LOAN AGREEMENT
Exhibit 10.3
This Loan Agreement (the “Agreement”) is made as of May 13, 2019, by and between Eco Wave Power Ltd., an Israeli Company (the “Company”), and Xxxxx Xxx (the “Lender”). The parties agree as follows:
1. Loan. Both parties acknowledge that the Lender extended to the Company in the past a loan in the aggregate amount of US$800,000 (the “Loan”) with no interest rate.
2. Payment. The Company shall repay to the Lender the loan amount within 36 months. If loan is not repaid, interest shall be at 4% per annum.
3. Miscellaneous. Each of the parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry out and give full effect to the provisions of this Agreement. This Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the conflict of laws provisions thereof. Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors, and administrators of the parties hereto. This Agreement constitutes the full and entire understanding between the parties and supersedes all oral and written understandings with regard to its subject matter. No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.
IN WITNESS WHEREOF the parties have signed this Loan Agreement (in one or more counterparts) as of the date first set forth above.
| /s/ /s/ Eco Wave Power Ltd. | ||
| Eco Wave Power Ltd. | ||
| By: | Xxxx Xxxxxxxxx | |
| /s/ Xxxxx Xxx | ||
| Xxxxx Xxx | ||
