PROMISSORY NOTES
EXHIBIT
10.40
MODIFICATION AGREEMENT No. 4 TO
PROMISSORY
NOTES
This
MODIFICATION AGREEMENT is made as of December 31, 2015 between
Infinite Group, Inc., a Delaware corporation with offices at 00
Xxxxxx Xxxx Xxx, Xxxxxxxxx, XX 00000 (“Borrower”) and
Xxxxx Xxxxxxx, an individual residing at 00 Xxxxxxxxx Xxxxx,
Xxxxxxx, XX 00000
(“Lender”).
WHEREAS,
the Lender is the holder of Convertible Promissory Notes issued by
the
Borrower
to the Lender, as described in more detail in the attached Schedule
A to Modification Agreement No. 3 to Promissory Notes and having an
aggregate principal balance of $264,000 at December 31, 2015
(collectively, the Notes); and
WHEREAS,
the parties desire to modify the terms and conditions of the Notes
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, 2017.
2)
Except as modified
by this Agreement, all of the terms, covenants and conditions of
the Notes shall remain the same.
In
witness whereof, Borrower and Lender have executed this Agreement
under the day and year first written above.
INFINITE
GROUP, INC.
__/s/
Xxxxx Villa____________________________
By:
Xxxxx Xxxxx, Chief Executive Officer and President
_/s/
Xxxxx Robbins________________________________
By:
Xxxxx Xxxxxxx
