Exhibit 10.1





 





DEBT CONVERSION AGREEMENT


 


This Debt Conversion
Agreement (the “Agreement”) is entered into effective July 8, 2016 by and between Stonehenge Holdings, LLC, a New York
limited liability company (“Investor”) and Progressive Green Solutions, Inc., a Nevada business corporation (the “Company”),
with reference to the following facts:


 


WHEREAS, Investor has
loaned certain funds to the Company as described in a promissory note dated December 17, 2015 (the “Loan Agreement”)
of which the Company and Investor desire to convert $125,000 (the “Debt”) and Interest on such Debt into shares of
the Company’s common stock (the “Common Stock”).


 


NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Investor and the Company agree as
follows:


 


		1.	Conversion to Common Stock. Effective as of June 30, 2016, $125,000 of the Debt and $3,348 of Interest
on such Debt shall be converted into shares of Common Stock at a price per share of $.09 (which represents the market price on
June 30, 2016) for an aggregate number of shares of 1,426,089. Upon execution of this Agreement, the Company shall instruct its
transfer agent to issue a total of 1,388,889 shares of Common Stock to the Investor, and the Investor shall acknowledge the repayment
of $128,348 Debt and Interest under the Loan Agreement.



 


		2.	Investor Representations. The Company is issuing the Common Stock to Investor in reliance upon
the following representations made by Investor:



 





		a.	Investor acknowledges and agrees that the shares of Common Stock are characterized as “restricted
securities” under the Securities Act of 1933 (as amended and together with the rules and regulations promulgated thereunder,
the “Securities Act”) and that, under the Securities Act and applicable regulations thereunder, such securities may
not be resold, pledged or otherwise transferred without registration under the Securities Act or an exemption therefrom. Investor
acknowledges and agrees that (i) the shares of Common Stock are being offered in a transaction not involving any public offering
in the United States within the meaning of the Securities Act, and the shares of Common Stock have not yet been registered under
the Securities Act, and (ii) such shares of Common Stock may be offered, resold, pledged or otherwise transferred only in a transaction
registered under the Securities Act, or meeting the requirements of Rule 144, or in accordance with another exemption from the
registration requirements of the Securities Act (and based upon an opinion of counsel if the Company so requests) and in accordance
with any applicable securities laws of any State of the United States or any other applicable jurisdiction.



 


		b.	Investor acknowledges and agrees that (i) the registrar or transfer agent for the shares of Common
Stock will not be required to accept for registration of transfer any shares except upon presentation of evidence satisfactory
to the Company that the restrictions on transfer under the Securities Act have been complied with and(ii) any shares of Common
Stock in the form of definitive physical certificates will bear a restrictive legend.



 






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		c.	Investor acknowledges and agrees that: (a) the shares of Common Stock have not been registered
under the Securities Act, or under any state securities laws, and are being offered and sold in reliance upon federal and state
exemptions for transactions not involving any public offering; (b) Investor is acquiring the shares of Common Stock solely for
its own account for investment purposes, and not with a view to the distribution thereof in a transaction that would violate the
Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction; (c) Investor is a
sophisticated purchaser with such knowledge and experience in business and financial matters that it is capable of evaluating the
merits and risks of purchasing the shares of Common Stock; (d) Investor has had the opportunity to obtain from the Company such
information as desired in order to evaluate the merits and the risks inherent in holding the shares of Common Stock; (e) Investor
is able to bear the economic risk and lack of liquidity inherent in holding the shares of Common Stock; (f) Investor is an “accredited
investor” within the meaning of Rule 501(a) under the Securities Act; and (g) and (g) Investor either has a pre-existing
personal or business relationship with the Company or its officers, directors or controlling persons, or by reason of Investor’s
business or financial experience, or the business or financial experience of their professional advisors who are unaffiliated with
and who are not compensated by the Company, directly or indirectly, have the capacity to protect their own interests in connection
with the purchase of the Common Stock.



 


		d.	Investor’s investment in the Company pursuant to this Common Stock is consistent, in both
nature and amount, with Investor’s overall investment program and financial condition.



 


		e.	Investor’s principal place of business is in the State of New York.



 





		3.	Miscellaneous.



 


		a.	This Agreement shall be construed and enforced in accordance with the laws of the State of Nevada.



 


		b.	This Agreement constitutes the entire agreement between the parties and supersedes all prior oral
or written negotiations and agreements between the parties with respect to the subject matter hereof. No modification, variation
or amendment of this Agreement (including any exhibit hereto) shall be effective unless made in writing and signed by both parties.



 


		c.	Each party to this Agreement hereby represents and warrants to the other party that it has had
an opportunity to seek the advice of its own independent legal counsel with respect to the provisions of this Agreement and that
its decision to execute this Agreement is not based on any reliance upon the advice of any other party or its legal counsel. Each
party represents and warrants to the other party that in executing this Agreement such party has completely read this Agreement
and that such party understands the terms of this Agreement and its significance. This Agreement shall be construed neutrally,
without regard to the party responsible for its preparation.



 


 






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		d.	Each party to this Agreement hereby represents and warrants to the other party that (i) the execution,
performance and delivery of this Agreement has been authorized by all necessary action by such party; (ii) the representative executing
this Agreement on behalf of such party has been granted all necessary power and authority to act on behalf of such party with respect
to the execution, performance and delivery of this Agreement; and (iii) the representative executing this Agreement on behalf of
such party is of legal age and capacity to enter into agreements which are fully binding and enforceable against such party.



 


		e.	This Agreement may be executed in any number of counterparts and may be delivered by facsimile
transmission, all of which taken together shall constitute a single instrument.



 


 


This Agreement is entered
into and effective as of the date first written above.


 


 


COMPANY:


 


Progressive Green Solutions, Inc.


 


 








	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 







 


 


INVESTOR:


 


Stonehenge Holdings, LLC


 


 





	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 


 


 






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