DEBT SETTLEMENT AGREEMENT
Exhibit 10(xv)
Agreement made on September 28, 2007 between Zypam Ltd., a company formed in Belize with offices located 00x Xxxxxxx Xxxxx, Xxxxxx Xxxxxx, Xxxxxx Xxxx, Xxxxxx referred to as Creditor and SunVesta, Inc. with offices located at 76B Xxxxxxxxxxxx 00x, XX-0000, Xxxx, Xxxxxxxxxxx referred to as Debtor.
SECTION ONE
ACKNOWLEDGEMENT OF EXISTING OBLIGATION
The parties acknowledge that Debtor is at present indebted to Creditor in the sum of $4,000,000 due to loans provided by Creditor to Debtor during 2006 and 2007.
SECTION TWO
AGREEMENT FOR DIFFERENT METHOD OF PAYMENT
Debtor and Creditor desire and agree to provide for the payment of the above-stated indebtedness in accordance with terms and provisions different from, and in substitution of, the terms and obligations of loan repayment as described in Section One above.
SECTION THREE
CONSIDERATION
In consideration of the mutual promises contained in this Agreement, Debtor and Creditor agree as follows:
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a. |
Method of Payment: Debtor agrees to pay to Creditor and Creditor agrees to accept from Debtor, in full satisfaction of $4,000,000 of the indebtedness described in Section One, above, 2,222,222 shares of Debtor’s common stock, valued at $1.80 a share, as consideration for the debt owed to Creditor due to loans provided by Creditor to Debtor. |
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b. |
Satisfaction: On execution of this Agreement and Debtor’s board of directors resolution authorizing the issuance of 2,222,222 shares of Debtor’s common stock to Creditor provided for in Section Three (a) above, the original indebtedness of Debtor to Creditor, as described in Section One, above, will be forever cancelled and discharged. |
In witness whereof, the parties have executed this Agreement in Baar, Switzerland on the date first mentioned above.
/s/ Xxxxxx Xxxxx
By: Xxxxxx Xxxxx, Chief Executive Officer
Zypam Ltd.
/s/ Beat Xxxxx
By: Beat Xxxxx, Director
