Convenience TV Inc. - FORM 10-Q - EX-10 - SHARE CANCELLATION AGREEMENT - May 18, 2010

Attached files

file filename
10-Q - QUARTERLY REPORT FOR CONVENIENCE TV INC. FOR THE PERIOD ENDED MARCH 31, 2010 - Convenience TV Inc.conveniencetv10q03312010.htm
EX-31.2 - SOX SECTION 302(A) CERTIFICATION OF THE CFO - Convenience TV Inc.exh312.htm
EX-31.1 - SOX SECTION 302(A) CERTIFICATION OF THE CEO - Convenience TV Inc.exh311.htm
EX-32.1 - SOX SECTION 906 CERTIFICATION OF THE CEO - Convenience TV Inc.exh321.htm
EX-32.2 - SOX SECTION 906 CERTIFICATION OF THE CFO - Convenience TV Inc.exh322.htm

Exhibit 10.1

SHARE CANCELLATION/RETURN TO TREASURY AGREEMENT

THIS AGREEMENT made the 5th day of May, 2010

BETWEEN:

Convenience TV Inc.
(the "Company")

AND:

Rhonda Esparza
("Esparza")

WHEREAS:

  1. The Company's board of directors has approved a forward split of the Company's common stock on a 7 for 1 basis

  2. Esparza is the holder of 28,000,000 post split shares of the Company's common stock and agrees herein to cancel 27,800,00 of such shares (the "Esparza Shares");

  3. Esparza agrees to the cancellation of the Esparza Shares as he is no longer affiliated with the current directors or officers of the Company, has no involvement with the Company's current or proposed business operations and seeks to benefit the Company's minority shareholders with such cancellation; and

  4. Each of the Company and Esparza deem it to be in their respective best interests to immediately cancel the Esparza Shares.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants contained herein (the sufficiency whereof is hereby acknowledged by the parties hereto), the parties hereby agree to and with each other as follows:

  1. CANCELLATION OF ESPARZA SHARES

      2. 1.1 The Esparza Shares shall be cancelled effective on the date of this Agreement.

  2. RELEASE

      3. 2.1 Esparza, together with his affiliates, shareholders, heirs, executors, administrators, and assigns, does hereby remise, release and forever discharge the Company, its respective directors, officers, shareholders, employees and agents, and their respective successors and assigns, of and from all claims, causes of action, suits and demands whatsoever which Esparza ever had, now or may have howsoever arising out of the original grant and this cancellation of the Esparza Shares.

  3. COUNTERPARTS

      4. 3.1 This Agreement may be executed in several counterparts, each of which will be deemed to be an original and all of which will together constitute one and the same instrument.

 

- 2 -


  1. Electronic Means

      2. 4.1 Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date set forth on page one of this Agreement.

  2. Further Assurances

      3. 5.1 As and so often as may be required, the parties will execute and deliver all such further documents, do or cause to be done all such further acts and things, and give all such further assurances as in the opinion of the Company or its counsel are necessary or advisable to give full effect to the provisions and intent of this Agreement.

  3. Proper Law

      4. 6.1 This Agreement will be governed by and construed in accordance with the law of the State of Nevada.

  4. Independent Legal Advice

      5. 7.1 By signing this Agreement, Esparza confirms that he fully understands this Agreement and (a) has obtained independent legal advice or (b) waives the right to obtain independent legal advice.

IN WITNESS WHEREOF the parties have executed and delivered this Agreement.

CONVENIENCE TV INC.

Per:   /s/ NORMAN KNOWLES
        Authorized Signatory


RHONDA ESPARZA

/s/ RHONDA ESPARZA

 

 

 

 

 

 

 

 

 

 

Stock widget

Investing forum

Convenience TV Inc. Reports