EXHIBIT 10.20
AMENDED SINGLE INSTALLMENT NOTE
HOUSTON, TEXAS (PAYMENT OF INCOME TAXES) JULY 1,2002
This Amendment pertains to that certain Single Installment Note entered into on
or about April 20, 2001 by and between Xxxxxxxxx X. Xxxxxxx and NATCO Group Inc.
("NGI") to cover income tax liability resulting from the exercise of certain
stock options. The original note was in the principal amount of $1,176,675.00
with interest accruing at an annual rate of 7.8% with payment of the principal
balance and all accrued interest due on or before July 31, 2003.
On July 1, 2002, XXX and Xxxxxxx agreed to amend the original note and Xxxxxxx
agrees, as follows:
In consideration of value acknowledged and received, Xxxxxxx agrees to
pay NGI the principal amount of $1,286,308.87 (i.e., $1,176,675.00 in
initial principal plus $109,633.87 of accrued interest on which
interest shall accrue at an annual rate based on ninety-day LIBOR plus
300 basis points adjusted on the first day of each calendar quarter.
All payments of principal and interest on this Amended Note shall be
paid in the legal currency of the United States; and Xxxxxxx waives
presentment for payment protest, and notice of protest and nonpayment
of this Amended Note.
Payment of the principal balance and all accrued interest shall be due
July 31, 2004. However, Xxxxxxx reserves the right to repay this
Amended Note, in whole or in part, before July 31, 2004 with no
prepayment penalty.
Failure to make payment when due shall be considered default. Should
default exist for more than a grace period of sixty days, Xxxxxxx
agrees to pay NGI all reasonable costs and expenses incurred during
collection proceedings including, but not limited to, attorney's fees.
No renewal or extension of this Amended Note, delay in enforcing any
right of NGI under this Amended Note, or assignment by NGI of this
Amended Note shall affect the liability or the obligations of Xxxxxxx.
All rights of NGI under this Amended Note are cumulative and may be
exercised concurrently or consecutively at NGI's option.
If any one or more of the provisions of this Amended Note are
determined to be unenforceable, in whole or in part, for any reason,
the remaining provisions shall remain operative.
Xxxxxxx acknowledges and agrees that this Amended Note is with rights
of full recourse and that he is responsible for repayment of the
principal and all accrued interest on or before the maturity date.
THIS AMENDED NOTE SHALL BE CONSTRUED, GOVERNED, AND INTERPRETED IN
ACCORDANCE WITH THE APPLICABLE LAWS OF THE STATE OF TEXAS.
/s/ XXXXXXXXX X. XXXXXXX
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Xxxxxxxxx X. Xxxxxxx
State of Texas Section
County of Xxxxxx Section
SWORN TO AND SUBSCRIBED TO before me on this 30th day of July 2002, by
Xxxxxxxxx X. Xxxxxxx, a person known to me.
/s/ XXXXXXXX X. XXXXX
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Notary Public for the State of Texas
(S E A L)
XXXXXXXX X. XXXXX
[SEAL] MY COMMISSION EXPIRES
AUGUST 14, 2002
