(COMPANY LETTERHEAD)

2018 TONY ELUMELU FOUNDATION 1ST SEED CAPITAL DISBRUSEMENT

UNDERTAKING

This undertaking is given this ………………day of............................ 20…..

To the Tony Elumelu Foundation “TEF” (Which expression shall include its
successors and assigns)

BY:

……………………………………………………………………………....... with TEEP

ID Number …………………………… and

Registered Office/ Place of Business

………………………………………………………………………………………………
………………………………………………………………………………………........
……………………………………………………………………………………………...

Hereinafter called the “Undersigned” (which expression shall include

his/her heirs, successors and permitted assigns).

WHEREAS

1. The Undersigned is a beneficiary of the 2018 Tony Elumelu

Foundation Entrepreneurship Programme and has successfully
participated in the 12-week Training & Mentoring and has submitted
a business plan in a form satisfactory to TEF.

2. TEF wishes to disburse to the Undersigned the 1st tranche seed

capital of US$5,000 (Five Thousand United States Dollars) and
requires the Undersigned to furnish the below undertakings with
respect to the utilization of the seed capital.

Now therefore in consideration of TEF making available the seed capital

to the Undersigned, the Undersigned hereby undertakes and agrees: -

1. To utilize the seed capital solely for the execution of the business plan
according to the statement of utilization and for no other purpose
2. To provide evidence of equipment, and other services procured with
the seed capital in the form of invoices, letters, and other documents
showing satisfactory evidence of procurement with the seed capital.

3. To provide photographs of the equipment purchased/installed with the

seed capital.

4. To submit monthly financial and non-financial information to TEF in the

required format and as may be advised by TEF from time to time.

5. To provide quarterly reports on execution of business plan vis-à-vis the

milestones.

6. To notify TEF within 2 weeks of effecting any of the following changes:

i. change in composition of board of directors,

ii. change in registered office address,
iii. change in its Memorandum & Articles of Association,
iv. change in shareholding structure, including any transfer of
shares, increase or reduction in share capital or any other capital
reorganization
v. change that will result in a change in control of the Undersigned
or result in the Undertaking becoming a subsidiary or affiliate of
another entity,
vi. Acquisition of another entity or business,
vii. Divestment of the whole or any part of your current business

7. The Undersigned shall not engage in any unlawful act or business

including but not limited to money laundering or the financing of
terrorism and shall not utilise any portion of the seed capital for any
such activity.

The Undersigned hereby confirms that the information provided in the

application form of the Undersigned for the seed capital disbursement is
true and correct to the best of the knowledge and belief of the
Undersigned and that the above undertakings will be binding on the
successors and permitted assigns of the Undersigned.

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FOR CORPORATES (COMMON SEAL/STAMP TO BE AFFIXED):

DIRECTOR: …………………………………………………………

Signature: ………………………………………………………………

DIRECTOR/ SECRETARY: …………………………………………………………

Signature: ………………………………………………………………

FOR INDIVIDUALS/ SOLE PROPRIETORSHIP/REGISTERED BUSINESS NAMES:

NAME: …………………………………………………….

SIGNATURE: ……………………………………………….