ECO SCIENCE SOLUTIONS, INC. AND IVANO SCARLATO CANCELLATION AND RELEASE AGREEMENT
XXXXX XXXXXXXX CANCELLATION AND RELEASE AGREEMENT
THIS CANCELLATION AND RELEASE AGREEMENT (“Agreement”), is entered into this 18th day of November 2016, by and between Eco Science Solutions, Inc. (“ESSI”, “Company”), a Nevada corporation, and Xx. Xxxxx Xxxxxxxx (“Xxxxxxxx”), an individual.
WHEREAS, ESSI currently owes One Hundred Eighty Six Thousand Seven Hundred Three Dollars Ninety Two Cents ($186,703.92) of principal and accrued interest to Xxxxxxxx pursuant to a Convertible Note, attached here as Attachment A. The Convertible Note has conversion features and carries an interest rate of 6% per year.
WHEREAS, the Company has been in the process of restructuring, changing the direction of the business the Company is engaged in, and moving the Company forward in a positive manner.
WHEREAS, the Company and Xx. Xxxxxxxx have agreed to cancel the Note and neither the Company, nor Xx. Xxxxxxxx have any further obligations, each to the other.
WHEREAS, the Board of Directors of the Company feels it to be in the best interest of the Company and the Shareholders to reduce the outstanding debt of the Company incurred by the previous management.
WHEREAS, on November 18, 2016, Xx. Xxxxxxxx agreed to cancel the remainder of the Note attached here as Attachment A, in the total amount of $186,703.92, principal and accrued interest, and to release any remaining obligation the Company may have to Xx. Xxxxxxxx pursuant to that Convertible Note.
THEREFORE, it is hereby agreed by both the Company, and Xx. Xxxxxxxx, that the outstanding Notes, principal and interest totaling $186,703.92 and owed to Xx. Xxxxxxxx pursuant to the Convertible Note attached to this Agreement, by the Company, shall be cancelled, and no further obligations of the Company to Xx. Xxxxxxxx, or of Xx. Xxxxxxxx to the Company, under the Note is contemplated.
FURTHER, it is agreed by both the Company and Xxxxx Xxxxxxxx that Xxxxxxxx shall release all future claims to subsequent conversions of the Note listed on Attachment One, the Company will have no further obligation to Xxxxx Xxxxxxxx under that Convertible Notes and Xxxxx Xxxxxxxx shall be forever barred from seeking further conversions or claiming obligations of the Company under the Convertible Note.
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The undersigned do hereby acknowledge receipt, review, understanding and agreement with this Cancellation and Release Agreement.
/s/Xxxxxxx Xxxxxx 12/16/2016
Xxxxxxx Xxxxxx, President Date
/s/Xxxxx Xxxxxxxx 11/18/2016
Xxxxx Xxxxxxxx Date
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ATTACHMENT A
TABLE OF CONVERTIBLE NOTES
BETWEEN ESSI and Xxxxx Xxxxxxxx
|
Note Holder
|
#
|
Amount
($)
|
Origination
Date
|
Interest
Rate (%)
|
($) Total Principal
& Interest
|
|
| XXXXX XXXXXXXX |
$186,703.92
|
8/9/2013
|
6%
|
$186,703.92
|
||
|
GRAND TOTAL
|
$186,703.92
|
|||||
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