1
Exhibit 10.9
Stock Loan Agreement
For valuable consideration, the receipt of which is hereby acknowledged, Palm
Tree Promotions, Inc. ("Lender") hereby lends and remits to The Wall St. Trading
Group, 000 Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
("Borrower"), 100,000 (one hundred thousand) Shares of Revenge Marine, Inc., a
company whose shares are traded on NASDAQ/Bulletin Board (the "RMI Shares").
Borrower hereby acknowledges receipt of the RMI shares and agrees to remit to
Lender an equal number of RMI shares, or payment in case equal to their fair
market value, but no later than July 31, 1999 (the "Maturity Date").
Should borrower fail to remit the aforementioned RMI shares when due, Borrower
shall be in default. Upon any default hereunder, Borrower shall immediately
become indebted to Lender for the aforementioned RMI shares, plus interest at
the rate of 12% (twelve per cent) per annum on the Listed market value of said
securities on the date of default. Any interest due hereunder is payable in
lawful money of the United States. Borrower hereby waives presentment, demand,
notice of dishonor and protest and the right to assert any statue of limitations
in connection with remitting the RMI shares to Lender.
If any legal action becomes necessary to recover the aforementioned RMI shares
or to collect any sums due pursuant to this Agreement, the parties agree to
submit the matter to arbitration before the American Arbitration Association or
JAMS Endispute pursuant to their rules for resolving commercial disputes.
Borrower promises and agrees to pay Lender all legal fees, expenses and costs as
the arbitrator may award.
Dated February 17, 1998
Palm Tree Promotions
/s/
The Wall Street Trading Group
/s/ Xxxxx X. Xxxxxxx
