[LETTERHEAD OF MED-EMERG INC.]
April 9, 1997
Xxxxxx and Xxxxxxxx Xxxxxxxxx
0000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxx
X0X 0X0
Loan Agreement
This is to acknowledge that Med-Emerg Inc. has loaned an aggregate of $139,698
to Xx. Xxxxxxxxx, Xxxxx Xxxxxxxxx and their affiliated companies. These loans
are non-interest bearing with no specific terms of repayment. Upon completion of
the initial public offering, the Company has agreed to repurchase 37,456 common
shares at purchase price of US $ 2.75 per share. The proceeds from this
transaction will be used to repay the outstanding amounts owed by Xx. Xxxxxxxxx,
Xxxxxxxx Xxxxxxxxx and their affiliated companies.
The parties have agreed to the above arrangements.
/s/ Xxxxxx Xxxxxxxxx /s/ Xxxxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxxxx
April 9, 1997 April 9, 1997
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Date Date
