Loan Agreement - Arabian Shield Development Co. and Ibrahim Khalidi
ARABIAN SHIELD DEVELOPMENT COMPANY
10830 NORTH CENTRAL EXPRESSWAY, SUITE 175
DALLAS, TEXAS 75231
(214) 692-7872
6 December, 1995
Dr. Ibrahim Khalidi
P.O. Box 5255
Amman 11183
Kingdom of Jordan
Dear Dr. Khalidi:
This letter serves as the agreement for you to loan Arabian Shield
Development Company U.S. $300,000 (three hundred thousand). This loan will
carry a libor + 2% interest. The period of the loan is for two years from the
date of its payment to the Company, and will be repaid to you on demand, with
all accumulated interest after that period.
For the above consideration, you shall have the option, at any time
within five years from the date of the payment by you to the Company of the
above loan, to purchase 300,000 shares of the Company's unissued Common Stock
at the price of one U.S. dollar per share (U.S. $1.00). The shares you
purchase will be restricted shares under Rule 144K of the Rules of the
Securities and Exchange Commission (SEC) of Washington, D.C.
The Company's account number is as follows:
Arabian Shield Development Company
US dollar account no: 5401623
Saudi American Bank, Jeddah Branch
Jeddah, Saudi Arabia
Very truly yours,
Hatem El-Khalidi, President
Agreed to:
By: I. KHALIDI, M.D.
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Date: December 9, 1995
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