Summary of Oral Loan Agreement between SusGlobal Energy Corp. and Travellers International Inc.
SusGlobal Energy Corp. and Travellers International Inc. entered into an oral agreement on April 3, 2018, under which Travellers International Inc. loaned SusGlobal Energy Corp. $159,420 (USD) or $200,000 (CAD). The loan carries a 12% annual interest rate, is unsecured, and is repayable on demand. There is no written contract for this loan, and the lender is controlled by SusGlobal's president and director.
Exhibit 10.40
Summary of Terms of Oral Agreement
The following summarizes the material terms of an Oral Agreement between SusGlobal Energy Corp. and Travellers International Inc.
On April 3, 2018, Travellers International Inc. an Ontario company controlled by the president and director of SusGlobal Energy Corp. made a loan in the amount of $159,420 ($200,000 CAD). The loan bears interest of 12% per annum, is due on demand and is unsecured. There is no written agreement evidencing this loan.
