EXHIBIT 10-17
LOAN RESTRUCTURING AGREEMENT
This Agreement is made with reference to that certain Promissory Note dated May
5, 2003 in the amount of $25,000 by and between MedStrong International
Corporation and ____________ due and payable on _______________
The above referenced Promissory Note is hereby extended for one year from
December 31, 2003 to December 31, 2004.
Past interest on the unpaid principal amount is waived and the note shall be
interest free during the one-year term. Should the principal not be paid in full
at that time, then the original loan terms and interest will apply for the
remaining term going forward until the Note is paid in full.
Loan Note holder, as consideration, is granted purchase rights to two shares of
MedStrong Common Stock for each one dollar of face amount of his principal loan.
Such purchase right is granted at $0.01 (one xxxxx) per share of restricted
common stock.
All other terms and conditions of the Promissory Note shall remain in full force
and effect.
In Witness Whereof, Maker has executed this Loan Restructuring Agreement as of
date shown below.
MedStrong International Corporation
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By: Xxxxx X. Xxxxxx
President and Chief Executive Officer
Accepted and Agreed to:
By:
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Date:
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