AGREEMENT REGARDING PREFERRED SHARES
EXHIBIT
10.1
This
Agreement Regarding Preferred Shares, dated as of July 20, 2007, is made by
and
between Sparta Commercial Services, Inc. (the “Company”) and Xxx Xxxxxxx Xxxx
(the “Holder”), in connection with all shares of the Company’s preferred stock
(the “Preferred Shares”) held by the Holder and that certain agreement dated as
of January 12, 2005 between the parties.
Whereas,
the parties desire to modify the rights of the parties in connection with the
Preferred Shares and the terms of the Preferred Shares;
Now,
therefore, in consideration of the mutual covenants and promises contained
herein, the receipt and sufficiency of which is hereby acknowledged and
intending to be legally bound the parties agree as follows:
| 1. | The agreement between the parties dated as of January 12, 2005 is hereby terminated. |
|
2.
|
Notwithstanding
anything to the contrary in the agreements between the parties pursuant
to
which the Holder purchased or acquired the Preferred Shares, including
the
Certificate of Designation of the Series A Preferred Stock, the Holder
hereby agrees to forever waive any and all rights to dividends on
the
Preferred Shares, including with respect to any previously accrued,
accumulated or deferred dividends.
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Dated:
July 20, 2007
|
Company:
By: /s/
Xxxxxxx X. Xxxxxx
Xxxxxxx
X. Xxxxxx, CEO
|
Holder:
/s/
Xxx Xxxxxxx Xxxx
Xxx
Xxxxxxx Xxxx
|
