Exhibit 10.22
TERM SHEET
Parties to the agreement:
Borrower: Delta Mutual, Inc.
Xxxxxx: Xxxx Xxxxxx $193,740
Xxxxx Xxxxxxxxxx $129,160
Amount: $322,900
Term: 24 months
Interest: 4% annual rate
Payment terms re principal: Balloon payment at 24 months, with
prepayment permitted without penalty
Payment of interest Interest accrued quarterly, added to the
principal amount due. Periodic payments may
be made without penalty
Seniority: This debt shall be senior to all other debt
within the limits of the laws of the State
of Pennsylvania
Other terms: Full amount of principal and accrued
interest may be converted into common stock
of Delta Mutual, Inc. at the rate of $0.125
per share.
Converted stock shall be included in all
future registrations with the SEC.
This document represents the agreed to terms of a proposed Promissory Note. The
parties shall be obligated to these terms only by the definitive final document
drawn up according to these terms.
Delta Mutual, Inc. Xxxx Xxxxxx Xxxxx Xxxxxxxxxx
/s/ Xxxxx Xxxxx /s/ Xxxx Xxxxxx /s/ I. Angelastri
--------------- --------------- -----------------
by: Xxxxx X.
Xxxxx, President
Date: May 12, 2004 Date: 5/12/04 Date: 12 of May 04
