STOCK ISSUE AGREEMENT
THIS STOCK ISSUE AGREEMENT (this "Agreement") is made and
entered into as of the 1st day of January 2007 by and between Thinkpath, Inc.,
an Ontario corporation (the "COMPANY") and Cheryl Goldman (the "FINANCIAL
ADVISOR", and together with the Company, the "PARTIES" each a "PARTY").
WHEREAS, the Financial Advisor has agreed to render financial
advisory services to the Company the period beginning January 1, 2007 up to
December 31, 2007 pursuant to a Financial Advisory Agreement (the "Service
Agreement") previously entered into by the Parties;
WHEREAS, the Company acknowledges that the Financial Advisor
has rendered services stipulated in the Service Agreement; and
WHEREAS, the Company will complete the payment due to the
Financial Advisor under the Service Agreement pursuant to the terms and
conditions set forth herein.
NOW, THEREFORE, the Parties hereto, intending to be legally
bound, hereby agree as follows:
Section 1. ISSUANCE OF STOCK TO THE FINANCIAL ADVISOR: In payment for
the services rendered by the Financial Advisor to the Company under the Service
Agreement, the Company hereby agreed to issue to the Financial Advisor 1,084,337
shares of the Company's common stock (the "Shares"). For purposes of this
Agreement, the Shares shall be valued at $0.083 per share.
Section 2. RELEASE. (a) The Financial Advisor hereby waives, releases
and discharges the Company, its subsidiaries and their respective officers,
directors, employees, agents, attorneys, subsidiaries, servants, successors,
insurers, affiliates and their successors and assigns, from any and all manner
of action, claims, liens, demands, liabilities, causes of action, charges,
complaints, suits (judicial, administrative or otherwise), damages, debts,
obligations of any nature, past or present, known or unknown, whether in law or
in equity, whether founded upon contract (expressed or implied), tort
(including, but not limited to, defamation), statute or regulation (State,
Federal or local), common law and/or any other theory or basis, from the
beginning of the world to the date hereof, including, but not limited to, any
claim that the Financial Advisor has asserted, now asserts or could have
asserted, but not including any claim for the enforcement of this Agreement.
(b) As a material inducement to the Financial Advisor to enter
into this Agreement, the Company and its subsidiaries hereby irrevocably and
unconditionally waive, release and discharge the Financial Advisor, his agents
and attorneys, successors and assigns, from any and all manner of action,
claims, liens, demands, liabilities, causes of action, charges, complaints,
suits (judicial, administrative or otherwise), damages, debts, obligations of
any nature, past or present, known or unknown to the Company, whether in law or
in equity, whether founded upon contract (expressed or implied), tort
(including, but not limited to, defamation), statute or regulation (State,
Federal or local), common law and/or any other theory or basis.
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(c) It is understood and agreed by the Parties that the facts
and respective assumptions of law in contemplation of which this Agreement is
made may hereafter prove to be other than or different from those facts and
assumptions now known, made or believed by them to be true. The Parties
expressly accept and assume the risk of the facts and assumptions to be so
different, and agree that all terms of this agreement shall be in all respects
effective and not subject to termination or reclusion by any such difference in
facts or assumptions of law.
Section 3. SUCCESSORS. This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective administrators,
representatives, executors, successors and assigns, by reason of merger,
consolidation, and/or purchase or acquisition of substantially all of the
Company's assets or otherwise.
Section 4. GOVERNING LAW. Each party acknowledges that it has been
represented by counsel in connection with this Stock Issue Agreement, and has
executed the same with knowledge of its consequences. This Agreement is made and
entered into the Province of Ontario and shall be interpreted, enforced and
governed under the laws of the Province of Ontario without regard to its
conflicts of laws principles.
Section 5. PARAGRAPH HEADINGS. The paragraph headings used in this
Agreement are intended solely for convenience of reference and shall not in any
manner amplify, limit, modify or otherwise be used in the interpretation of any
of the provisions hereof.
Section 6. SEVERABILITY. Should any of the provisions of this Agreement
be declared or be determined to be illegal or invalid, the validity of the
remaining parts, terms or provisions shall not be affected thereby and said
illegal or invalid part, term or provision shall be deemed not to be a part of
this Agreement.
Section 7. ENTIRE AGREEMENT. This Agreement sets forth the entire
agreement between the Parties, and fully supersedes any and all prior agreements
or understandings between the Parties pertaining to the subject matter hereof.
All other contracts, agreements or understandings between the Parties are null
and void. Without limiting the foregoing, any and all employment agreements,
including all amendment and/or addendums thereto, shall be terminated and of no
further force or effect, whether or not such agreements state that the same, or
portions thereof, are to survive termination.
Section 8. COUNTERPARTS. This Agreement may be executed in
counterparts. Each counterpart shall be deemed an original, and when taken
together with the other signed counterpart, shall constitute one fully executed
Agreement.
Section 9. FURTHER ASSURANCES. From and after the date hereof, the
parties hereto shall take all actions, including the execution and delivery of
all documents, necessary to effectuate the terms hereof.
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Section 10. SURVIVAL. All obligations of the Parties as set forth
herein shall survive the execution and delivery hereof.
IN WITNESS WHEREOF, the Parties have caused this Agreement to be
entered into as of the date first written above.
THINKPATH, INC.
By: /s/ Kelly Hankinson By: /s/ Cheryl Goldman
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Name: Kelly Hankinson Name: Cheryl Goldman
Title: Chief Financial Officer
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