AGREEMENT
Exhibit 10.1
AGREEMENT dated this 2 day of January 2009, by and between DISCOUNT DENTAL MATERIALS, INC. (hereinafter “DDM”), a Nevada Corporation, with offices located at 0000 x. Xxxxxxxx Xxxx. Xxxxxxx, Xxxxxxxxxx 00000, R. Xxxxxxx Xxxxxx, President of DDM and Xxxx X. Xxxxx, P.C., counsel to DDM, with offices located at 000 Xxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxx, Xxx Xxxx 00000.
WHEREAS, DDM is preparing to file a Registration Statement with the United States Securities and Exchange Commission (hereinafter the “SEC”) on Form S-1 which Registration Statement indicates in Part II, Item 13, offering expenses approximating sixty five thousand ($65,000) dollars of which fifty thousand ($50,000) dollars are indicated as legal fees and expenses; and
WHEREAS, DDM has agreed to pay all such costs as and when necessary and required, or to otherwise accrue such costs on its books and records until it is able to pay the full amount due, either from revenues or loans from its President.
NOW, THEREFORE, it is herewith agreed as follows: Absent sufficient revenues to pay these amounts within six (6) months of the date of the DDM prospectus, DDM’s President agrees to loan DDM the funds to cover the balance of outstanding professional and related fees relating to DDM’s prospectus if the professionals involved insist on cash payments. If and when loaned, the loan will be evidenced by a non-interest bearing unsecured corporate note to be treated as a loan until repaid, if and when DDM has the financial resources to do so. Xxxx X. Xxxxx, P.C., DDM’s counsel, by signing this Agreement agrees in full to defer his legal fees in the manner set forth in this Agreement.
The parties hereto understand that the above constitutes a binding Agreement and that the contents thereof are referred to in the aforesaid Registration Statement, in the subheading entitled “Liquidity” as found in the Management’s Discussion and Analysis or Plan of Operation section.
The above constitutes the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the 2 day of January 2009.
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By: | /s/ R. Xxxxxxx Xxxxxx |
| R. Xxxxxxx Xxxxxx DDM, President |
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By: | /s/ R. Xxxxxxx Xxxxxx |
| R. Xxxxxxx Xxxxxx DDM, Individually |
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XXXX X. XXXXX, P.C. | |
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By: | /s/ Xxxx X. Xxxxx |
| Xxxx X. Xxxxx, President |
