Exhibit 10.2
ALLONGE
THIS ALLONGE, dated as of June 14, 2002 (the "Allonge"), by and between
STAR SCIENTIFIC, INC. (the "Company") and XXXX X. XXXXXX ("Maker"), recites and
provides as follows:
Recital
Maker is the maker of a certain promissory note, dated April 27, 1999 (the
"Note"), in the original principal amount of $2,000,000, payable to the order of
the Company. In accordance with the terms of the Amended and Restated Executive
Employment Agreement, dated as of the date hereof (the "Employment Agreement),
Maker and the Company desire to modify and amend the Note to evidence a change
in the interest rate.
Agreement
NOW, THEREFORE, in consideration of these premises and the execution and
delivery by Maker of the Employment Agreement, the Company and Maker agree as
follows:
(S)1. Recital. The recital to this Allonge is incorporated by reference.
(S)2. Modification. The Note is hereby modified by deleting the words "of
seven percent (7%) per annum" at the end of the first paragraph of the Note and
replacing such words with "equal to the minimum applicable federal rate per
annum determined under Section 1274(d) of the Internal Revenue Code of 1986, as
amended."
(S)3. Effective Date of Change. The change in the interest rate applicable
to the Note shall be effective for all purposes as of January 1, 2002.
(S)4. Confirmation of Other Terms. Except as expressly modified in this
Allonge, all other terms of the Note are hereby ratified and confirmed and
remain in full force and effect.
IN WITNESS WHEREOF, Maker and the Company have executed and delivered, or
caused to be executed and delivered by its duly authorized representative, this
Allonge as of the date and year first above written.
COMPANY:
STAR SCIENTIFIC, INC.
By:_____________________________[SEAL]
Xxxxxx X. Xxxxxxxx
Chief Executive Officer
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EXECUTIVE:
____________________________[SEAL]
Xxxx X. Xxxxxx
with a copy to:
Xxxx X. Xxxxxx, Esquire
Henry, Henry, X'Xxxxxxx & Xxxxxx, P.C.
0000 Xxxxx Xxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
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