Contract
Exhibit 10.19
This letter Agreement is dated as of May 10, 2012 and is entered into between Enterologics, Inc., a Nevada corporation with an address at 0000 Xxxxxxxxxx Xxxxxx Xxxx, Xxxxx 000 - Xx. Xxxx XX 00000 with an additional address at 00 Xxxx Xxxxxxx Xxx, Xxxxxx Xxxxxx, XX 00000 AND The 1999 Family Trust with an address of 00 Xxxxxxxx Xxxxx Xxxxxx Xxxxx, XX 00000.
WHEREAS
Enterologics, Inc seeks to borrow certain funds for its operational needs and;
WHEREAS
The 1999 Family Trust is willing to provide a bridge loan, the total not to exceed Fifty Thousand Dollars ($50,000) and;
WHEREAS
The parties have agreed to certain terms of the loan(s) as more fully described in the Promissory Loan Agreement and Corporate Resolution of even date;
THEREFORE
For good and valuable consideration, the parties hereby agree as follows:
1.
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The 1999 Family Trust will loan Enterologics, Inc., a total of $50,000;
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2.
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Interest and other terms are outlined in the Promissory Note (Exhibit A);
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3.
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In consideration of this loan, the Company will issue 250,000 shares of the Company’s common stock to the Trust;
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4.
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It is understood that the total loan, is backed by the Promissory Note only and is otherwise an unsecured loan;
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Agreed:
/s/ Xxxxxx Xxxxx | /s/ Xxxxxx Xxxxx | |
Xxxxxx Xxxxx, CEO | Xxxxxx Xxxxx, Trustee |