Exhibit 10.18
THIS AGREEMENT is made of the 1st day of October 2003
BETWEEN:
Xxxxx XxXxxxxxx, businessman, of 0000 XxXxxxx Xxxxx, Xxxxxx, B. C.
("XxXxxxxxx");
AND
Essential Innovations Technology Corp. a Nevada corporation with an office at
000 Xxxx Xxxxxxxx Xxxxxx, Xxxxx 000-000, Xxxxxxxxxx, XX 00000 ("EITC")
WHEREAS:
EITC is engaged in the business of developing certain proprietary geo thermal
products.
XxXxxxxxx is the President and Chief Executive Officer of EITC
NOW IT IS HEREBY AGREED as follows:
1. Interpretation
1.1 In this Agreement:
i) "Agreement" means this document and any and all
Schedules to this Agreement, as amended, modified or
supplemented from time to time in accordance with
these provisions;
2. Loan:
2.1 XxXxxxxxx agrees to lend EITC US $33,300.00 with terms and
conditions as per Schedule "A"
2.2 EITC agrees to repay the loan in full, together with interest
when demanded by XxXxxxxxx
3. Options:
3.1 In consideration of XxXxxxxxx making the loan of US
$33,300.00, EITC agrees to xxxxx XxXxxxxxx 50,000 options to
acquire common shares of EITC, exercisable until January 1,
2011
a) 25,000 exercisable at US $0.25 per share
b) 25,000 exercisable at US $0.50 per share
4. Notice
4.1 All notices required or permitted hereunder shall be in
writing and shall be transmitted by hand or by post to the
parties addressed to the addresses given at the head of this
Agreement, or such other address as the parties may designate
in writing.
-1-
5. Miscellaneous
5.1 If any provision of this Agreement shall be held to be
invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of this Agreement
shall not in any way be affected or impaired thereby.
5.2 The clause headings in this Agreement are inserted for
convenience only and should be ignored in construing this
Agreement.
5.3. No change in, or addition to, the terms of this Agreement
shall be valid unless in writing and signed by the parties
hereto.
5.4 This Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada.
The Recitals and Schedules hereto form part of this Agreement.
IN WITNESS WHEREOF the parties hereto have entered into this Agreement the day
and year first above written.
/s/ Xxxxx XxXxxxxxx
------------------------
Xxxxx XxXxxxxxx
For and on behalf of
Essential Innovations Technology Corp.
/s/ Xxxxxxx Xxxxxxx
------------------------
Xxxxxxx Xxxxxxx, CFO & Secretary
-2-
SCHEDULE A
LOAN OF US $33,300.00 from Xxxxx XxXxxxxxx
To Essential Innovations Technology Corp
Date of loan: October 1, 2003
Term: Due on Demand, demand will not be made for repayment prior to
March 31, 2004
Interest: flat interest of 12%, no regardless when the loan is repaid
Security: Unsecured
Initials: JM /s/ JM
EIC /s/ SW
EITC /s/ KT
-3-
