Loan Extension Agreement between HPEV Inc. and Spirit Bear Limited dated October 26, 2012

Contract Categories: Business Finance › Modification Agreements
Summary

HPEV Inc. and Spirit Bear Limited have agreed to extend the repayment date of a $100,000 loan under Promissory Note B-1 from October 27, 2012, to November 30, 2012. All other terms of the original Note and Warrant Purchase Agreement remain unchanged, and Spirit Bear Limited will continue to earn warrants until the loan and interest are fully repaid.

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EX-10.8 8 exh10_8.htm EXHIBIT 10.8 Unassociated Document
 
EXHIBIT 10.8





 

 
LOAN EXTENSION AGREEMENT

 

THIS LOAN EXTENSION AGREEMENT is entered into as of October 26, 2012, by and between HPEV Inc., a Nevada corporation (hereinafter “Borrower”) and SPIRIT BEAR LIMITED (hereinafter “Lender”).
 
WHEREAS, Borrower and Lender have entered into that certain Note and Warrant Purchase Agreement, dated August 9, 2012 (the “NWPA”) for the purpose of extending the terms of four loans that had been made previously by Lender to Borrower; and
 
WHEREAS, according to the terms of Promissory Note B-1 under the NWPA (hereinafter “Note B-1”), Borrower is obligated to repay to Lender the principal amount of One Hundred Thousand Dollars ($100,000.00), plus interest, on October 27, 2012; and
 
WHEREAS, Borrower has requested that Note B-1 be extended until November 30, 2012;
 
NOW, THEREFORE, in consideration of the foregoing and other consideration set forth herein, the parties hereto mutually agree as follows:
 
1.        Note B-1 is hereby extended until November 30, 2012, upon all the same terms and conditions as are set forth in the NWPA, and Lender shall continue to earn warrants as provided for thereunder until such date as all principal and interest due under Note B-1 shall have been received by Lender.
 

IN WITNESS WHEREOF the parties hereto have executed this Loan Extension Agreement as of the date first above written.
 



 
 SPIRIT BEAR LIMITED (“Lender”)        HPEV INC. (“Borrower”)
     
     
     
 By:   /s/ Jay Palmer                                               By:   /s/ Timothy Hassett                                            
         Jay Palmer, President            Timothy Hassett, Chief Executive Officer