Document:

Exhibit 10.3

 

DEBT FORGIVENESS AGREEMENT

 

THIS DEBT FORGIVENESS
AGREEMENT (this “Agreement”) is made and entered into and effective as of the 31st day of December,
2019 (the “Effective Date”) by and between IIOT-OXYS, INC., a Nevada corporation (the “Company”),
and Clifford L. Emmons, an individual residing in Massachusetts (“Mr. Emmons”).

 

WHEREAS, effective
as of June 4, 2018, the Company entered into a Consulting Agreement, as corrected, with Mr. Emmons (the “Consulting Agreement”)
pursuant to which the Company (amongst other things) agreed to pay to Mr. Emmons a monthly fee of $15,000;

 

WHEREAS, as
of the Effective Date, there were $285,000 in accrued and unpaid consulting fees owed to Mr. Emmons pursuant to the Consulting
Agreement; and

 

WHEREAS, Mr.
Emmons wishes to forgive $185,000 of the accrued and unpaid consulting fees owed to him as of the Effective Date (the “Forgiven
Fees”) so that the Company is no longer obligated to pay to Mr. Emmons the Forgiven Fees.

 

NOW, THEREFORE,
in consideration of the foregoing premises, and the agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which the parties hereby acknowledge, the parties hereto hereby agree as follows:

 

1.                     
Forgiven Consulting Fees. Mr. Emmons hereby waives, cancels and forgives payment by the Company of the Forgiven Fees in
consideration of and conditioned upon the Company’s continuance of the Consulting Agreement.

 

2.                     
Absence of Note; Cancellation of Forgiven Fees. The Company has never issued any note or other instrument evidencing any
of the Forgiven Fees. Mr. Emmons has never received, and does not hold, any note or other instrument evidencing any of the Forgiven
Fees. The Company has never been obligated to any other party besides Mr. Emmons for any of the Forgiven Fees. None of the Forgiven
Fees nor any instrument evidencing such obligations has ever been endorsed, pledged, sold, delivered, transferred, or assigned,
and Mr. Emmons does hereby agree that, in the event that such instruments do come into his possession, he will promptly surrender
such instrument to the Company for cancellation. The Company shall cancel the Forgiven Fees on its books and records immediately
following the effectiveness of this Agreement as set forth herein.

 

3.                     
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The parties may not assign this Agreement or any rights or obligations hereunder without prior written consent
of the other party hereto.

 

4.                     
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by any other person.

 

5.                     
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of Massachusetts, without regard to
the principles of conflicts of law thereof.

 

6.                     
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. This Agreement
may only be amended or modified in a signed by both parties hereto.

 

 

 

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7.                     
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

8.                     
Arm’s Length Transaction. The parties hereto have entered into this Agreement and the transactions contemplated hereby
on an arms-length basis.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Debt Forgiveness Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

	 	IIOT-OXYS, INC.
	 	 	 
	 	 	 
	 	By:	 	/s/ Karen McNemar
	 	 	 	Name:	 	Karen McNemar
	 	 	 	Title:	 	Chief Operating Officer
	 	 
	 	 
	 	By:	 	/s/ Clifford L. Emmons
	 	 	 	Clifford L. Emmons, an Individual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2Exhibit 10.4

 

DEBT FORGIVENESS AGREEMENT

 

THIS DEBT FORGIVENESS
AGREEMENT (this “Agreement”) is made and entered into and effective as of the 31st day of December,
2019 (the “Effective Date”) by and between IIOT-OXYS, INC., a Nevada corporation (the “Company”),
and Karen McNemar, an individual residing in Connecticut (“Ms. McNemar”).

 

WHEREAS, on
July 1, 2018, the Company entered into a Consulting Agreement with Ms. McNemar, as amended (the “July 2018 Agreement”),
pursuant to which the Company (amongst other things) agreed to pay Ms. McNemar a flat fee of $12,000;

 

WHEREAS, effective
as of October 1, 2018, the Company entered into a Consulting Agreement with Ms. McNemar (the “October 2018 Agreement,”
together with the July 2018 Agreement, the “Consulting Agreements”) pursuant to which the Company (amongst other
things) agreed to pay to Ms. McNemar a monthly fee of $12,750;

 

WHEREAS, as
of the Effective Date, there were $203,250 in accrued and unpaid consulting fees owed to Ms. McNemar pursuant to the Consulting
Agreements; and

 

WHEREAS, Ms.
McNemar wishes to forgive $103,250 of the accrued and unpaid consulting fees owed to her as of the Effective Date (the “Forgiven
Fees”) so that the Company is no longer obligated to pay to Ms. McNemar the Forgiven Fees.

 

NOW, THEREFORE,
in consideration of the foregoing premises, and the agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which the parties hereby acknowledge, the parties hereto hereby agree as follows:

 

1.                     
Forgiven Consulting Fees. Ms. McNemar hereby waives, cancels and forgives payment by the Company of the Forgiven Fees in
consideration of and conditioned upon the Company’s continuance of the Consulting Agreement.

 

2.                     
Absence of Note; Cancellation of Forgiven Fees. The Company has never issued any note or other instrument evidencing any
of the Forgiven Fees. Ms. McNemar has never received, and does not hold, any note or other instrument evidencing any of the Forgiven
Fees. The Company has never been obligated to any other party besides Ms. McNemar for any of the Forgiven Fees. None of the Forgiven
Fees nor any instrument evidencing such obligations has ever been endorsed, pledged, sold, delivered, transferred, or assigned,
and Ms. McNemar does hereby agree that, in the event that such instruments do come into her possession, she will promptly surrender
such instrument to the Company for cancellation. The Company shall cancel the Forgiven Fees on its books and records immediately
following the effectiveness of this Agreement as set forth herein.

 

3.                     
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The parties may not assign this Agreement or any rights or obligations hereunder without prior written consent
of the other party hereto.

 

4.                     
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by any other person.

 

5.                     
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of Massachusetts, without regard to
the principles of conflicts of law thereof.

 

6.                     
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. This Agreement
may only be amended or modified in a signed by both parties hereto.

 

 

 

    	 	1	 

     

    

 

7.                     
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

8.                     
Arm’s Length Transaction. The parties hereto have entered into this Agreement and the transactions contemplated hereby
on an arms-length basis.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Debt Forgiveness Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

	 	IIOT-OXYS, INC.
	 	 	 
	 	 	 
	 	By:	 	/s/ Clifford L. Emmons
	 	 	 	Name:	 	Clifford L. Emmons
	 	 	 	Title:	 	Chief Executive Officer
	 	 
	 	 
	 	By:	 	/s/ Karen McNemar
	 	 	 	Karen McNemar, an Individual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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