Exhibit 10.18
AGREEMENT
This AGREEMENT made and entered into this 3rd day of December, 1997 by
Kaire International, Inc., a Delaware Corporation, party of the first part
and hereinafter "Kaire", and Xxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxxxx, X.X.
Xxxxxxxxx, Xxxx X. Xxxxxxxx, and Xxxxxx X. Xxxxxxxx, parties of the second
part.
RECITALS
WHEREAS, Xxxxx X. Xxxxxx has loaned the sum of $120,411.85 to Kaire
evidenced by that certain note attached hereto and incorporated herein;
WHEREAS, Xxxxxxx X. Xxxxxxxx has loaned the sum of $120,411.85 to Kaire
evidenced by that certain note attached hereto and incorporated herein;
WHEREAS, X.X. Xxxxxxxxx has loaned the sum of $140,070.72 to Kaire
evidenced by that certain note attached hereto and incorporated herein;
WHEREAS, Xxxx X. Xxxxxxxx has loaned the sum of $3,700.26 to Kaire
evidenced by that certain note attached hereto and incorporated herein;
WHEREAS, Xxxxxx X. Xxxxxxxx has loaned the sum of $118,265.84 to Kaire
evidenced by that certain note attached hereto and incorporated herein;
NOW, THEREFORE, for and in consideration of the sum of $10.00, cash in
hand paid, the receipt and sufficiency of which is hereby acknowledged by the
parties hereto, the parties of the second part agree to the following
repayment terms:
Kaire shall not be obligated to make any payment on the cumulative
indebtedness of the parties of the second part until after the end of the
first calendar quarter in which Kaire has achieved positive net cash flow
(the "Initial Payment Quarter"), and that within 30 days after the end of the
Initial Payment Quarter and each succeeding calendar quarter in which Kaire
has achieved positive net cash flow, Kaire shall only be obligated to make a
payment to the parties of the second part, on a prorata basis, on such
indebtedness in an aggregate amount equal to 50% of the positive net cash
flow for each such calendar quarter.
/s/ Xxxxxx X. Xxxxxxxx /s/ X.X. Xxxxxxxxx
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Kaire International, Inc. X.X. Xxxxxxxxx
By its Chief Executive Officer
/s/ Xxxxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxx Xxxxxx X. Xxxxxxxx
/s/ X. X. Xxxxxxxx /s/ Xxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx Xxxx X. Xxxxxxxx