Commitment Letter from G. Ward Paxton to Intrusion Inc. for Financial Support (November 2008)
G. Ward Paxton, President and CEO of Intrusion Inc., commits to provide up to $1,500,000 to Intrusion Inc. to cover any cash flow shortfalls through March 2010. This letter replaces a previous commitment from March 2008 and extends the support for an additional year. Paxton confirms he has sufficient assets to fulfill this commitment, and in the event of his death, his heirs will be bound by the agreement. The letter is addressed to the Board of Directors of Intrusion Inc.
Exhibit 10.1
1101 E. Arapaho Road
Richardson, TX 75081
972 ###-###-#### tel
972 ###-###-#### fax
November 7, 2008
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 2010. 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 |
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| G. Ward Paxton | |
| President and CEO | |
| Intrusion Inc. | |
