Debt Settlement Agreement
Your Internet Defender Inc. 8-K
Exhibit 10.05
| To: | Your Internet Defender Inc. |
| 00 Xxxx Xxxxxxx Xxxxxxx, Xxxxx 000 | |
| Xxxxxx Xxxxxx, XX 00000 |
| 1. | Xxxx Xxxxxxxx provided consulting services to Your Internet Defender (“YIDI”), and there is currently a total outstanding balance of Two Hundred Twenty-eight Thousand Dollars ($228,000.00) that is owed to Xxxx Xxxxxxxx by XXXX (“Total Outstanding Amount”). |
| 2. | Xxxx Xxxxxxxx wishes to settle the Total Outstanding Amount owed to him through this debt settlement agreement with YIDI, entered into on July 1, 2014, for a total settlement payment of Forty Thousand and One Hundred Eight Dollars and Fourteen Cents ($40,108.14) by YIDI to Xxxx Xxxxxxxx (“Debt Settlement Agreement”). |
| 3. | Xxxx Xxxxxxxx and YIDI confirm that the remaining balance of the Total Outstanding Amount, One Hundred Eighty-Seven Thousand Eight Hundred Ninety-One and 86/100 Dollars ($187,891.86) owed to Xxxx Xxxxxxxx, will be forgiven pursuant to this Debt Settlement Agreement. |
| 4. | This Debt Settlement Agreement shall be construed as to both validity and performance and enforced in accordance with and governed by the laws of the State of Nevada, without giving effect to the conflicts of law principles thereof. |
| 5. | This Debt Settlement Agreement may not be modified or changed except by an instrument or instruments in writing executed by the parties hereto. |
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of July 2, 2014.
| By: |
/s/ Xxxx Xxxxxxxx |
|
| Name: | Xxxx Xxxxxxxx |
| Your Internet Defender Inc. | ||
| By: |
/s/ Xxxx Xxxx |
|
| Name: | Xxxx Xxxx | |
| Title: | Chief Executive Officer | |
