SETTLEMENT AGREEMENT
Exhibit 10.66
This Cancellation of Debt (Note Payable) in Exchange for Securities is entered as of August 1, 2012. Beginning in December 2010 and up to July 27, 2012, Xxxxxx Xxxxxx, made a series of loans to Global Earth Energy, Inc. (Note Payable to Xxxxxx Xxxxxx) for a total amount of $303,250. Due to the financial constraints of Global Earth Energy, Inc., Xxxxxx Xxxxxx would like to be repaid in Global Earth Energy, Inc. shares valued at a price per share of $0.001 for a total of 303,250,000 shares.
The Note Payable will be converted into shares in increments and at the discretion of Xxxxxx Xxxxxx by writing a letter to Global Earth Energy, Inc. requesting a Conversion. Notwithstanding anything herein contained to the contrary, Xxxxxx Xxxxxx will not be issued any shares, if after any such issuance, he should own in excess of 4.99% of Global Earth Energy, Inc.’s total share outstanding upon conversion at any one time.
Further, notwithstanding anything herein contained to the contrary, Global Earth Energy, Inc., at anytime shall have the right to pay in cash the balance then owning on the unconverted Note Payable.
Dated: December 22, 2012.
By:
Sydney X. Xxxxxxx, President
XXXXXX XXXXXX
