Exhibit 10.11
[Essential Innovations Technology Corp. letterhead]
April 1, 2003
Letter of Commitment
Re: Between Xx. Xxxxx Xxxxxxx and Essential Innovations Technology Corp.
Xx. Xxxxxxx and Essential Innovations Corporation have come to a mutual
agreement regarding a proposed two-party transaction. This letter will serve as
final for purposes of the agreement upon execution of this letter by both
parties.
Xx. Xxxxx Xxxxxxx agrees to loan $45,000 Cdn. Funds, to Essential Innovations
Technology Corp. on or before April 1st/2003, at an interest rate of 8%
compounded monthly for a period of 12 months, the principal balloon payment
being due at the end of the 12-month period. EI Tech understands and agrees that
interest payments are to be made monthly beginning on April 27th, 2003, and
continuing for 12 months on the 27th day of every month following the initial
interest payment unless the principal and interest due on the entire balance is
paid prior to the end of the 12 month loan period.
Xx. Xxxxx Xxxxxxx will receive the following Option Package to accompany his
loan agreement:
25,000 options @ $0.25 USD/share
25,000 options @ $0.50 USD/share (Options exercisable until 2012)
It will be the responsibility of EI Tech to make all the required monthly
interest payments on the loan in a timely manner and without delay, with EI Tech
being responsible for a balloon payment on the principal at the end of the
12-month term.
This is to be a legally binding document.
/s/ Xxxxx XxXxxxxxx /s/ Xxxxx Xxxxxxx
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Authorized Signatory Authorized Signatory
Essential Innovations Technology Corp. Xx. Xxxxx Xxxxxxx