Equity Investment Commitment between Rex Carr and International Fuel Technology, Inc.
EXHIBIT
10.12
Equity
Investment Commitment between Xxx Xxxx and International Fuel Technology,
Inc.
Effective
December 11, 2007, I, Xxx Xxxx, a director of International Fuel Technology,
Inc. (the “Company”) and a holder of over five (5%) of the Company’s common
stock agree to invest up to an aggregate of $1,000,000 in the Company (the
“Commitment”), at such time or times as the Company may request, in the form of
a purchase or purchases of restricted common stock of the
Company. The Company may elect to draw from the Commitment at one
time or from time to time, subsequent to March 1, 2008; provided, however, that
the aggregate of such draws may not exceed $1,000,000. If and when
the Company elects to utilize available Commitment funds, the Company shall
issue to me that number of shares of restricted common stock of the Company
equal to the value of the investment then provided to the
Company. The number of shares to be issued will be calculated based
on the closing price of the Company’s common stock as quoted on The OTC Bulletin
Board on the date of the sale.
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By:
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/s/ Xxx
Xxxx
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Date
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December 11, 2007
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Xxx
Xxxx
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Director
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By:
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/s/ Xxxxxxxx X.
Xxxxx
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Date
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December 11, 2007
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Xxxxxxxx
X. Xxxxx
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Chief
Executive Officer
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