Exhibit 10.3
LOAN AGREEMENT
Between the following companies
Xxxxxx Xxxxx 10Charge Kft, Hungary, Business address:
2080 Pilisjaszfalu, Erdoalja u 12 1121 Budapest, Xxxxxxx Xxxxx M. U.
further referred as Loaner 29-33 further referred as KFT
Together as Parties
I. Preamble
KFT is an established Hungarian venture developing ultra fast battery charging
technologies. To maintain its operations at a limited level and extend
partnerships and pursue capital raising opportuntities Parties agree that Loaner
loans monies to KFT. These loans are from the private accounts of Loaner.
II. Loan terms
1. Loaner offers an undefined amount of loan to KFT in the form of
covering its expenses for an undefined period paid from time to
time.
2. Amounts of loans are discussed orally between the Parties from time
to time as monies may be needed.
3. Loaner may refuse further payment of loans based on its sole
discretion.
4. No interest is paid on the monies until 2 years from receipt. After
that the then actual Central Banks' (Magyar Nemzeti Bank) base rates
(jegybanki alapkamat) are applied.
5. KFT does its best to pay back loans as soon as possible.
III. Termination of agreement The agreement is terminated when all loans and
interests are paid back to Loaner.
The Parties have hereby agreed to sign this agreement and are satisfied that
this agreement fully complies with their intentions.
Xxxxxxxx 0000 August 1st.
Jozsef Marinka-Xxxx Xxxxxx Xxxxx
10Charge Kft
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