Equity Investment Commitment Agreement between Rex Carr and International Fuel Technology, Inc.
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Summary
This agreement, effective December 11, 2007, is between Rex Carr, a director and major shareholder, and International Fuel Technology, Inc. Rex Carr commits to invest up to $1,000,000 in the company by purchasing restricted common stock, as requested by the company after March 1, 2008. The company can request the investment in one or multiple installments, not exceeding the total commitment. Shares will be issued to Rex Carr based on the stock's closing price on the date of each purchase.
EX-10.12 4 ex10_12.htm EXHIBIT 10.12 ex10_12.htm
EXHIBIT 10.12
Equity Investment Commitment between Rex Carr and International Fuel Technology, Inc.
Effective December 11, 2007, I, Rex Carr, a director of International Fuel Technology, Inc. (the “Company”) and a holder of over five (5%) of the Company’s common stock agree to invest up to an aggregate of $1,000,000 in the Company (the “Commitment”), at such time or times as the Company may request, in the form of a purchase or purchases of restricted common stock of the Company. The Company may elect to draw from the Commitment at one time or from time to time, subsequent to March 1, 2008; provided, however, that the aggregate of such draws may not exceed $1,000,000. If and when the Company elects to utilize available Commitment funds, the Company shall issue to me that number of shares of restricted common stock of the Company equal to the value of the investment then provided to the Company. The number of shares to be issued will be calculated based on the closing price of the Company’s common stock as quoted on The OTC Bulletin Board on the date of the sale.
| By: | /s/ Rex Carr | Date | December 11, 2007 | ||
| Rex Carr | |||||
| Director | |||||
| By: | /s/ Jonathan R. Burst | Date | December 11, 2007 | ||
| Jonathan R. Burst | |||||
| Chief Executive Officer | |||||
