DEBT CONVERSION AGREEMENT
Exhibit 10.2
This Debt Conversion Agreement is made as of this 7th day of June, 2017, by and between GEX Management, Inc., a Texas corporation (hereafter “GEX” or the “Company”), located at 00000 X. Xxxxxxx Xxxxxxxxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000, and Agile Connections, LLC, a Texas limited liability company located at 0000 Xxx Xx., Xxxxxx, Xxxxx 00000 (hereafter “Agile”).
WITNESSETH:
| WHEREAS: | GEX Management, Inc. (formerly known as Group Excellence Management (d/b/a MyEasyHQ) executed a Line of Credit Promissory Note with the Company’s Chief Executive Officer on March 1, 2015, referred to as the “Loan Agreement” for $1,000,000, a copy of which is attached hereto and made a part hereof for all purposes; |
| WHEREAS: | GEX has borrowed $317,186.66 as of June 7, 2017, and has accrued interest in the amount of $28,557.60; |
| WHEREAS: | Agile desires to convert the debt of $317,186.66 and accrued interest of $28,557.60 due under the Loan Agreement for a total of $345,744.26 in exchange for newly issued, common shares of GEX restricted pursuant to SEC Rule 144, as amended. |
| I. | GEX and Agile hereby mutually agree to convert the debt of $317,186.66 and accrued interest of $28,557.60 due under the Loan Agreement in exchange for the issuance of the following restricted common shares in GEX Management, Inc.: |
Agile Connections, LLC - 115,248 shares
| II. | GEX and Agile hereby mutually agree to cancel the Loan Agreement as of the date first mentioned above. |
IN WITNESS WHEREOF, the parties hereto have caused this Debt Conversion Agreement to be duly executed as of the date first written above.
By: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, Chief Financial Officer
Agile Connections, LLC
By: /s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx
