Exhibit 10.36
December 29, 0000
Xxxxxx Xxxxxx
00 Xxxx Xxxxxx
Xxxxxxxx, XX 00000
Dear Fraser
Re: AGREEMENT FOR CONVERSION OF DEBT INTO SHARES OF SOLPOWER CORPORATION (THE
"AGREEMENT")
Fraser Moffat ("Moffat") is a creditor of Solpower Corporation ("Solpower").
Solpower hereby agrees to issue 35,826 shares of common stock of Solpower (the
"Shares") to Moffat. The Shares will be duly authorized, validly issued, fully
paid, non-assessable, and free of preemptive rights, and will be issued to
Moffat at a value of $0.25 per share, in full settlement of a bona fide
outstanding debt in the amount of $8,956.59 (the "Debt").
Moffat hereby agrees that, upon the (a) issuance of the Shares by Solpower, and
(b) delivery of the Shares to Moffat, free and clear of all liens and
encumbrances the Debt will be fully satisfied and extinguished and Moffat will
remise, release and forever discharge Solpower and its directors, officers,
employees, administrators, successors and assigns of and from all manner of
actions, causes of action, suits, debts, accounts, bonds, covenants, contracts,
claims and demands whatsoever which Moffat has ever had, now has, or which its
heirs, executors, administrators or assigns, or any of them, can, shall or may
have for or by reason of any cause, matter or thing whatsoever existing up to
the present time.
Moffat acknowledges that the issuance of the Shares has not been registered
under the Securities & Exchange Act or any state securities law and have not
been approved or disapproved by the United States Securities and Exchange
Commission ("SEC") or other federal or state regulatory authority. These Shares
are issued pursuant to an exemption from registration under the Securities &
Exchange Act and are subject to restrictions on resale or transfer.
As soon as practicable Solpower, at its sole expense, will use its best efforts
to file with the SEC a registration statement on appropriate form registering
the Shares for resale (the "Registration"). Solpower shall use its best efforts
to cause the registration statement upon which the Shares are registered to
become effective and shall keep the registration statement effective and updated
for at least two years after the date of this Agreement.
Solpower and Moffat agree that a) they will execute such further assurances and
other documents and instruments and do such further and other things as may be
necessary to implement and carry out the intent of this Agreement, b) the
provisions herein contained constitute the entire agreement between the parties
and supersede all previous understandings, communications, representations and
agreements, whether written or verbal, between the parties with respect to the
subject matter of the Agreement, c) this Agreement shall be governed and
construed in accordance with the laws of the State of Arizona, and d) this
Agreement shall inure to the benefit of and be binding upon each of the parties
and their respective heirs, executors, administrators, successors and assigns.
IN WITNESS WHEREOF, the parties hereto have executed these presents effective
this 29th day of December, 2000.
SIGNED, SEALED & DELIVERED )
By SOLPOWER CORPORATION in the presence )
of: ) Per: /s/ Xxxxx X. Xxxxx,
Secretary/Treasurer
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) (Signature of Authorized Officer)
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(Witness) )
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(Address) )
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(Zip Code)
SIGNED, SEALED & DELIVERED )
By FRASER MOFFAT in the presence of: ) Per: /s/ Fraser Moffat
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) (Signature of Fraser Moffat)
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(Witness) )
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(Address) )
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(Zip Code)
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