Exhibit 10.4
January 21st, 2021
To: | Eco Wave Power Ltd. |
Derech Menachem Begin 52
Tel Aviv
From: | Mr. David Leb |
Director and shareholder
Subject: Outstanding loans from David Leb to Eco Wave Power Ltd.
This is to confirm that on December 31st, 2019 I had the following 2 outstanding loans to Eco Wave Power Ltd. (Hereinafter - “EWP”):
1. | $200k loan – In accordance with the loan agreement dated June 1st, 2019 the loan must be repaid through monthly instalments of $666 from January 2019. The remaining amount and accrued interest at the rate of 4%, must be repaid within 12 months. As of the date of the loan agreement and 12 months from the date of this letter, I do not intend to withdraw loan amounts. |
The loan amount as of December 31st, 2019 was $204,667 including interest.
The loan amount as of December 31st, 2020 was $212,667 including interest.
2. | $800k loan - In accordance with the loan agreement dated June 1st, 2019 the credit period is 36 months and if the loan is not repaid within the credit period, an interest rate of 4% applies. The decision whether to pay within 36 months or not lies with the company. |
The loan amount as of December 31st, 2019 was $800,000. The company accrued $18,667 interest in case it will not pay within the 36 months period.
The loan amount as of December 31st, 2020 was $800,000. The company accrued $50,667 interest in case it will not pay within the 36 months period.
Sincerely, | |
David Leb | |
Director and shareholder |