EXHIBIT 10.7
SHARES FOR DEBT AGREEMENT
This Shares For Debt Agreement (the "Agreement") is made and entered into
as of June 22, 2004, by and between Innovative Card Technologies, a Delaware
corporation, (the "Company") and Xxxx Xxxx (the "Creditor") with reference to
the following facts:
RECITALS
WHEREAS, the Company desires to pay Creditor amounts due for a portion of
the outstanding services provided to the Company as of March 31, 2004 in the
amount of $135,000 (the "Outstanding Debt"); and
WHEREAS, the Company has agreed to issue and the Creditor has agreed to
accept preferred shares of the Company's Series A Convertible Preferred Stock as
full and complete settlement of the Outstanding Debt.
NOW THEREFORE, in consideration of the mutual covenants and promises
contained herein, and for valuable consideration, the receipt and sufficiency of
which are hereby mutually acknowledged, the parties to this Agreement
(collectively "parties" and individually a "party") agree as follows:
AGREEMENT
1. The Company agrees to issue and the Creditor agrees to accept one hundred
and thirty five thousand (135,000) shares of the Company's Series A
Convertible Preferred Stock at a deemed price of $1.00 per share as payment
for the Outstanding Debt (the "Debt Shares"). The Debt Shares shall be
issued to in the name of Xxxx Xxxx.
2. The parties shall hereafter execute all documents and do all that is
necessary, convenient or desirable in the reasonable opinion of the other
party to effect the provisions of this Agreement.
3. For the convenience of the parties, this Agreement may be executed by
facsimile signatures and in counterparts that shall together constitute the
agreement of the parties as one and the same instrument. It is the intent
of the parties that a copy of this Agreement signed by any party shall be
fully enforceable against that party.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date
first above written.
INNOVATIVE CARD TECHNOLOGIES, INC.
a Delaware corporation
BY: /s/ Xxxx Xxxxxxxxxxx
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Xxxx Xxxxxxxxxxx
Chief Executive Officer
/s/ Xxxxxxx Xxxx
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Name: Xxxxxxx Xxxx
