Commitment Letter for Financial Assistance from G. Ward Paxton to Intrusion Inc.

Summary

This letter from G. Ward Paxton, President and CEO of Intrusion Inc., confirms his commitment to provide up to $1,500,000 to Intrusion Inc. to cover any cash flow shortfalls through March 2011. The commitment replaces and extends a previous agreement by one year. Paxton affirms he has sufficient assets to fulfill this obligation, and in the event of his death, his heirs will be bound by the commitment. The letter is addressed to the Board of Directors of Intrusion Inc.

EX-10.26 3 a09-35869_1ex10d26.htm EX-10.26

EXHIBIT 10.26

 

 

 

 

1101 E. Arapaho Road

 

Richardson, TX 75081

 

972 ###-###-#### tel

 

972 ###-###-#### fax

 

 

 

February 4, 2010

 

Confidential

 

The Board of Directors

Intrusion Inc.

 

Re:  Intrusion Inc.

 

Gentlemen:

 

As you are aware, over the past few years, I have provided financial assistance to Intrusion through various private placements.  This letter confirms my intention to make available funds in the amount of up to $1,500,000 to cover cash flow shortfalls, if any, which may be experienced by Intrusion during the period, ended March 2011.  I also confirm that I have access to sufficient financial assets to make these funds available.  In the event of my death, my heirs will be bound by this commitment.

 

This letter is in replacement of, and not in addition to, the original commitment letter dated March 20, 2008 for $1,500,000.  In essence, I am only extending my original commitment one year.

 

If you have any questions regarding this letter, please feel free to contact me.

 

Sincerely,

 

/s/ G. Ward Paxton

 

G. Ward Paxton

President and CEO

Intrusion Inc.