Exhibit 10.10
PROMISSORY NOTE
This Promissory Note is made this 27th day of July, 2001 between Peregrine
Control Technologies, Inc., (the Company) and Xxxxx Xxxxxx it's Executive Vice
President. Whereas Xx. Xxxxxx has incurred direct personal costs to the benefit
of the Company and the Company has not been in a financial position to repay
these costs in a timely manner, both parties agree to the following:
1. The Company will pay back Xx. Xxxxxx the sum of $25,000 as soon as the
Company is financially able to do so but in no case shall it be later than 1
week from the receipt of major financing totaling $300,000 or greater, or shall
payment be later than December 1, 2001.
2. The Company is allowed to make partial payments.
3. This note shall bear an annual interest rate of 17% simple interest
compounded monthly on the balance owed.
4. This Promissory Note is exclusive of any other debt owed to Xx. Xxxxxx by
the Company. Other debt owed by the Company to Xx. Xxxxxx outside of this Note
is recognized to be a Business Line of Credit with Keybank account xxxx, a
Master Card Account number xxxx, and any other legitimate business expenses
incurred by Xx. Xxxxxx after the date of this note.
Agreed to the 27th day of July, 2001 by
/s/ Xxxxxx Xxxxxxxx /s/ Xxxxx Xxxxxx
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Xxxxxx Xxxxxxxx Xxxxx Xxxxxx
President and CEO
Peregrine Control Technologies, Inc.
