SEC Contract Filing

Filing Date: 2021-02-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.05
<SEQUENCE>6
<FILENAME>ex_225474.htm
<DESCRIPTION>EXHIBIT 10.05
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>EXHIBIT 10.05</b></p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;<b>SETTLEMENT AND</b> <b>EXCHANGE AGREEMENT </b></p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Eagle Equities, LLC (the &#8220;<i><b>Holder</b></i>&#8221; or &#8220;<i><b>Eagle</b></i>&#8221;), enters into this Settlement and Exchange Agreement (the &#8220;<i><b>Agreement</b></i>&#8221;) with MITESCO, INC. (the &#8220;<i><b>Company</b></i>&#8221;) on February 8, 2021 whereby the Holder will exchange (the &#8220;<i><b>Exchange</b></i>&#8221;) the principal balance, along with any interest or premiums due under the note dated December 9, 2020 (the <i><b>&#8220;</b></i><i><b>Debt&#8221;</b></i>) for shares of the Company&#8217;s common stock with a par value of $0.01 (the &#8220;<i><b>Common</b></i><i><b> Stock</b></i>&#8221;) as set forth herein.</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">On and subject to the terms hereof, the parties hereto agree as follows:</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Article I</b></u></p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exchange of the </b><b>Debt</b><b> for </b><b>Common </b><b>Stock </b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 24.5pt;"><b>Section 1.1. </b><u><b>Amount Due</b></u>. Holder and the Company agree to the outstanding principal balance of $220,000.00 plus any accrued interest and/or premiums due to Holder pursuant to the following agreements:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 24.5pt;"><b>Section 1.2 Exchange</b>. The Company and the Holder agree to exchange and settle the Debt owed by the Company to <b>Holder</b> for the issuance to the Holder of ONE MILLION NINETY-FIVE THOUSAND ONE HUNDRED THIRTY ONE (<b>1,095,131)</b> shares of Common Stock (the &#8220;<i><b>Exchange</b></i><i><b> Shares</b></i>&#8221;).</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Article II</b></u><b>&nbsp;</b></p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Covenants, Representations and Warranties of the Holders </b></p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The Holder hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof, to the Company, and all such covenants, representations and warranties shall survive the Closing.</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"><b>Section 2.1 </b><u><b>Power and Authorization.</b></u> The Holder has the p