SEC Contract Filing

Filing Date: 2016-02-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.29
<SEQUENCE>4
<FILENAME>f8k020916ex10xxvix_progreen.htm
<DESCRIPTION>CONVERSION AGREEMENT, DATED AS OF FEBRUARY 9, 2016, BETWEEN EIG VENTURE CAPITAL LTD. AND THE COMPANY.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
10.29</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICE
OF CONVERSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned Lender hereby irrevocably elects, as of the date written below (&ldquo;<B>Date of Conversion</B>&rdquo;), to convert
(the &ldquo;<B>Conversion</B>&rdquo;) the entire $59,000 amount of the debt for advances by the Lender to Progreen Properties,
Inc. (the &ldquo;Company&rdquo;), in July, 2015 (the &ldquo;<B>Debt</B>&rdquo;), into 59,000 shares (the &ldquo;<B>Shares</B>&rdquo;)
of Series A Preferred Stock, par value $0.0001 per share (&ldquo;<B>Preferred Stock</B>&rdquo;), of the Company, and upon issuance
of the Shares to the Lender as provided below, the Debt and all unpaid accrued interest thereon shall be paid in full. If securities
are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with
respect thereto and is delivering herewith such certificates. No fee will be charged to the undersigned for any conversion, except
for transfer taxes, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned hereby requests that the Company issue the Shares in the name(s) specified immediately below or, if additional space
is necessary, on an attachment hereto:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:__________________________________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:________________________________________________________________________</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned
upon conversion of the Debt shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended
(the &ldquo;<B>Securities Act</B>&rdquo;), or pursuant to an exemption from registration under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of Conversion: February 9, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Principal
Amount of the Debt: $59,000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued
Interest on Debt as of Date of Conversion: NA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
of Shs. of Preferred Stock to be Issued in Conversion: 59,000</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature:
/s/ Ulf Telander</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:______________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address:____________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times,