Modification #1 to LINE OF CREDIT NOTE AND AGREEMENT Between Infinite Group, Inc. and Harry A. Hoyen Dated December 28, 2017
EXHIBIT
10.44
Modification #1 to
LINE OF CREDIT NOTE AND AGREEMENT
Between Infinite Group, Inc. and Xxxxx X. Xxxxx
Dated December 28, 2017
This
MODIFICATION AGREEMENT is made as of December 28, 2017 between
Infinite Group, Inc., a Delaware corporation with offices at 175
Sully’s Trail, Xxxxx 000, Xxxxxxxxx, XX 00000
(“Borrower”) and Xxxxx X. Xxxxx, an individual with an
address at 00000 Xxxxx Xxxx, Xxxxxxxxx Xxxxxxx, XX
00000 (the
"Lender").
WHEREAS,
the Borrower and Lender have executed a line of credit note and
agreement in the principal amount of up to $75,000 dated September
21, 2017 (“Note”); and
WHEREAS,
the parties desire to modify the terms and conditions of the Note
as follows:
NOW,
THEREFORE, the parties agree as follows:
1)
The Note dated
September 21, 2017 is modified to delete the section FEE, with the effect that the shares
stated in this section shall never have been issued by the
Borrower;
2)
Further the section
FEE dated September 21, 2017
shall be replaced as follows.
FEE: In consideration for providing this
financing, Borrower shall grant to Lender a stock option to
purchase a total of 400,000 shares of the Company's Common Stock,
par value $.001 per share at $.04 (four cents) per share. Such
option shall become fully vested and exercisable on the grant date,
December 28, 2017. This option shall expire on January 2,
2023.
3)
This Agreement
shall be governed by, and construed in accordance with, the laws of
the State of New York without reference to conflicts of law
principles. With respect to any matters that may be heard before a
court of competent jurisdiction, the parties consent to the
jurisdiction and venue of the courts of Monroe County, New York or
of any federal court located in the Western District of New
York.
4)
Except as modified
by this Agreement, all the terms, covenants and conditions of the
Note shall remain the same.
IN WITNESS WHEREOF, Borrower and Lender have caused this
Modification #1 to the Note to be executed as of this date,
December 28, 2017, and delivered as set forth above.
Infinite
Group, Inc.
By:
__/s/ Xxxxx
Villa_______________________________
Xxxxx
Xxxxx, President
Xxxxx
X. Xxxxx
By:
__/s/ Xxxxx X.
Hoyen_______________________________
