Document:

exhibit10_1.htm

Exhibit 10.1

INDEPENDENT CONTRACTOR AGREEMENT

THIS INDEPENDENT CONTRACTOR AGREEMENT (“Agreement”) is made and entered into as of January 6, 2014 between Dennis P. Gauger (hereinafter referred to as “Contractor”) whose address is 2598 North Turnberry Court, Lehi, Utah 84043, and One World Holdings, Inc., a Nevada corporation (hereinafter referred to as the “Company”).

WITNESSETH:

WHEREAS, the Company desires to obtain the services of Contractor to perform services generally performed by a chief financial officer and in such other capacities that the Company deems appropriate;

WHEREAS, Contractor desires to perform services for the Company; and

WHEREAS, the Company and Contractor desire to set forth in this Agreement the terms and conditions of such relationship.

NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties hereto do promise and agree as follows:

	
  

	
1.

	
DURATION AND TERMINATION

This AGREEMENT shall become effective as of the date hereof and shall continue thereafter for a period of one (1) year unless terminated in accordance with the provisions hereof.

	
  

	
2.

	
DUTIES OF CONTRACTOR

2.1           During the term hereof, the Contractor agrees to use his best efforts and devote such time as may be reasonably necessary to perform the duties listed in Exhibit “A” hereto.

2.2           While the Contractor has the right to enter into engagements to perform services for other entities, the Contractor agrees that during the term hereof he will not perform any services for any entity which directly or indirectly competes with the Company or otherwise creates a conflict of interest.

2.3           The Contractor shall conduct all of his business in his own name and in such manner as consistently exhibits high standards and integrity.

2.4           The Contractor shall abide by the policies from time to time established by the Company.

  

  

  

 

	
  

	
3.

	
OBLIGATIONS OF THE COMPANY

3.1           The Company agrees to pay Contractor in accordance with the schedule listed in Exhibit “B” attached hereto.

3.2           The Company shall exercise no control over the conduct of the Contractor’s business and the Company shall not be responsible for any act of the Contractor in the conduct of such business.

	
  

	
4.

	
AGENCY

The parties hereto agree that the scope of the Contractor’s agency hereunder is limited to performing the services identified in Exhibit “A” and that the Contractor is not authorized to make any representation, agreement or contract, or incur any obligation or indebtedness on behalf of the Company of any kind, regardless of the nature thereof, except as authorized by the Board of Directors of the Company.

	
  

	
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EXPENSES

The Company shall reimburse the Contractor for all reasonable expenses incurred by the Contractor directly related to the performance of his duties hereunder, including, without limitation, travel, lodging, meals, long distance telephone, and office supplies. Such reimbursement shall be approved by the CEO of the Company prior to payment. The Contractor shall be responsible for all other expenses related to the operation of his local office, including, without limitation, insurance, telephone, office supplies, professional licenses and dues, FICA, state and federal taxes, unemployment tax and disability insurance.

	
  

	
6.

	
RELATIONSHIP; NO BENEFITS; TAXES

6.1           Contractor shall at all times during the term of this Agreement and in the performance of the services be an independent contractor.  Contractor shall not be an employee of the Company for any purpose.  Except as authorized by Company’s CEO or Board of Directors, Contractor does not have authority to enter into any agreements for or on behalf of the Company or to bind the Company in any manner, and shall not hold himself out as a representative of the Company.  Contractor shall be entitled to perform the Services at times and from locations selected by Contractor, provided, however, that if Contractor uses the Company’s facilities Contractor shall observe the Company’s rules and regulations pertaining to use of such facilities.  Contractor acknowledges that the Company has no obligation to provide any training or other services to Contractor.

6.2           Contractor acknowledges and agrees that, as an independent contractor, Contractor is not entitled to participate in any employee fringe benefit, medical or life insurance, pension or other similar plan sponsored by the Company for the benefit of its employees.

6.3           Contractor shall be solely responsible for the payment of all taxes, withholding payments, penalties and fees (including, without limitation, workers’ compensation and FICA), fringe benefits, and contributions to insurance and pension or other deferred compensation plans, with respect to the consideration paid to Contractor under this Agreement, and for the filing of all necessary documents, forms and returns pertinent to the foregoing.

	
  

	
7.

	
TERMINATION

This Agreement and all rights granted to the Contractor hereunder may, at the option of either party, be terminated, with or without reason, thirty (30) days after written notice is provided to the other party.  Upon termination, all obligations of the parties shall cease.

	
  

	
8.

	
NON-DISCLOSURE OF CONFIDENTIAL INFORMATION

8.1           Contractor acknowledges that during the course of performance of Services for the Company, Contractor will acquire certain confidential information pertaining to the Company and its business, affiliates and the Company’s customers and clients, including, but not limited to, software, products, research, compilations, lists, processes, ideas, developments, trade secrets, client lists, client or consultant contracts and the details thereof, pricing policies, operational methodology, marketing and merchandising plans or strategies, business acquisition plans, personnel plans, client financial information, client data and reports, client business strategies, new client products and developments and all other information pertaining to the Company’s business, any affiliate’s business or any client’s business (collectively, the “Confidential Information”).  Contractor may not copy, summarize or reproduce any Confidential Information except as reasonably required in connection with Contractor’s duties on behalf of the Company.  Contractor shall not at any time, directly or indirectly, disclose to any person, even in the course of casual conversation, except to the Company or its management and agents or as reasonably required in connection with Contractor duties on behalf of the Company or as required by law or by court order, or use, except on behalf of the Company, any Confidential Information acquired by Contractor during the Term.

8.2           Upon termination of this Agreement or whenever thereafter requested by the Company, Contractor shall immediately deliver to the Company all property in Contractor’s possession or under Contractor’s control belonging to the Company, including but not limited to all brochures, advertisements, samples, contact lists, client financial information, data and reports, client business strategies, new products and developments, client information, vendor information, software programs, lists compilations, records, including sales records, training manuals and all other property of the Company.  Contractor acknowledges that all such documents and materials are and shall remain the property of the Company.  Anything remaining on Contractor’s hard drive after the expiration or termination of this Agreement shall be promptly destroyed.

	
  

	
9.

	
ASSIGNMENT

This Agreement may not be assigned by either party without the express prior written consent of the other; provided, however, that (i) if the Company shall merge or consolidate with or into, or transfer substantially all of its assets, including goodwill, in a single transaction or a series of related transactions, to an unrelated purchaser, this Agreement shall be binding upon and inure to the benefit of the successor from such merger, consolidation or sale, and (ii) either party may assign this Agreement to a subsidiary, parent or affiliated entity without obtaining such consent, and (iii) the Company may withhold its consent to a proposed assignment in the event the Contractor shall merge or consolidate with or into, or transfer substantially all of its assets, including goodwill, in a single transaction or a series of related transactions, to an unrelated purchaser or purchasers.

	
  

	
10.

	
NOTICE

Any notice required or permitted to be given hereunder shall be deemed to be sufficiently given and received in all respects if personally delivered or if deposited in the United States Mail, certified mail, postage pre-paid, return receipt requested, addressed to the addressee at its or his last address furnished to the sender in writing by the addressee for the purpose of receiving notices hereunder, or, unless or until such address shall have been so furnished, addressed to the addressee at the address indicated in the opening paragraph of this Agreement.

	
  

	
11.

	
AMENDMENT

This Agreement may not be modified, amended, terminated or discharged except in writing and signed by the parties hereto.

	
  

	
12.

	
ENFORCEMENT FEES

The parties hereto acknowledge and agree that in the event of any dispute or proceeding initiated under this Agreement, the party prevailing in the ultimate award shall, in addition to the other remedies and damages actually awarded, be entitled to reimbursement of all reasonable attorneys’ fees and other out-of-pocket costs and disbursements incurred by the party in asserting its claims hereunder.

  

  

  

 

	
  

	
13.

	
ENTIRE AGREEMENT

All terms, covenants and conditions of this Agreement are contained herein and there are no other warranties, obligations, covenants or understandings between the parties other than those expressed herein.  Any and all agreements for solicitation of orders, as amended, modified, or supplemented, heretofore entered into between the parties hereto, or claims or compensation arising therefrom, are hereby canceled, terminated and released as of the effective date of this Agreement.

	
  

	
14.

	
WAIVER

The parties agree that if any provision of this Agreement shall under any circumstance be invalid or inoperative, this Agreement shall be construed with the invalid or inoperative provision deleted, and the rights and obligations of the parties shall be construed and enforced accordingly.

	
  

	
15.

	
GOVERNING LAW

This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Nevada or any successor provision thereto.

One World Holdings, Inc.                                                                                            Contractor:

By: /s/ Corinda Joanne Melton                                                                           /s/ Dennis Gauger                                

Its: CEO

Date: 1/6/2014                                                                                                                        Date: 1/6/2014

  

  

  

EXHIBIT A

DUTIES

	
  

	
Assume the Role of Principal Accounting Officer

	
  

	
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Serve as the “Principal Accounting Officer” of the Company, as that term is defined by the rules and regulations of the Securities and Exchange Commission (“SEC”).

	
  

	
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Report directly to the President and Chief Executive Officer of the Company (“CEO”) and be readily available to consult with and assist the CEO and other management of the Company in the performance of their duties.

	
  

	
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Sign the officer certifications required of the Principal Accounting Officer in the Company’s quarterly and annual periodic filings with the SEC.

	
  

	
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Attend meetings of the Board of Directors as requested, and serve as a resource to the members of the Board of Directors and its committees as needed.

 

Support and Supervision of Accounting Staff

	
  

	
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Working with the CEO, supervise, train and support the Company’s accounting staff.

	
  

	
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Define the duties of and develop a work plan for the accounting staff of the Company, segregating key duties to the extent possible.

	
  

	
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With online access to the Company’s QuickBooks accounting files and shared document repositories, perform monthly reviews of the financial statements of the Company.

	
  

	
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Prepare and maintain schedules and account reconciliations for debt, equity, derivative liabilities and other accounting areas as assigned by the CEO.

	
  

	
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Be readily available to answer questions and provide day-to-day guidance to the CEO and accounting staff of the Company.

 

Under the Direction of the CEO and the Board of Directors, Coordinate Relationships with the Company’s Outside Accounting and Tax Advisors

	
  

	
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Under the direction of the CEO and the Board of Directors, coordinate the services provided by the external auditors in the quarterly reviews and the annual audits of the Company’s financial statements.

	
  

	
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With the CEO, coordinate all other services provided by the external auditors, including consultation on accounting and reporting matters, income tax matters, and other required services.

	
  

	
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Assume responsibility for the preparation of federal and state corporate income tax returns and related consultation, and recommend to the CEO and the Board of Directors for approval the engagement all outside tax professionals.

Under the Direction of the CEO and the Board of Directors, Assume the Responsibility to Lead the Company’s Sarbanes – Oxley Section 404 Internal Control Compliance Program

	
  

	
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Under the direction of the CEO and the Board of Directors, maintain and oversee the Company’s compliance plan with Sarbanes – Oxley Section 404 Internal Control Compliance.

	
  

	
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Recommend to the CEO changes in operating and accounting procedures necessary to strengthen internal accounting controls and eliminate previously reported weaknesses in internal accounting controls.

	
  

	
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Provide ongoing reports to the CEO and the Board of Directors of the Company’s compliance with its 404 Internal Control Compliance Plan.

Take the Lead in SEC Compliance for the Company’s Financial Statements and SEC Reports

	
  

	
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With assistance from the CEO and accounting staff, timely complete the financial statements, notes, and all financial related sections of the Company’s quarterly and annual reports filed with the SEC.

	
  

	
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Coordinate with the CEO, legal counsel, and independent auditors the timely completion of all other sections of the Company’s quarterly and annual reports filed with the SEC.

	
  

	
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Using compliance checklist tools perform periodic compliances review of the Company’s financial reports and disclosures filed with the SEC.

	
  

	
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In coordination with legal counsel, see that the Company is in compliance with and files all other necessary forms and reports with the SEC (Form 8-K, Forms 3, 4 and 5 and other miscellaneous filings).

	
  

	
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Determine and document the correct accounting policies, procedures and reporting practices of the Company, coordinating any required outside consultation with the CEO.

  

  

  

EXHIBIT B

COMPENSATION SCHEDULE

The Company will pay a monthly compensation of $3,000 per month beginning January 2014 through June 2014, payable the first of each month in advance.   The monthly compensation amount will be re-evaluated on July 2014.

The Company will grant Stock Options or other benefits as appropriate and consistent with those granted to other contract management and key advisors of the Company.  The type of award, quantity and price will be determined and recommended by the CEO, with approval given by the Board of Directors.ddoo_ex101.htm

EXHIBIT 10.1

 

DEBT CONVERSION AND STOCK PURCHASE AGREEMENT

This Debt Conversion and Stock Purchase Agreement (this “Agreement”) is made and entered into effective as of the 30th day of December, 2013 (the “Effective Date”) by and between Discount Dental Materials, Inc., a Nevada corporation (the “Company”), and Eric Clemons, an individual (the “Purchaser”). The Company and Purchaser shall each be referred to as a “Party” and collectively as the “Parties.”

RECITALS

WHEREAS, the Company currently owes the Purchaser $121,014.75 under a promissory note dated January 18, 2013 (the “Note”);

WHEREAS, the Company and the Purchaser desire to have the outstanding amount owed to Purchaser by the Company converted to shares of the Company’s common stock pursuant to the terms of this Agreement.

NOW, THEREFORE, the Parties hereby agree as follows:

AGREEMENT

 

1. PURCHASE OF SECURITIES: On the Closing Date (as hereinafter defined), subject to the terms and conditions set forth in this Agreement, the Purchaser hereby agrees to purchase, and the Company hereby agrees to sell, Eight Hundred Six Thousand Seven Hundred Sixty Five (806,765) shares of common stock (the “Shares”) of the Company at a per-share purchase price of Fifteen Cents ($0.15) per share, for a total purchase price of One Hundred Twenty One Thousand Fourteen Dollars and Seventy Five Cents ($121,014.75) (the “Purchase Price”). The Purchase Price will be paid by the Purchaser to the Company through a Notice of Debt Satisfaction in the form attached hereto as Exhibit A, evidencing the cancellation of the Note and the full satisfaction all amounts due to the Purchaser by the Company under the Note.

 

2. CLOSING AND DELIVERY:

 

a) Upon the terms and subject to the conditions set forth herein, the consummation of the purchase and sale of the Shares (the “Closing”) shall be held simultaneous with the execution of this Agreement, or at such other time mutually agreed upon between the constituent Parties (the “Closing Date”). The Closing shall take place at the offices of counsel for the Company set forth in Section 6 hereof, or by the exchange of documents and instruments by mail, courier, facsimile and wire transfer to the extent mutually acceptable to the Parties hereto.

 

  

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b) At the Closing:

 

(i) The Company and the Purchaser shall execute this Agreement, which shall serve as evidence of ownership of the Shares, free from restrictions on transfer except as set forth in this Agreement. Subsequent to the Closing, at a time chosen by the Company in its sole discretion, the Company will issue a stock certificate to the Purchaser to evidence the Shares.

 

(ii) The Purchaser shall deliver to the Company the Purchase Price.

3. REPRESENTATIONS, WARRANTIES AND AGREEMENTS BY PURCHASER: The Purchaser hereby represents, warrants and agrees as follows:

a) Purchase for Own Account. Purchaser represents that he is acquiring the Shares solely for his own account and beneficial interest for investment and not for sale or with a view to distribution of the Shares or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

 

b) Ability to Bear Economic Risk. Purchaser acknowledges that an investment in the Shares involves a high degree of risk, and represents that he is able, without materially impairing his financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of his investment.

 

c) Access to Information. The Purchaser acknowledges that the Purchaser has been furnished with such financial and other information concerning the Company, the directors and officers of the Company, and the business and proposed business of the Company as the Purchaser considers necessary in connection with the Purchaser’s investment in the Shares. As a result, the Purchaser is thoroughly familiar with the proposed business, operations, properties and financial condition of the Company and has discussed with officers of the Company any questions the Purchaser may have had with respect thereto. The Purchaser understands:

(i) The risks involved in this investment, including the speculative nature of the investment;

 

(ii) The financial hazards involved in this investment, including the risk of losing the Purchaser’s entire investment;

 

(iii) The lack of liquidity and restrictions on transfers of the Shares; and

 

(iv) The tax consequences of this investment.

  

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The Purchaser has consulted with the Purchaser’s own legal, accounting, tax, investment and other advisers with respect to the tax treatment of an investment by the Purchaser in the Shares and the merits and risks of an investment in the Shares.

d) Shares Part of Private Placement. The Purchaser has been advised that the Shares have not been registered under the Securities Act of 1933, as amended (the “Act”), or qualified under the securities law of any state, on the ground, among others, that no distribution or public offering of the Shares is to be effected and the Shares will be issued by the Company in connection with a transaction that does not involve any public offering within the meaning of section 4(2) of the Act and/or Regulation D as promulgated by the Securities and Exchange Commission under the Act, and under any applicable state blue sky authority. The Purchaser understands that the Company is relying in part on the Purchaser’s representations as set forth herein for purposes of claiming such exemptions and that the basis for such exemptions may not be present if, notwithstanding the Purchaser’s representations, the Purchaser has in mind merely acquiring the Shares for resale on the occurrence or nonoccurrence of some predetermined event. The Purchaser has no such intention.

 

e) Further Limitations on Disposition. Purchaser further acknowledges that the Shares are restricted securities under Rule 144 of the Act, and, therefore, if the Company, in its sole discretion, chooses to issue any certificates reflecting the ownership interest in the Shares, those certificates will contain a restrictive legend substantially similar to the following:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Without in any way limiting the representations set forth above, Purchaser further agrees not to make any disposition of all or any portion of the Shares unless and until:

 

(i) There is then in effect a Registration Statement under the Act covering such proposed disposition and such disposition is made in accordance with such Registration Statement; or

 

(ii) Purchaser shall have obtained the consent of the Company and notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws.

 

  

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Notwithstanding the provisions of subparagraphs (i) and (ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer by such Purchaser to a partner (or retired partner) of Purchaser, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Purchasers hereunder as long as the consent of the Company is obtained.

 

Sophisticated Investor Status. The Purchaser is a sophisticated investor and is an officer and/or director of the Company.

 

f) Purchaser Authorization. The Purchaser, if not an individual, is empowered and duly authorized to enter into this Agreement under any governing document, partnership agreement, trust instrument, pension plan, charter, certificate of incorporation, bylaw provision or the like; this Agreement constitutes a valid and binding agreement of the Purchaser enforceable against the Purchaser in accordance with its terms; and the person signing this Agreement on behalf of the Purchaser is empowered and duly authorized to do so by the governing document or trust instrument, pension plan, charter, certificate of incorporation, bylaw provision, board of directors or stockholder resolution, or the like.

g) No Backup Withholding. The Social Security Number or taxpayer identification shown in this Agreement is correct, and the Purchaser is not subject to backup withholding because (i) the Purchaser has not been notified that he or she is subject to backup withholding as a result of a failure to report all interest and dividends or (ii) the Internal Revenue Service has notified the Purchaser that he or she is no longer subject to backup withholding.

4. REPRESENTATIONS, WARRANTIES AND AGREEMENTS BY COMPANY: The Company hereby represents, warrants and agrees as follows:

a) Authority of Company. The Company has all requisite authority to execute and deliver this Agreement and to carry out and perform its obligations under the terms of this Agreement.

 

b) Authorization. All actions on the part of the Company necessary for the authorization, execution, delivery and performance of this Agreement by the Company and the performance of the Company’s obligations hereunder has been taken or will be taken prior to the issuance of the Shares. This Agreement, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. The issuance of the Shares will be validly issued, fully paid and nonassessable, will not violate any preemptive rights, rights of first refusal, or any other rights granted by the Company, and will be issued in compliance with all applicable federal and state securities laws, and will be free of any liens or encumbrances, other than any liens or encumbrances created by or imposed upon the Purchaser through no action of the Company; provided, however, that the Shares may be subject to restrictions on transfer under state and/or federal securities laws as set forth herein or as otherwise required by such laws at the time the transfer is proposed.

 

  

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c) Governmental Consents. All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations, declarations, or filings with, any governmental authority required on the part of the Company in connection with the valid execution and delivery of this Agreement, the offer, sale or issuance of the Shares, or the consummation of any other transaction contemplated hereby shall have been obtained, except for notices required or permitted to be filed with certain state and federal securities commissions, which notices will be filed on a timely basis.

 

5. INDEMNIFICATION: The Purchaser hereby agrees to indemnify and defend the Company and its officers and directors and hold them harmless from and against any and all liability, damage, cost or expense incurred on account of or arising out of:

(a) Any breach of or inaccuracy in the Purchaser’s representations, warranties or agreements herein;

 

(b) Any disposition of any Shares contrary to any of the Purchaser’s representations, warranties or agreements herein;

 

(c) Any action, suit or proceeding based on (i) a claim that any of said representations, warranties or agreements were inaccurate or misleading or otherwise cause for obtaining damages or redress from the Company or any director or officer of the Company under the Act, or (ii) any disposition of any Shares.

6. MISCELLANEOUS:

a) Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

b) Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Texas as applied to agreements among Texas residents, made and to be performed entirely within the State of Texas. The Parties agree that any action brought to enforce the terms of this Agreement will be brought in the appropriate federal or state court having jurisdiction over Dallas County, Texas, United States of America.

 

  

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c) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

d) Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

e) Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the Party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day, or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent as follows:

 

	 	If to the Company: 	
Discount Dental Materials, Inc.

13455 Noel Road, Suite 1000 

Dallas, TX 75240

Attn. President

Facsimile (___)      

 

	 	with a copy to:	
Law Offices of Craig V. Butler 

9900 Research Drive

Irvine, CA 92618

Attn: Craig V. Butler, Esq.

Facsimile (949) 209-2545

 

	 	If to Purchaser: 	

____________________________________

____________________________________

____________________________________

____________________________________

Facsimile (___) ________________________

 

or at such other address as the Company or Purchaser may designate by ten (10) days advance written notice to the other Party hereto.

 

f) Modification; Waiver. No modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective unless in writing and approved by the Company and the Purchaser.

 

  

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g) Entire Agreement; Successors. This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between the Parties with regard to the subjects hereof and no Party shall be liable or bound to the other Party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein. The representations, warranties and agreements contained in this Agreement shall be binding on the Purchaser’s successors, assigns, heirs and legal representatives and shall inure to the benefit of the respective successors and assigns of the Company and its directors and officers.

 

h) Expenses. Each Party shall pay their own expenses in connection with this Agreement. In addition, should either Party commence any action, suit or proceeding to enforce this Agreement or any term or provision hereof, then in addition to any other damages or awards that may be granted to the prevailing Party, the prevailing Party shall be entitled to have and recover from the other Party such prevailing Party’s reasonable attorneys’ fees and costs incurred in connection therewith.

 

i) Currency. All currency is expressed in U.S. dollars.

 

  

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IN WITNESS WHEREOF, the Parties have executed this Debt Conversion and Stock Purchase Agreement as of the date first written above.

 

	
“Company”

	
“Purchaser”

	 	 
	
Discount Dental Materials, Inc.,

	
Eric Clemons

	
a Nevada corporation

	 
	 	 
	 	 
	 	
/s/ Wesley Tate 

	 	 	
/s/ Eric Clemons 

	  
	By:	Wesley Tate	By:	Eric Clemons
	Its: 	Chief Financial Officer	Its: 	 	  

  

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Exhibit A

Notice of Debt Satisfaction

 

 

 

  

9

  

Notice of Debt Satisfaction

 

Pursuant to the terms of that certain Debt Conversion and Stock Purchase Agreement (the “Agreement”) by and between Eric Clemons (the “Purchaser”) and Discount Dental Materials, Inc., a Nevada corporation (the “Company”) dated December 30, 2013, the Purchaser is irrevocably electing to convert all amounts ($121,014.75) due to the Purchaser under that certain Discount Dental Materials, Inc. Convertible Promissory Note dated January 18, 2013 (the “Note”), into 806,765 shares of common stock of the Company (the “Shares”) according to the conditions set forth in the Agreement.

If shares are to be issued in the name of a person other than the Purchaser, the Purchaser will pay all transfer and other taxes and charges payable with respect thereto.

The Purchaser acknowledges and agrees that upon receipt of the Shares no amount will be due and owing to the undersigned under the Note.

Date of Conversion: December 30, 2013 

Applicable Conversion Price: $0.15/share 

Eric Clemons

Signature: /s/ Eric Clemons                                                                   

[Print Name of Holder and Title of Signer]

Address: _________________________________________

 

 _________________________________________

 

SSN or EIN: _______________________________________

Shares are to be registered in the following name:

 

	Name:	___________________________________________________
	Address:	___________________________________________________
	Tel:	___________________________________________________
	Fax:	___________________________________________________
	SSN or EIN:	___________________________________________________

 

 

 

 

 

 

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