Document:

ex10_11.htm

 

FORBEARANCE AGREEMENT

 

THIS FORBEARANCE AGREEMENT (this "Agreement") is entered into as January 25, 2010, by and between NATURALSHRIMP HOLDINGS, INC., a Delaware corporation, ("Borrower") and BAPTIST COMMUNITY SERVICES, a Texas non-profit corporation ("BCS").

 

Preliminary Statement:

 

WHEREAS, Amarillo National Bank ("ANB"), Borrower, NaturalShrimp Corporation, a Delaware corporation, NaturalShrimp International, Inc., a Delaware corporation, Natural Shrimp San Antonio, L.P., a Texas limited partnership, Shirley Williams, Gerald Easterling and Mary Ann Untermeyer, and High Plains Christian Ministries Foundation, are or were parties to that certain Business Loan Agreement dated September 13, 2005, as amended and modified by the certain Consent Agreement, dated as of October 13, 2006, by and among the same parties (collectively, the "Business Loan Agreement"), pursuant to which Borrower issued to ANB a secured promissory note, dated September 13, 2005, in the original principal amount of $1,500,000, (such secured promissory note, as modified as provided below, the "Note");

 

WHEREAS, subsequent to the closing of the Business Loan Agreement, the Note was modified (i) by that certain Change In Terms Agreement dated September 16, 2006, whereby the principal amount of the Note was increased to $2,000,000 and the maturity date was extended to September 13, 2008, and (ii) on September 13, 2008 to extend the maturity date of the Note to September 15, 2009;

 

WHEREAS, Borrower's obligations under the Note are secured by: (i) security interests granted pursuant to that certain Security Agreement dated September 13, 2005; (ii) a Warrant issued to ANB to purchase shares of Borrower's Common Stock; (iii) Subordination Agreements dated September 13, 2005 entered into by the limited partners of Natural Shrimp San Antonio, L.P. for the benefit of ANB; and (iv) Pledge Agreements dated September 13, 2005 entered into by certain shareholders of Borrower for the benefit of ANB, (collectively, with the Business Loan Agreement, the "Loan Documents"):

 

WHEREAS, ANB and BCS are parties to that certain Assignment Agreement dated March 26, 2009, pursuant to which ANB assigned and transferred to BCS all of ANB's right, title and interest in and to (i) the Note, including all moneys now due or hereafter to become due to ANB under the Note; (ii) the Business Loan Agreement and (iii) the Loan Documents;

 

WHEREAS, Borrower issued to BCS a subordinated promissory note, dated December 31, 2008, in the original principal amount of $70,000 and with a maturity date of September 15, 2009 to provide working capital to Borrower for its use to pay interest due under the Note, taxes, and premiums for insurance policies covering its assets (such subordinated promissory note, as modified on April 7, 2009, collectively with the Note, the "Notes");

 

WHEREAS, as described in the letter sent by BCS's counsel to Borrower on August 12,2009, all obligations owed by Borrower under the Notes were payable and due in full on September 15, 2009, and, as described in the letter from BCS's counsel to Borrower dated January 25, 2010, Borrower did not satisfy its obligations under the Notes on or before September 15, 2009 and all of Borrower's obligations under the Notes, including, but not limited to, principal, accrued interest, fees and expenses remain past-due and payable in full (the "Existing Event of Default"); and

 

WHEREAS, Borrower has requested that BCS allow Borrower sufficient time to obtain funds necessary to pay off the Notes and, in connection therewith, Borrower has requested that BCS forbear from exercising its rights and remedies arising as a result of the Existing Event of Default for a period of twelve months, which BCS has agreed to do so subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                 Defined Terms; References. Unless otherwise stated in this Agreement, capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Business Loan Agreement and references to "Article," "Section," "Schedule" and "Exhibit" are to articles, sections, schedules and exhibits of the Business Loan Agreement. References to any Loan Document shall include every valid renewal, extension, amendment, modification, supplement, restatement, replacement or substitution of or for such Loan Document. This Agreement is a "Loan Document" referred to in the Business Loan Agreement, and the provisions relating to "Loan Documents" in the Business Loan Agreement are incorporated by reference, the same as if set forth verbatim in this Agreement.

 

2.                                 Forbearance.

 

(a)           Subject to the other terms and provisions of this Agreement, BCS agrees to forbear from exercising any remedies available to them under the Business Loan Agreement and any other Loan Document until the first to occur of the following:

 

(i) January 25, 2011; or

 

(ii) Borrower fails to promptly perform any of its covenants or obligations under this Agreement

 

(b)           This Agreement constitutes a forbearance only and does not and shall notconstitute a waiver by BCS of any default or event of default or an amendment or modification of the Business Loan Agreement, any other Loan Document, any supplement or schedule thereto, or any other document related to any of the foregoing. Except to the extent of the forbearance contained in Section 2(a) of this Agreement, BCS reserves all of its rights, remedies, powers and privileges under the Notes, the Business Loan Agreement, the other Loan Documents, the schedules thereto and otherwise with respect to any and all existing and future defaults and events of default, including, without limitation, the Existing Event of Default. Except as expressly set forth in this Agreement, no waiver, consent, agreement, amendment, renewal, extension, modification, standstill, release or understanding of any kind or nature whatsoever shall be binding on BCS unless and until one or more counterparts of a document in writing specifically affirming the same has been executed by BCS. No failure or delay by BCS with respect to exercising any right, remedy, power or privilege under the Business Loan Agreement, the other Loan Documents or otherwise shall operate as a waiver thereof or any acquiescence therein.

 

3.           Conditions Precedent. Notwithstanding any contrary provisions, the foregoing

paragraphs in this Agreement are not effective unless and until:

 

(a) Borrower's representations and warranties in this Agreement are true and correct;

 

(b) no event of default (other than the Existing Event of Default) shall have occurred and be continuing under the Notes or the Loan Documents and no event or condition shall have occurred that with the giving of notice or lapse of time or both would be an event of default thereunder;

 

(c) BCS has received counterparts of this Agreement executed by Borrower; and

 

(d) all corporate proceedings taken by Borrower in connection with the transactions contemplated by this Agreement and all documents, instruments and other legal matters incident thereto shall be reasonably satisfactory to Borrower and its legal counsel.

 

4.           Ratifications. This Agreement modifies and supersedes all inconsistent terms and provisions of the Notes, the Loan Documents and each schedule and supplement thereto and except as expressly modified and superseded by this Agreement, each such document is ratified and confirmed and continues in full force and effect. Without limiting the generality of the foregoing, Borrower hereby ratifies and confirms that all liens and security interests heretofore granted in favor of BCS were intended to, do, and continue to secure the full payment and performance of Borrowers obligations under the Notes and the Loan Documents. Borrower agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file and record such additional assignments, security agreements, modifications or amendments to any of the foregoing, and such other agreements, documents, and instruments as BCS may reasonably request in order to perfect and protect such liens and preserve and protect the rights of BCS in respect of all present and future collateral.

 

5.Representations, Warranties and Covenants.

 

(a)           Borrower hereby represents and warrants to BCS that (a) this Agreement has been duly executed and delivered by Borrower, (b) no action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the execution, delivery, and performance by Borrower of this Agreement, (c) this Agreement is valid and binding upon Borrower and is enforceable against Borrower in accordance with its terms, except as limited by any applicable debtor relief laws, (d) the execution, delivery and performance by Borrower of this Agreement do not require the consent of any other person or entity and do not and will not constitute a violation of any laws, regulations, agreements or understandings to which Borrower is a party or by which Borrower is bound, (e) the representations and warranties contained in the Business Loan Agreement and any other Loan Document are true and correct in all material respects as of the date of this Agreement, and (f) as of the date of this Agreement, no event of default (other than the Existing Event of Default) exists under the Notes or the Loan Documents.

 

(b)           Borrower hereby covenants to BCS that during the term of this Agreement, Borrower shall:

 

(i) pay all property taxes on its assets on or before the date on which such taxes are due;

 

(ii) maintain all insurance policies covering Borrower's assets in effect as of the date of this Agreement, pay all premiums with respect to such insurance policies, and prepay for an additional twelve months of coverage under such insurance policies (after the insurance financing arrangement for the current year concludes);

 

(iii) no event of default (other than the Existing Event of Default) under the Notes or the Loan Documents shall occur; and

 

(iv) not pay a bonuses to any employee or other person or entity that is performing, or performed, services for Borrower, NaturalShrimp Corporation, or either of their affiliates.

 

6.           Release of all Claims. BORROWER HEREBY UNCONDITIONALLY

RELEASES AND FOREVER DISCHARGES BCS AND ITS SUCCESSORS, ASSIGNS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, ACCOUNTANTS, CONSULTANTS, CONTRACTORS, ADVISORS AND ATTORNEYS (COLLECTIVELY, THE "BENEFITED PARTIES") FROM ALL CLAIMS (AS DEFINED BELOW) AND AGREES TO INDEMNIFY THE BENEFITED PARTIES, AND HOLD THEM HARMLESS FROM ANY AND ALL CLAIMS, LOSSES, CAUSES OF ACTION, COSTS AND EXPENSES OF EVERY KIND OR CHARACTER IN CONNECTION WITH THE CLAIMS. AS USED IN THIS AGREEMENT, THE TERM "CLAIMS" MEANS ANY AND ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART, WHICH BORROWER, OR ANY OF ITS AGENTS, EMPLOYEES OR AFFILIATES MAY NOW OR HEREAFTER HAVE OR CLAIM AGAINST ANY OF THE BENEFITED PARTIES AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR OTHERWISE IN CONNECTION WITH THE NOTES OR ANY LOAN DOCUMENT, INCLUDING ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE MAXIMUM RATE OF INTEREST CHARGEABLE UNDER APPLICABLE LAW AND ANY LOSS, COST OR DAMAGE, OF ANY KIND OR CHARACTER, ARISING OUT OF OR IN ANY WAY CONNECTED WITH OR IN ANY WAY RESULTING FROM THE ACTIONS OR OMISSIONS OF THE BENEFITED PARTIES, INCLUDING ANY BREACH OF FIDUCIARY DUTY, BREACH OF ANY DUTY OF GOOD FAITH OR FAIR DEALING, BREACH OF CONFIDENCE, UNDUE INFLUENCE, DURESS, ECONOMIC COERCION, CONFLICT OF INTEREST, NEGLIGENCE, BAD FAITH, MALPRACTICE, VIOLATIONS OF THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT, INTENTIONAL OR NEGLIGENT INFLICTION OF MENTAL DISTRESS, TORTIOUS INTERFERENCE WITH CONTRACTUAL RELATIONS, TORTIOUS INTERFERENCE WITH CORPORATE GOVERNANCE OR PROSPECTIVE BUSINESS ADVANTAGE, BREACH OF CONTRACT, DECEPTIVE TRADE PRACTICES, LIBEL, SLANDER, CONSPIRACY OR ANY CLAIM FOR WRONGFULLY ACCELERATING ANY OBLIGATIONS OR WRONGFULLY ATTEMPTING TO FORECLOSE ON OR SET OFF ANY COLLATERAL. BORROWER AGREES THAT NONE OF THE BENEFITED PARTIES HAVE FIDUCIARY OR SIMILAR OBLIGATIONS TO BORROWER OR ANY AGENTS, EMPLOYEES OR AFFILIATES OF BORROWER AND THAT THEIR RELATIONSHIPS ARE STRICTLY THAT OF CREDITOR AND DEBTOR. THIS RELEASE IS ACCEPTED BY BCS PURSUANT TO THIS AGREEMENT AND SHALL NOT BE CONSTRUED AS AN ADMISSION OF LIABILITY BY BCS OR ANY OTHER BENEFITED PARTY.

 

BORROWER ACKNOWLEDGES THAT THE FOREGOING PROVISIONS ARE INTENDED TO RELEASE BCS FROM LIABILITY AND/OR INDEMNIFY AND HOLD HARMLESS BCS FOR, AMONG OTHER THINGS, THE ORDINARY NEGLIGENCE OF SUCH PARTY. BORROWER AGREES THAT THE RELEASE AND/OR INDEMNITY PROVISIONS CONTAINED IN THIS AGREEMENT ARE CAPTIONED TO CLEARLY IDENTIFY THE RELEASE AND/OR INDEMNITY PROVISIONS AND, THEREFORE, ARE SO CONSPICUOUS THAT BORROWER HAS FAIR NOTICE OF THE EXISTENCE AND CONTENTS OF SUCH PROVISIONS.

 

7.                            Acknowledgment of Understanding. Borrower represents and states that it has carefully and completely read the terms of this Agreement, that it knows the contents hereof, that it has complete information and has had the opportunity to obtain complete information material to the contents and terms hereof, that the terms of this Agreement are fully understood, have been negotiated at arms length and are voluntarily accepted, and that Borrower has signed this Agreement each of its own free will, act and deed and upon advice of competent counsel.

 

8.                            Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the same document.

9.                            Parties Bound. This Agreement binds and inures to the benefit of Borrower, BCS and their respective successors and permitted assigns.

10.                            Entirety. THIS AGREEMENT. THE BUSINESS LOAN AGREEMENT, THE OTHER LOAN DOCUMENTS AND THE SCHEDULES AND SUPPLEMENTS THERETO REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES FOR THE TRANSACTIONS THEREIN, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

11.                            Limited Forbearance. Borrower hereby acknowledge that the forbearance set forth herein is a limited, one time agreement to forbear and nothing contained herein shall obligate BCS to grant any additional or future forbearance or forbearance extensions or to amend any provision of this Agreement, the Notes, or any other Loan Document.

 

[Remainder of page intentionally left blank Signature page follows.]

 

IN WITNESS WHEREOF, this Forbearance Agreement has been duly executed on the date first written above.

 

NATURAL SHRIMP HOLDINGS, INC.

By: /s/ Bill G. Williams

Bill G. Williams

Title: CEO

Address: 2068 N. Valley Mills Drive

                Waco, TX 76110

BAPTIST COMMUNITY SERVICES

By: /s/ Robert Byrd

Robert Byrd

Title: Chairman of the Board

Address: 701 Park Place

Amarillo, Texas 79109ex10_12.htm

 

AFFIDAVIT

LOST STOCK CERTIFICATE

 

On the date hereof, I, Randall Steele, do hereby certify to NaturalShrimp Holdings, Inc. (the "Company") as follows:

 

	
1.  

	
I am the holder of record of one hundred thousand (100,000) shares of Common Stock, par value $0.01 (the "Lost Shares"), of the Company and the Lost Shares are represented by certificate number #566 issued 01/27/2009 for a loan to the Company.

 

	
2.  

	
I have misplaced the Lost Shares and I have not sold, assigned, transferred or conveyed the Lost Shares or any interest therein, to any person or entity.

 

	
3.  

	
I hereby request that the Company cancel the Lost Shares, make an appropriate notation in the Company's stock transfer ledger to the effect that the Lost Shares have been canceled and issue a new certificate which shall represent One Hundred thousand (100,000) shares of Common Stock of the Company (the "Replacement Shares") to me.

 

	
4.  

	
I shall indemnify and hold the Company and its officers, directors, employees and agents harmless from any actions, losses, liabilities, damages, claims, settlements, costs and expenses, including attorney's fees, arising from any action brought by any third party as a result of the cancellation of the Lost Shares and the issuance of the Replacement Shares to me.

 

	
5.  

	
In the event I shall recover the Lost Shares, I shall promptly deliver them to the Company for cancellation.

 

IN WITNESS WITNESS WHEREOF, I hereby execute this affidavit this 28 day of April , 2010.

 

/s/ Randall Steele

 

 

Randall Steele (an individual)

PO Box 314

Siloam Springs, Ar 72761

 

 

RENEWAL OF LOAN AGREEMENT

 

This Note and Loan Renewal Agreement (the "Agreement) is entered into this 11th day of May, 2010 but effective as of April 20, 2010 (the "Effective Date") by and between NaturalShrimp Holdings, inc., a Delaware corporation with its principal office address at 2068 N. Valley Mills Dr., Waco, Texas 76710 (the "Company") and Randall Steele ("Lender") whose address is set forth opposite his signature, below. The parties hereto are collectively referred to as the "Parties" and singularly, a "Party."

 

Recitals

 

	
A.  

	
Pursuant to that certain Loan Agreement and Promissory Note dated January 20, 2009 (the "Loan") Lender loaned to Company the sum of fifty thousand and no/100 dollars ($50,000.00);

 

	
B.  

	
Company desires to renew and extend the Loan under the terms and conditions hereafter set forth

 

NOW THEREFORE, for and in consideration of the mutual promises and obligations set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

 

	
1.  

	
For the consideration set forth in paragraph 2, below, the Parties hereby agree to renew and extend the maturity date of the Loan for twelve (12) months from January 20, 2010 until January 2011 with interest thereon at the rate of six percent (6%) simple interest per annum. The Loan shall not be subject to any pre-payment penalty.

 

	
2.  

	
In addition, the Parties agree to convert the 2009 interest amount due of one thousand nine hundred seventeen dollars and forty-eight cents ($1,917.48) and the existing 2010 interest balance due of six hundred ninety-nine dollars and thirty-one cents ($699.31) into 13,085 shares of the company's treasury shares.

 

2.As consideration for the extension and renewal of the Loan, Company grants and agrees

to deliver to Lender 50,000 shares of the Company's common stock, fully authorized and deemed paid in full and non-assessable. In addition, the Company grants to Lender an option or warrant to acquire up to fifty thousand and no/100 dollars ($50,000.00) worth of new treasury shares of the Company at a purchase price of twenty-five cents ($0.25) per share (the "Option"). This Option may be exercisable within the first three (3) months after the Company becomes fully listed on a recognized exchange and becomes a tradable security (the "Option Period"). The Option granted in this paragraph 2 may be exercised by providing written notice of Lender's election (the "Election Notice") to the Company at the address set forth above setting forth the amount of shares desired to be purchased along with payment for same. In the event that Lender does not provide the Election Notice within the Option Period, the Option will lapse and terminate and be of no further force or effect.

 

3. The Company does not intend to file a registration statement with respect to any shares granted to Lender hereunder (either the shares delivered as consideration for the renewal of the Loan or shares acquired pursuant to the Option). Accordingly, the shares to be issued to Lender will be subject to restrictions with respect to the sale pursuant to applicable "hold periods" and other limitations imposed by state and federal securities regulations.

 

4. With respect to the shares to be delivered hereunder or pursuant to the Option, Lender

 

warrants and represents the following to Company:

	
(a)  

	
Lender is a sophisticated investor and has sufficient expertise and knowledge of the Company and its business to make an informed decision about the renewal of the Loan and the receipt of shares;

 

	
(b)  

	
Lender understands the risks associated with the Loan and has entered into this Agreement without solicitation.

 

	
(c)  

	
Lender has sufficient net worth and has the financial capability to withstand the loss of the Loan in the event of a default by Company without the loss effecting Lender's ability to pay its ordinary and customary living expenses as they become due.

 

	
(d)  

	
Lender understands and acknowledges that there is no market for the securities that will be issued and delivered hereunder and that Lender is acquiring such shares for investment purposes and not for resale.

 

8. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

9. All notices, responses and other communications required or permitted under this Agreement shall be in writing, and unless otherwise specifically provided, shall be delivered personally, or by mail, facsimile or delivery service, to the address set forth opposite the signature of the parties below, and shall be considered delivered upon the date of receipt. Each party may specify a change of address by giving notice to the other party in the manner provided in this Section.

 

10. This Agreement constitutes the entire agreement and understanding between the parties, and may not be changed or amended in any way, except with the mutual consent of both parties, expressed in a written document executed by both parties.

 

11. This Amended Agreement shall be construed under and in accordance with the laws of the State of Texas, notwithstanding its rules concerning conflicts of laws.

 

NATURALSHRIMP HOLDINGS, INC.                                                 LENDER

/s/ Bill G. Williams                                                                                     /s/ Randall Steele, an individual

By Bill G. Williams                                                                                     Randall Steele, an individual

ITS: CEO                                                                                                      Address: 18114 Old Hwy. #68

                            Siloam Springs, AR 72761-0314

 

On the date hereof, I, Randall Steele, do hereby certify to NaturalShrimp Holdings, Inc. (the "Company") as follows:

 

	
1.  

	
I am the holder of record of one hundred thousand (100,000) shares of Common Stock, par value $0.01 (the "Lost Shares"), of the Company and the Lost Shares are represented by certificate number #566 issued 01/27/2009 for a loan to the Company.

 

	
2.  

	
I have misplaced the Lost Shares and I have not sold, assigned, transferred or conveyed the Lost Shares or any interest therein, to any person or entity.

 

	
3.  

	
I hereby request that the Company cancel the Lost Shares, make an appropriate notation in the Company's stock transfer ledger to the effect that the Lost Shares have been canceled and issue a new certificate which shall represent One Hundred thousand (100,000) shares of Common Stock of the Company (the "Replacement Shares") to me.

 

	
4.  

	
I shall indemnify and hold the Company and its officers, directors, employees and agents harmless from any actions, losses, liabilities, damages, claims, settlements, costs and expenses, including attorney's fees, arising from any action brought by any third party as a result of the cancellation of the Lost Shares and the issuance of the Replacement Shares to me.

 

	
5.  

	
In the event I shall recover the Lost Shares, I shall promptly deliver them to the Company for cancellation.

 

IN WITNESS WHEREOF, I hereby execute this affidavit this 28th day of April , 2010.

 

/s/ Randall Steele

 

Randall Steele (an individual)

 

P.O. Box 314

 

Siloam Springs, Ar 72761

LOAN AGREEMENT

 

This Agreement is entered into this 20th day of January, 2009 by and between NaturalShrimp Holdings, lnc., a Delaware corporation with its principal office address at 2068 N. Valley Mills Dr., Waco, Texas 76710 (hereafter, "Company") and Randall Steele or (hereafter "Lender") with an address set out opposite such signature.

 

RECITALS

 

A. Lender has agreed to loan Fifty Thousand Dollars ($50,000) (hereafter the "Loan") to the Company;

 

B. The Company has agreed to provide additional consideration for said Loan

 

NOW THEREFORE, for and in consideration of the mutual promises and obligations contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:

 

AGREEMENTS

 

1. Company is and shall be principally liable for repayment of the Loan and will pay principal in full on or before January 20, 2010 and agrees to pay simple annual interest rate of 7.674% on said loan as required by the Lender.

 

2. As consideration for the Lender to provide the Company the Loan, the Lender shall receive 100,000 shares of common stock of the Company upon funding said Loan.

 

3. The Lender agrees to a non prepayment penalty fee should the Company repay all or a portion of the Loan on or before the due date of said Loan.

 

4. In addition, from the date of this agreement the Company will provide the Lender a six month option to purchase up to Fifty Thousand Dollars ($50,000) of new treasury shares of common stock with a new share valued based upon and after the Company's successful merger into a public trading shell company and restricted as required by the Security and Exchange Commission.

 

5. All shares of common stock delivered by Company to Investor will be authorized by appropriate action of the Board of Directors and will be deemed fully paid and non- assessable.

 

6. Lender acknowledges their sophistication and expertise and stipulates and agrees that they understand the risks associated with the Loan and has entered into this Agreement without solicitation. Investor acknowledges a sufficient net worth and represents it has the financial capability to withstand the loss of the Loan in the event of a default by Company without the loss effecting Investor's ability to pay its ordinary and customary living expenses as they become due.

 

7. The shares of common stock of the Company are not and will not, in the foreseeable future be registered on any stock exchange and are not publicly traded. Investor understands and acknowledges that there is no market for the securities that will be issued and delivered to Investor hereunder and that Investor is acquiring such shares for investment purposes and not for resale.

 

8. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

9. All notices, responses and other communications required or permitted under

 

this Agreement shall be in writing, and unless otherwise specifically provided, shall be delivered personally, or by mail, facsimile or delivery service, to the address set forth opposite the signature of the parties below, and shall be considered delivered upon the date of receipt. Each party may specify a change of address by giving notice to the other party in the manner provided in this Section.

 

10. This Agreement constitutes the entire agreement and understanding between the parties, and may not be changed or amended in any way, except with the mutual consent of both parties, expressed in a written document executed by both parties.

 

11. This Agreement shall be construed under and in accordance with the laws of the State of Texas, notwithstanding its rules concerning conflicts of laws.

 

 

Dated and effective as of the date first set forth above.

 

Natural Shrimp Holdings, Inc.

By: /s/ Gerald Easterling

Gerald Easterling

Its: President

Lender:

/s/ Randall Steele, an individual

Randall Steele, an individual

Address: 18114 Old Hwy. #68

Siloam Springs, AR 72761-0314

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]