Agreement to Convert Advances to Stock
This Agreement is made as of between (the
“Company”) and (“Lender”);
A. Lender has advanced the Company an aggregate of $ between
and the present (the “Advances”);
B. Lender has agreed to accept shares of the Company’s Common
Stock, as specified below (the “Shares”), at the price per share specified below, in lieu of the
Advances;
The Company and Lender hereby agree as follows:
1. Issuance of Shares. The Company hereby issues the Shares to Lender, and
Lender agrees to accept the Shares in full payment and satisfaction of the Advances. The price
per share is $ .
2. Representations of Lender. Lender represents and warrants to the Company
that:
(a) Lender is acquiring the Shares for Lender's own account for investm