Verbal Funding Agreement for Registration and Offering Expenses Between Palmerston Stock Agency, Inc. and Ian Raleigh
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Summary
Palmerston Stock Agency, Inc. and its sole officer, Ian Raleigh, have a verbal agreement in which Mr. Raleigh will provide funding to cover the company's expenses related to registering and offering its common stock. This arrangement will continue until the company generates enough cash flow from its business activities to pay these costs itself. There is no written contract, so the company has no legal recourse if Mr. Raleigh does not provide the funds. The agreement is open-ended but ends when the company becomes self-sustaining.
EX-10.1 3 fs1a1ex10i_palmerston.htm DESCRIPTION OF VERBAL AGREEMENT fs1a1ex10i_palmerston.htm
Exhibit 10.1
Description of Verbal Agreement to Pay for the Registration of Common Stock and Offering Expenses Between Palmerston Stock Agency, Inc., and Ian Raleigh
On November 3, 2010 Ian Raleigh, the sole officer and director of Palmerston Stock Agency, Inc., (the “Company” or “we” or “our”) verbally agreed to provide funding to cover the expenses associated with our offering and registration of our common stock for the next 12 months and beyond, until the Company is engaged in business activities that provide cash flow sufficient to cover these costs. We currently have no written contractual agreements in place with Mr. Raleigh to provide such funding and as such have no legal recourse if he fails to do so. At this time we do not have all of the necessary funds to pay for these expenses and do not have any written agreement to raise funds to cover these expenses. However, we believe we will be able to meet these costs with funds provided by M r. Raleigh. At such time that the Company has the ability to cover these expenses with cash flow from operations, Mr. Raleigh will no longer be obligated to cover such costs.
