEC"); and
WHEREAS, as of October 31, 2000, Kemet had lent PEC a total of $352,000 pursuant
to a line of credit dated May 9, 2000 and amended October 31, 2000; and
WHEREAS, the line of credit had an interest rate 10%, and accrued interest of
$12,898.67 as of October 31, 2000; and
WHEREAS, two of the partners of Kemet are Xx. Xxxxxx X. Xxxxx and W. Xxxxxx
Xxxxx, both of whom are officers and/or directors of PEC.
NOW THEREFORE, for $1.00 and other good and valuable consideration it is agreed
that
1. Kemet shall convert the $352,000 (Principal) and the $12,898.67
(Interest) outstanding on its line of credit as of October 31, 2000 into a
capital contribution. This conversion shall be effective as of October 31,
2000. As a result, PEC shall no longer owe Kemet the $352,000 (Principal)
or the $12,898.67 (Interest) owed on October 31, 2000, and will not be
reimbursed for such amount.
2. Kemet shall not receive any additional shares of common stock of PEC
for the above-mentioned capital contribution.
Dated this ______ day of ___________, 2000.
KEMET INVESTMENT LIMITED PARTNERSHIP
By: _______________________________
POWERNOMICS ENTERPRISE CORPORATION
By: _______________________________
CONVERSION AGREEMENT
Kemet Investment Limited Partnership, a limited partnership formed pursuant to
the laws of Pennsylvania with offices at 000 Xxxxxxxxx Xxxxx, Xxxxxxxx, XX,
hereby acknowledges and agrees to the following:
WHEREAS, Kemet is a shareholder of PowerNomics Enterprise Corporation, a
Delaware corporation ("PEC"); and
WHEREAS, as of December 31, 2000, Kemet has lent PEC an additional amount of
$145,000 pursuant to a line of credit dated May 9, 2000 and amended October 31,
2000; and
WHEREAS, two of the partners of Kemet are Xx. Xxxxxx X. Xxxxx and W. Xxxxxx
Xxxxx, both of whom are officers and/or directors of PEC.
NOW THEREFORE, for $1.00 and other good and valuable consideration it is agreed
that
1. Kemet shall convert the $145,000 (Principal) outstanding on its line of
credit as of December 31, 2000 into a capital contribution. This
conversion shall be effective as of December 31, 2000. As a result, PEC
shall no longer owe Kemet the $145,000 (Principal) owed on December 31,
2000, and will not be reimbursed for such amount.
2. Kemet shall not receive any additional shares of common stock of PEC
for the above-mentioned capital contribution.
Dated this 29th day of December, 2000.
KEMET INVESTMENT LIMITED PARTNERSHIP
By: _______________________________
POWERNOMICS ENTERPRISE CORPORATION
By: _______________________________
