SEC Contract Filing

Filing Date: 2023-01-09

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>dusyf_ex101.htm
<DESCRIPTION>DEBT SETTLEMENT AGREEMENT BETWEEN MR. BRENDAN NORMAN AND DUESENBERG TECHNOLOGIES INC. DATED DECEMBER 12, 2022
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<TITLE>Debt Settlement Agreement between Mr. Brendan Norman and Duesenberg Technologies Inc. dated December 12, 2022</TITLE>
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<DIV style=margin-left:54pt;width:487.35pt><P align=justify style='font:11pt Times New Roman;margin:0;margin-right:-1.75pt'><B>THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE &#8220;SECURITIES ACT&#8221;), AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. &nbsp;HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. </B></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><B>DEBT SETTLEMENT AGREEMENT</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><B>THIS AGREEMENT</B> is made effective as of the 12<SUP>th</SUP> day of December, 2022.</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><B>BETWEEN:</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:108pt;margin-right:-0.05pt'><FONT style='border-bottom:1px solid #000000'><B>BRENDAN SCOTT NORMAN</B></FONT>, with an address of</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:71.45pt'>No 5, The Residence Mont Kiara, Mont Kiara, Kuala Lumpur 50480</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:71.45pt'>Malaysia</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:71.45pt'><KBD style=margin-left:36.55pt></KBD>(the &#8220;Creditor&#8221;)&nbsp;</P>
<P align=right style='font:11pt Times New Roman;margin:0;margin-right:2.45pt'><B>OF THE FIRST PART</B></P>
<P align=right style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><B>AND:</B> </P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:108pt;margin-right:42.5pt'><FONT style='border-bottom:1px solid #000000'><B>DUESENBERG TECHNOLOGIES</B><B> INC.</B></FONT><B>, </B>a British Columbia company with a corporate office at No. 21, Denai Endau 3, Seri Tanjung Pinang,10470 Tanjung Tokong, Penang, Malaysia (the &#8220;Company&#8221;)</P>
<P align=right style='font:11pt Times New Roman;margin:0'><B>OF THE SECOND PART</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><B>WHEREAS:</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:42.55pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:-42.55pt'>A.</KBD>As of the date of this Agreement, the Company was indebted to the Creditor in the amount of the Indebtedness for services provided by the Creditor; and&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:42.55pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:-42.55pt'>B.</KBD>The Creditor and the Company have agreed to settle the Indebtedness by issuance to the Creditor of common shares of the Company at a price of USD$0.11 per share on the terms and conditions set out herein,&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><B>THE PARTIES HEREBY AGREE AS FOLLOWS:</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:72pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:-72pt'><B>1.</B></KBD><B>DEFINITIONS</B>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:-36pt'>1.1</KBD>The following terms will have the following meanings for all purposes of this Agreement.&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:72pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>(a)</KBD><KBD style=margin-left:36pt></KBD>&#8220;Agreement&#8221; means this Debt Settlement Agreement, and all schedules and amendments to in the Agreement;&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:72pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>(b)</KBD><KBD style=margin-left:36pt></KBD>&#8220;Exchange Act&#8221; means the United States Securities Exchange Act of 1934, as a