Surrender and Conversion Agreement
EXHIBIT
10.1
THIS
AGREEMENT is
dated as of this 4th day of
December,
2007, Xxxxxxx Xxxxxxxx (the “Lender”), and ZIM Corporation (the “Company”), and
relates to separate advances made by the lender against a Line of Credit (the
“LOC”) with the Company dated as at the dates shown in Schedule A hereto, in the
aggregate principal amount of $100,000.00, with interest thereupon as shown
in
Schedule A hereto.
FOR
VALUABLE
CONSIDERATION (the receipt and sufficiency of which is hereby
acknowledged by the parties hereto), the parties agree as follows:
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1.
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The
Lender hereby agrees to surrender the amounts owing on the LOC in
consideration for the Company’s issuance to the Lender of ● Common Shares
in the capital of the Company (the “Shares”) and one Common Share purchase
warrant for each Share issued the “Warrants”). The Warrants will be priced
at the same price as the shares issued and will expire 15 months
from the
date of issue.
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2.
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Upon
the issuance of the Shares and warrants, the amounts owing as of
the date
of this agreement shall be forever cancelled and terminated, and
the
Lender hereby forever releases the Company from and against any liability
whatsoever for any obligations previously evidenced
thereby.
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ALL
OF WHICH IS HEREBY AGREED as of the date set forth above.
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ZIM
CORPORATION
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Xxxxxxx
Xxxxxxxx
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By:
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/s/ Xxxxxxx
Xxxxxxxx
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Name:
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Name:
Xxxxxxx Xxxxxxxx
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Title:
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Title:
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Schedule
A
Indebtedness
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Lender
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Date
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Principal
Amount (CDN$)
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Interest
(CDN$)
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Total
(CDN$)
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Xxxxxxx
Xxxxxxxx
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31-Jan-07
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50,000.00
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3,298.63
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53,298.63
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06-Nov-07
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50,000.00
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306.85
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50,306.85
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100,000.00
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3,605.48
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103,605.48
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