Extension Agreement for Demand Note between All Fuels & Energy Company and Russell C. Duncan, III
All Fuels & Energy Company and Russell C. Duncan, III have agreed to extend the maturity date of a $20,000 demand note originally issued on April 11, 2011. The new due date for the full principal and accrued interest is September 1, 2012, unless the note is converted earlier. In exchange for this extension, the company will issue 50,000 shares of its common stock to Mr. Duncan. As of the agreement date, no payment has been demanded and the note is not in default.
EXHIBIT 10.10 |
August 10, 2011
RE: Extension of Demand Note, dated April 11, 2011, issued by All Fuels & Energy Company (the “Company”) in favor of Russell C. Duncan, III (“Payee”)
On April 11, 2011, the Company issued a note in the aggregate principal amount of $20,000, of which $20,000 remains due and payable as of the date hereof (“Principal Amount”), accruing interest at a rate of 10% per annum (“Note”). The Note is due and payable upon demand. Payee hereby represents that Payee has not demanded payment on the Note and the Note is not in default as of the date hereof.
The Company now desires to extend the maturity date of the Note with the full Principal Amount and all accrued and unpaid interest due and payable on September 1, 2012 (the “Extension”), unless converted earlier per the terms of the Note. In consideration for the Extension, the Company agrees to issue Payee 50,000 shares of the Company’s common stock, the receipt and sufficiency of which is hereby acknowledged as sufficient consideration for the extension.
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