Item 1.01 Entry into a Material Definitive Agreement.
On October 26, 2022, Laredo Oil, Inc. (the "Company") borrowed $150,000.00 from
Bradley E. Sparks, the Company's Chief Financial Officer and a director of the
Company. The loan from Mr. Sparks was made pursuant to a promissory note, which
is payable upon demand and is secured by a pledge by the Company of all of its
interests in Lustre Oil Company LLC, a wholly owned subsidiary of the Company
("Lustre"). In connection with the loan from Mr. Sparks, the Company executed a
Demand Promissory Note, which is payable upon demand by Mr. Sparks (the "Note"),
and a Pledge Agreement, under which the Company pledged all of its interests in
Lustre (the "Pledge Agreement"). The Pledge Agreement provides, among other
things, for the Company to assign to Sparks all of the Company's interests in
Lustre if the Company cannot make payment on the Note after demand for payment
by Mr. Sparks. The Note and Pledge Agreement were each approved by the
uninterested members of the Company's Board of Directors. The descriptions of
the Note and the Pledge Agreement herein do not purport to be complete and are
qualified in their entirety by reference to Exhibit 10.1 and Exhibit 10.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
10.1 Demand Promissory Note dated October 26, 2022.
10.2 Membership Interest Pledge Agreement dated October 26, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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