EXHIBIT 10.14
AGREEMENT
THIS AGREEMENT is entered into this 3rd day of December, 2005 by and
between XXXXX XXXXX (hereinafter referred to as "AUBEL") and VIDEO WITHOUT
BOUNDARIES, INC., a Florida Corporation (hereinafter referred to as "VIDEO");
WHEREAS, XXXXX XXXXX has a substantial outstanding indebtedness from
VIDEO;
WHEREAS, AUBEL has the right to convert stock against the outstanding
debt at one ($.01) cent per share based upon monies due and owing;
WHEREAS, the parties wish to limit the ability of AUBEL to convert his
outstanding debt to future stock and to modify the value of conversion in the
third and fourth quarter on shares already converted in 2005 as well as modify
the terms and condition of conversion subsequent hereto;
NOW THEREFORE, in consideration of the foregoing, and Ten ($10.00)
Dollars in hand paid by each party hereto unto the other, and other good and
valuable consideration, the receipt, sufficiency and adequacy of which is hereby
jointly and severally acknowledged, and the covenants, promises,
representations, guarantees and the agreements herein contained;
IT IS MUTUALLY AGREED by and between the Parties hereto as follows:
1. The above recitals are true and correct.
2. For any and all distributions or conversions of shares of stock in
2005, the conversion rate shall be as follows:
A. For the first and second quarter of 2005, the amount
attributable to the conversion rate shall be at one ($.01)
cent per share;
B. For third quarter, conversion of debt to shares of stock shall
be at twenty (20%) percent of the then closing price on the
date of conversion;
C. For the fourth quarter of 2005 and any subsequent time
therein, any conversion shall be at forty (40%) percent of the
then closing price of the stock on the date of conversion;
D. Additionally, AUBEL, in the future and from this day forward,
shall be limited to convert 3% of the outstanding debt to
stock in any one quarter from the date of this Agreement.
3. This Agreement is entered into freely and there are no oral
representations made and the parties are relying only on the written
representations contained herein in executing this Agreement. Signed this 3rd
day of December, 2005.
VIDEO WITHOUT BOUNDARIES, INC
/s/ Xxxxx Xxxxx /s/ Xxxxxxx Xxxxxxx
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XXXXX XXXXX by: Xxxxxxx Xxxxxxx
As President & CEO
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