Promissory Note between Spheric Technologies, Inc. and Joseph Hines dated December 31, 2006
Spheric Technologies, Inc. has agreed to repay Joseph Hines $447,000 for loans he provided to the company in 2006. The amount is payable upon demand any time after January 1, 2007, and does not accrue interest. The obligation is a general liability of the company and must be paid in U.S. dollars or an equivalent amount. The agreement is signed by the company's Vice President, Michael Kirksey.
Exhibit 10.3
PROMISSORY NOTE
Spheric Technologies, Inc. agrees to pay to Joseph Hines the amount of $447,000.00 upon demand after January 1, 2007 for value received with no interest noted. This amount has been created by funding loans to Spheric Technologies as a Founder in calendar year 2006 — please see the attached schedule. This liability is to be paid in US dollars or equivalent and should be considered a general obligation of the Company.
| By: | /s/ Michael Kirksey | |
| Michael Kirksey | ||
| Its: | Vice President | |
| Date: | December 31, 2006 |
