Loan Agreement between Michael Stone and Stone Consulting Services, Inc. dated June 3, 2008
Contract Categories:
Business Finance
›
Loan Agreements
Summary
Michael Stone has agreed to loan Stone Consulting Services, Inc. up to $15,000 to help cover the company's accounting, legal, and other expenses. The loan is non-interest bearing and can be provided in multiple advances at Stone's discretion. The company must repay the loan either within 12 months or sooner if it completes a financing round of at least $400,000. Both parties have signed the agreement, which is effective as of June 3, 2008.
EX-10.1 2 v122391_ex10-1.htm
EXHIBIT 10.1
Stone Consulting Services, Inc.
18 Ozone Avenue
Venice, CA 90291
June 3, 2008
LOAN AGREEMENT
This Loan Agreement is to memorialize the terms verbally agreed to in principle between Michael Stone, in an individual capacity (“Stone”) and Stone Consulting Services, Inc., a Delaware corporation (the “Company”).
Stone hereby agrees to loan the Company the aggregate principal amount of up to FIFTEEN THOUSAND DOLLARS ($15,000.00), which amounts may be provided to the Company in the form of any number of separate advances made from time to time, in the sole discretion of Stone, in order to cover the Company’s accounting, legal and miscellaneous expenses. The loan is made on a non-interest bearing basis and is due upon the earlier of: (i) twelve (12) months from the date hereof, or (ii) the Company’s completion of a minimum four hundred thousand ($400,000) dollar financing.
This Loan Agreement shall be effective as of the date set forth above.
| STONE: | STONE CONSULTING SERVICES, INC.: | |
| /s/ Michael F. Stone | /s/ Michael F. Stone | |
| Michael F. Stone | Michael F. Stone | |
| President and Chief Executive Officer |
