SEC Contract Filing

Filing Date: 2015-04-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>11
<FILENAME>exhibit1010.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
<HTML>
<head><title>Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE(3453) - Cannabis Science, Inc. - Exhibit 10.10</title> </head> <body style="FONT-SIZE:10pt; FONT-FAMILY:Times New Roman; COLOR:#000000; MARGIN-TOP:0px"> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>DEBT SETTLEMENT AGREEMENT</u></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>THIS AGREEMENT</b> is dated for reference the 18th day of December, 2014.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>BETWEEN:</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:96px; MARGIN:0px"><b>Cannabis Science, Inc.</b>, a company incorporated under the laws of Nevada and having an office at 6946 N Academy Blvd., Suite B 254, Colorado Springs, CO 80918</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:96px; MARGIN:0px">(the &#147;<b>Company</b>&#148;)</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:384px; MARGIN:0px; TEXT-INDENT:48px">OF THE FIRST PART</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>AND:</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:96px; MARGIN:0px"><b>Intrinsic Capital Corp.,</b> a company incorporated under the laws of Nevada<b>, </b>having an address at #1516 E. Tropicana Ave, Suite 155, Las Vegas NV 89119</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:48px">(the &#147;<b>Creditor</b>&#148;)</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:432px; MARGIN:0px">OF THE SECOND PART</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>WHEREAS:</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">A.</p> <p style="FONT-SIZE:11pt; PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px">The Company is indebted to the Creditor in the total amount of US $20,000 (the &#147;<b>Debt</b>&#148;) as at December 18, 2014;</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">B.</p> <p style="FONT-SIZE:11pt; PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px">The Company wishes to settle the Debt by issuing to the Creditor, or its assigns, shares of common stock of the Company and the Creditor is prepared to accept the shares in full satisfaction of the Debt.</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>NOW THEREFORE THIS AGREEMENT WITNESSES </b>that, in consideration of the premises and of the covenants and agreements set out in this Agreement, the parties agree as follows:</p> <p style=MARGIN:0px><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">1.</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b><u>ACKNOWLEDGMENT OF DEBT</u></b></p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">1.1</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">The Company acknowledges and agrees that it is indebted to the Creditor in the amount of the Debt.</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">1.2</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">The Debt was recorded on the books of the Company on July 23, 2013.</p> <p style="CLEAR:left; MARGIN:0px"><br> <table width=100% bordercolor=transparent cellspacing=0> <tr> <td style="BORDER-BOTTOM:#000000 3px solid"> <p align=center><font style=FONT-SIZE:11pt>1</font></p></td></tr> <tr> <td style="BORDER-TOP:#000000 3px solid"><font style=FONT-SIZE:11pt>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td></tr></table><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">2.</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b><u>ISSUANCE OF SHARES</u></b></p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">2.1 </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">The Company agrees to issue to the Creditor and the Creditor agrees to accept 20,000,000 shares of common stock of the Company (the &#147;Shares&#148;) at a deemed price of US $0.001 per Share as full and final payment of the Debt.</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">2.2 </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">The Creditor agrees that the Debt will be fully satisfied and extinguished when the Company delivers the Shares to the Creditor, and subject only to the issuance of the Shares, the Creditor releases and forever discharges the Company, its subsidiaries and their respective directors, officers, and employees from and against any and all claims, actions, obligations, and damages whatsoever which the Creditor may have against any of them relating to the Debt. &nbsp;This release will be operative from and after the date of completion of the transaction contemplated by this Agreement and will be effective without the delivery of any further release or other documents by the Creditor to the Company.</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px">3.</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b><u>REPRESENTATIONS OF CREDITOR</u></b></p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The Creditor represents, warrants and acknowledges to the Company that:</p> <p style=MARGIN:0px