Personal Loan Agreement between William G. Styles and Organic Plant Health, LLC (No Promissory Note)
William G. Styles has loaned $68,384 to Organic Plant Health, LLC to support its business operations. The loan accrues interest at 5.5% per year, with interest payments due monthly. The loan matures on January 1, 2016. Both parties may agree to convert the outstanding loan balance, including unpaid principal and interest, into common stock of Organic Plant Health, Inc. at a rate of $0.05 per share.
Description of Personal Loan from William G. Styles to Organic Plant Health, LLC.
– not represented by Promissory Note
| $68,384.00 | As of September 30, 2011
|
| Charlotte, North Carolina | |
Loan From: Mr. William G. Styles
Loan To: Organic Plant Health, LLC
Balance of 9/30/2011: $68,384.00
Interest Due: 5.5% Annually
Interest Paid: Monthly
Maturity Date: January 1, 2016
Purpose of Loan: Mr. Styles loaned the money to Organic Plant Health, LLC for the
purpose of helping fund the operations of the company.
Conversion: At such point as Mr. Styles and the company mutually agree, the outstanding loan amount, including all unpaid principle and interest, may be converted to common stock of the parent company, Organic Plant Health, Inc., (OTC:OPHI) at the rate of $.05 per common share.
