Joint Disbursement Instructions for Closing of EarthShell Corporation Convertible Debenture Offering

Summary

EarthShell Corporation, Cornell Capital Partners, LP, and Highgate House Funds, Ltd. have agreed on how to distribute $4.5 million in proceeds from the sale of EarthShell's Convertible Debentures. After deducting fees and repaying promissory notes (with interest) to Highgate House Funds and Cornell Capital Partners, the remaining funds are allocated to legal fees and the company. The instructions direct attorney David Gonzalez to make these payments by wire transfer. All conditions for closing the offering have been met or waived as of December 30, 2005.

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EX-10.11 11 v032858_ex10-11.txt JOINT DISBURSEMENT INSTRUCTIONS FOR CLOSING: December 30, 2005 The undersigned do hereby: 1. Acknowledge the acceptance of subscriptions from purchasers representing gross proceeds of $4,500,000 from the issuance of Convertible Debentures of EARTHSHELL CORPORATION, a Delaware corporation (the "Company"). 2. Represent that all conditions precedent to closing of the Company's offering of the Convertible Debentures have been satisfied or waived; and direct that David Gonzalez, Esq. disburse the gross proceeds of the offering at the joint direction of the undersigned as follows: To be disbursed via wire transfer in immediately available U.S. funds, payable to the following parties: Gross From Cornell Capital Partners, $ 4,500,000 Proceeds: LP Less: Commitment Fee - To Yorkville $200,000 Advisors, LLC Structuring Fee to Yorkville ($10,000) Advisors, LLC Repayment of Promissory Notes ($1,402,372.60) (Credit to Highgate House Funds, Ltd.)* Repayment of Promissory Notes ($1,219,749.68) (Credit to Cornell Capital Partners, LP.)* ------------- Sub-Total: $1,667,877.72 Disbursements: To Kirkpatrick & Lockhart ($25,000) Nicholson Graham, LLP ============= Net Proceeds: Net Proceeds Payable to the $1,642,877.72 Company - ---------- * Calculation of amount due attached hereto. [SIGNATURE PAGE IMMEDIATELY TO FOLLOW] EARTHSHELL CORPORATION CORNELL CAPITAL PARTNERS, LP By: Yorkville Advisors, LLC By: /s/ Scott Houston Its: General Partner --------------------------- Name: Scott Houston By: /s/ Mark Angelo Title: Chief Financial Officer --------------------------- Name: Mark Angelo Its: Portfolio Manager HIGHGATE HOUSE FUNDS, LTD. By: Yorkville Advisors, LLC Its: General Partner By: /s/ Mark Angelo --------------------------- Name: Mark Angelo Its: Portfolio Manager
EarthShell Corporation HHF Interest Rate 12.00% Based on # Days per year 365 Closing Date 5/26/2005 Principal $ 1,350,000 Re-Issued 8/26/2005 Principal $ 1,350,000 Outstanding Principal Dates Interest Per Year No. Days Interest Due Balance From To (Column A x Int) Interest/Day Accruing Int. (Column E * Column F) - ------------------------- -------------- -------------- -------------------- --------------- -------------- ------------------------ $ 1,350,000.00 5/26/2005 8/26/2005 $ 162,000.00 $ 443.84 0 $ - ------------------------ $ 1,350,000.00 8/27/2005 12/23/2005 $ 162,000.00 $ 443.84 118 $ 52,372.60 ------------------------ $ - Original Balance $1,350,000.00 Plus Interest $ 52,372.60 New Balance $1,402,372.60
EarthShell Corporation CCP Interest Rate 12.00% Based on # Days per year 365 Closing Date 3/23/2005 Principal $1,150,000.00 Re-Issued 8/26/2005 Principal $1,174,197.26 Outstanding Principal Dates Interest Per Year No. Days Interest Due Balance From To (Column A x Int) Interest/Day Accruing Int. (Column E * Column F) - ------------------------- -------------- -------------- -------------------- --------------- -------------- ------------------------ $ 1,150,000.00 3/23/2005 8/26/2005 $ 138,000.00 $ 378.08 64 $ 24,197.26 ------------------------ $ 1,174,197.26 8/27/2005 12/23/2005 $ 140,903.67 $ 386.04 118 $ 45,552.42 ------------------------ $ 45,552.42 Original Balance $1,174,197.26 Plus Interest $ 45,552.42 New Balance $1,219,749.68