Attached files
| file | filename |
|---|---|
| EX-10 - MATERIAL CONTRACTS - INFINITE GROUP INC | exhibit102.htm |
| 8-K - PRIMARY DOCUMENT - INFINITE GROUP INC | imci8k.htm |
MODIFICATION AGREEMENT No. 6 TO
PROMISSORY
NOTES
This
MODIFICATION AGREEMENT is made as of November 17, 2020 between
Infinite Group, Inc., a Delaware corporation with offices at 175
Sully’s Trail Suite 202, Pittsford, NY 14534
(“Borrower”) and Northwest Hampton Holdings, LLC, a
New York limited liability company with an address at 308 Rock
Beach Road, Rochester, NY 14617
(“Lender”).
WHEREAS,
the Borrower has issued to Lender a note in the principal amount of
$203,323.70 dated December 31, 2003, which note has a principal
balance of $146,300.00 and an interest balance of $94,965.95 at
11/17/2020 (the “NWHH Note”); and
WHEREAS,
the parties desire to modify the terms and conditions of the NWHH
Note as follows:
NOW,
THEREFORE, the parties agree as follows:
1)
The Note is
modified to provide that the time at which the entire principal
balance and accrued and unpaid interest shall be due and payable is
January 1, 2022.
2)
Except as modified
by this Agreement, all of the terms, covenants and conditions of
the Notes shall remain the same.
3)
In consideration
for this extension the lender has agreed to issue the borrower
250,000 options with a 5-year term to purchase common stock of
Infinite Group Inc. exercisable at $0.12 (twelve cents) per
share.
In
witness whereof, Borrower and Lender have executed this Agreement
under the day and year first written above.
INFINITE
GROUP, INC.
__/s/ Andrew Hoyen___________________
By:
Andrew Hoyen, President
NORTHWEST
HAMPTON HOLDINGS, LLC
___/s/ James A. Villa________________________________
By:
James A. Villa, Sole Member