Shareholder Loan Agreement - Free Download
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Shareholder Loan Agreement
Shareholder Loan Agreement
Shareholder Loan Agreement
1.
This shareholder loan agreement (“Agreement”) documents a loan arrangement between
Kunekt Corporation (“Kunekt”) and Mark Bruk (“Bruk”), the sole shareholder of Kunekt,
effective as of November 1, 2008.
2.
Bruk agrees to loan Kunekt funds, as required, to operate Kunekt’s business.
3.
The term of the loan is indefinite, and the loan can be repaid at any time, in part or in full. It is
expected that the loan will be repaid on or prior to October 31, 2009, but this is not required.
4.
There are no interest payments during the life of the loan; the repayment amount will include
all interest that accrues while the loan is outstanding.
5.
The interest rate on this loan is 4.0%, the current prime rate, as reported by the Bank of
Canada for November 1, 2008. Interest will accrue annually.
6.
For purposes of calculating interest owing on the outstanding loan amount, the outstanding
loan amount will be recalculated at the end of each month, until the loan is fully repaid,
taking into account any (i) new funds loaned to Kunekt by Bruk, and (ii) payments to Bruk by
Kunekt, which payments will be applied on a LIFO basis.
7.
For financial accounting and tax purposes, Kunekt will recognize interest expense for this
loan each month. Since interest accrues annually, the monthly interest will be the same each
month within a given calendar year.
8.
This Agreement shall be governed by the laws of the Province of British Columbia applicable
to agreements negotiated, executed and performed wholly within British Columbia.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate
originals by their duly authorized officers or representatives.
BRUK
/s/ MARK BRUK
Signed:
Name: Mark Bruk
Date: November 1, 2008
KUNEKT
/s/ MARK BRUK
Signed:
Name: Mark Bruk
Title: President
Date: November 1, 2008
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