Attached files
file | filename |
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EX-32.2 - EXHIBIT 32.2 - MILESTONE SCIENTIFIC INC. | c14776exv32w2.htm |
EX-31.1 - EXHIBIT 31.1 - MILESTONE SCIENTIFIC INC. | c14776exv31w1.htm |
EX-31.2 - EXHIBIT 31.2 - MILESTONE SCIENTIFIC INC. | c14776exv31w2.htm |
EX-23.1 - EXHIBIT 23.1 - MILESTONE SCIENTIFIC INC. | c14776exv23w1.htm |
EX-32.1 - EXHIBIT 32.1 - MILESTONE SCIENTIFIC INC. | c14776exv32w1.htm |
EX-10.13 - EXHIBIT 10.13 - MILESTONE SCIENTIFIC INC. | c14776exv10w13.htm |
EX-10.11 - EXHIBIT 10.11 - MILESTONE SCIENTIFIC INC. | c14776exv10w11.htm |
EX-10.12 - EXHIBIT 10.12 - MILESTONE SCIENTIFIC INC. | c14776exv10w12.htm |
10-K - 10-K - MILESTONE SCIENTIFIC INC. | c14776e10vk.htm |
Exhibit 10.14
PROMISSORY NOTE
$450,000 | December 24, 2008 |
FOR VALUE RECEIVED on July 7, 2008, the undersigned, MILESTONE SCIENTIFIC INC., a Delaware
corporation (Milestone), promises to pay to the order of K. Tucker Andersen (the Holder), on
June 30, 2012 (the Maturity) or on such earlier date as Milestone may determine, without penalty,
upon reasonable notice to the Holder, the principal sum of FOUR HUNDRED FIFTY THOUSAND DOLLARS
($450,000), or, if less than such amount, the aggregate unpaid principal amount of the borrowings,
remaining under this Promissory Note (this Note). Interest on the unpaid principal amount is
payable at the Maturity. Interest shall accrue at a rate of twelve percent per annum, compounded
quarterly on the outstanding balance. Both principal and interest payable as provided in this Note
shall be made in lawful money of the United States of America at 61 Above All Road, Warren, CT
06754, or such other such place within the United States as from time to time may be designated by
the Holder of this Note.
On the date hereof, Milestone shall issue to the Holder warrants exercisable for 45,000 shares
of Milestones common stock at $[the average of the closing prices per share on each of the 20 days
prior to the signing of this Note] per share (the Warrants). The Warrants shall be exercisable
upon issuance and shall expire on the Maturity.
Should the indebtedness represented by this Note or any part thereof be collected at law or in
equity through any bankruptcy, receivership, probate or other court proceedings or if this Note is
placed in the hands of attorneys for collection after default, Milestone will pay the Holder of
this Note in addition to the principal and interest due and payable hereon all the costs and
expenses of the Holder in enforcing this Note including, without limitation, reasonable attorneys
fees and legal expenses.
This Note and the rights, duties and liabilities of the parties hereunder or arising from or
relating in any way to the indebtedness evidenced by this Note or the transaction of which such
indebtedness is part shall be governed by and in accordance with the law of the State of New Jersey
and the law of the United States applicable to transactions within such State.
No amendment to this Note shall be binding unless expressed in a writing executed by Milestone
and the Holder of this Note.
MILESTONE IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW JERSEY OR FEDERAL
COURT SITTING IN NEW JERSEY OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY
OF THE LOAN DOCUMENTS, AND MILESTONE HEREBY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF
SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN ANY NEW JERSEY OR FEDERAL COURT SITTING IN NEW JERSEY MAY BE MADE BY
CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO MILESTONE AT THE ADDRESS
INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE FIVE DAYS AFTER THE SAME SHALL HAVE BEEN SO
MAILED.
MILESTONE SCIENTIFIC INC. |
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By: | /s/Joe W. Martin | |||
Joe W. Martin, Chief Executive Officer | ||||