Loan and Stock Pledge Agreement between Sol & Tina Waxman Family Foundation and Innovative Designs, Inc.
The Sol & Tina Waxman Family Foundation is lending $100,000 to Innovative Designs, Inc. at a 10% interest rate, with repayment of $110,000 due by December 31, 2013. Joseph Riccelli, CEO of Innovative Designs, Inc., pledges 250,000 shares of IVDN stock as collateral and personally guarantees the loan. If the loan is not repaid on time, the Foundation may take ownership of the pledged stock. Upon full repayment, the stock certificate will be returned to Riccelli, ending the agreement.
May 1, 2013
Sol & Tina Waxman Family Foundation, is lending Innovative Designs, Inc the amount of $100,000 Dollars, at an interest of 10%. Repayment of $110,000, interest included, will be made by December 31, 2013.
As collateral for this loan, Joseph Riccelli is pledging stock certificate #1766, for 250,000 shares of IVDN stock. In the event the above-mentioned loan is not repaid as stated, the Sol & Tina Waxman Family foundation will have the right to receive ownership of this stock certificate. Joseph Riccelli will personally guarantee this loan.
Upon repayment of this loan, the stock certificate is to be returned to Joseph Riccelli, completing this agreement.
| /s/ Jeffrey M. Stone | ||
| Sol & Tina Waxman Family Foundation | ||
| Jeffrey M. Stone, President | ||
| /s/ Joseph Riccelli | ||
| Joseph Riccelli, CEO | ||
| /s/ Gregory P. Domian | ||
| Witness - Gregory P. Domian | ||
