EX-10
from 10-Q
3 pages
A. Purchaser Will Secure a 1.6 Million U.S. Dollars (US$1,600,000.00) Purchase Orders for Year 2022 (The “Order(s)”) by December 31st,2021, on Current Company’s Volume-Based Price List. Subject to Consummation of the Closing on March 15th, 2022, EZRaider Co. May Change or Cancel This Commitment. Otherwise, the Commitment to the Orders Shall Remain Firm and Binding. Unless Otherwise Agreed to in Writing by the Company, Placement of Orders Will Be Distributed Equally on 12 (Twelve) Basis to Allow Company Plan and Meet Production Forecast. to the Extent Company’s Production Capacity Allows Purchaser May Increase the Scope of the Orders. B. as a Condition to This Extension Memo, Purchaser Is to Pay the Company a Down Payment Amount of Eight Hundred Thousand Dollars (US$800,000.00), Representing 50% of the Orders, No Later Than January 17th (Monday), 2022 (The “Down Payment”). C. the Down Payment Will Apply Pro-Rata to Any Portion of the Order Made (For Example: If a Certain Order Is for $200,000 Worth of Product, 1/8 of the Down Payment - $100,000 - Will Be Applied to That Order). the Balance of a Respective Order - 50% - Will Be Paid Not Later Than 7 Days From Receipt of Notice of Readiness for Shipping of Such Order, by Company, to Purchaser. Following Receipt Payment of the Balance in Full Company Will Deliver the Respective Order. D. Both Purchaser and Company Hereby Agree That Purchaser Shall Be the US Exclusive Distributer Through January 31st, 2023. This Appointment Is Conditioned Upon Payment of the Down Payment Per the Terms of Section B Above and Placement of Orders Per Section C Above. to the Extent Purchaser Fails to Place the Orders, Pay or Consummate an Already Placed Order as Per Section C Above, Company May at Its Sole Discretion Terminate the Distribution Agreement Forthwith and Keep the Balance of the Down Payment as an Agreed Upon Damages
12/34/56
