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EXHIBIT 10(L)
ARABIAN SHIELD DEVELOPMENT COMPANY
00000 XXXXX XXXXXXX XXXXXXXXXX, XXXXX 000
XXXXXX, XXXXX 00000
(000) 000-0000
15 August, 1995
Xx. Xxxxx El-Khalidi
P. O. Box 1516
Xxxxxx 00000
Xxxxx Xxxxxx
Dear Mr. El-Khalidi:
This letter serves as the agreement for you to loan Arabian Shield
Development Company, US $53,000 (fifty three thousand). This loan will carry a
libor + 2% interest. In addition, you have the option to transform this loan,
plus all accumulated interest, at any time, within five years from the date of
payment of the above sum to the Company, to shares of this Company's unissued
common stock at the price of one US dollar (US $1.00) per share, that is a
total of 53,000 shares.
The period of the loan, otherwise, is for two years from the date of
its payment to the Company, and will be repaid to you on demand, with all
accumulated interest after that period.
The Company's account number is as follows:
Arabian Shield Development Company
US dollar account no: 0000000
Saudi American Bank, Jeddah Branch
Jeddah, Saudi Arabia
Very truly yours,
Hatem El-Khalidi, President
Agreed to:
By: /s/ HATEM EL-KHALIDI
_______________________________
Date: August 15, 1995
_____________________________
