Exhibit 10.1 - Agreement between Xxxxxxx Xxxxxxxxx and Company
dated May 20, 1999
AGREEMENT
AGREEMENT, entered into on the 20th day of May, 1999 between
Xxxxxxx Xxxxxxxxx, residing in Winter Haven, Florida and
Florldino's International Holdings, Inc., (hereinafter "the
Company"), incorporated under the laws of the State of Florida.
WHEREAS, the Company requires equity and capital for its
continued operation and;
WHEREAS, Xxxxxxx Florldino has agreed to provide equity and
capital to the Company for the repayment of debt owned by the
Company;
IT IS HEREBY AGREED, by the respective parties as follows:
1. Xxxxxxx Florldino shall, upon the execution of this
Agreement, immediately list for sale the properties set forth on
the attached Schedule A and transfer the equity obtained from the
sale of such properties to the Company after reasonable sales
costs and the satisfaction of any encumbrances or liens.
2. In consideration of the foregoing, upon the transfer to
the Company of the equity proceeds obtained from the sale of the
properties, the company shall issue to Xxxxxxx Xxxxxxxxx an
amount of convertible preferred stock of Florldino International
Holdings, Inc., . 00 I par value, which are convertible into
common shares of stock of the Company. The amount of convertible
preferred stock to be issued to Xxxxxxx Xxxxxxxxx shall be equal
to the net equity proceeds obtained from the sale of the
properties listed on Schedule A and calculated at $5.00 per
share.
3. It is agreed to issue 50,000 shares of restricted
preferred stock to Xxxxxxx Xxxxxxxxx. One year from today's date
10,000 shares can be converted, thereafter every six months
10,000 shares can be converted.
4. The parties represent that they have entered into this
Agreement on their own accord and that this Agreement sets forth
the entire understanding between the parties hereto. This
Agreement may not be amended except by written agreement signed
by all the parties hereto. The Agreement shall be binding upon
the heirs, successors and assigns of the parties hereto.
/s/ /s/
___________________________ __________________________
Xxxxxxx Xxxxxxxxx Floridino's International
Holdings Inc.
