Verbal Loan Agreement between 1PM Industries, Inc. and Certain Officers, Directors, and Principal Shareholders
1PM Industries, Inc. has a verbal agreement with its officers, directors, and principal shareholders—specifically Joseph Wade, Matt Billington, and Wade Billington Partners, LLC—to provide up to $100,000 in capital. The loan carries no interest and must be repaid within 24 months from when funds are borrowed. As of the disclosure, $12,000 has been borrowed from Joseph Wade. This agreement outlines the key terms of the arrangement between the company and its insiders.
EXHIBIT 10.1
VERBAL AGREEMENT WITH OFFICERS, DIRECTORS AND PRINCIPAL SHAREHOLDERS
The document is to disclose the material terms of the verbal agreement between the Company and its officers, directors and principal shareholders who have verbally agreed to provide capital up to $100,000.
Borrower: 1PM Industries, Inc.
Lenders: Joseph Wade, Matt Billington, Wade Billington Partners, LLC
Loan Amount: up to $100,000
Interest Rate: 0%
Repayment Terms: 24 months from date the funds are borrowed
Amounts Borrowed: $12,000 from Joseph Wade
