Exhibit 4(o)
Xxxxxxx Venture Corporation December 22, 2000
Sono-Tek Corporation
0000 Xxxxx 0X, Xxxxxxxx 0
Xxxxxx, XX 00000
Attention: Xx. Xxxxx X. Xxxxx, Chairman and Chief Executive Officer
Subject: Note and Warrant Purchase Agreement dated September 29, 1999 (the
"Agreement") the 12% Note dated September 30, 1999 (the "Note").
Gentlemen:
In response to your request, Xxxxxxx is lending, on the date hereof,
an additional $100,000 to Sono-Tek. As such, the Agreement and the Note are
hereby amended (the "First Amendment"), as follows (capitalized terms having
the same meaning as in the Agreement).
a. The Note is increased to $550,000, from $450,000.
b. Section 1.1 of the Agreement is modified such that the Note is $550,000,
and the prepayment amounts are increased to $15,278 from $12,500.
c. Section 1.1 is amended further such that the Warrant Shares are increased
to 1,344,444 from 1,100,000. The Company will issue a replacement Warrant
on or prior to March 31, 2001.
d. Section 1.3 of the agreement continues in effect, and the Security
Agreement secures all of the Company's obligations under the Agreement and
the Note, as amended.
e. The funds advanced pursuant to this letter will be used for working
capital and to reduce accounts payable.
f. If within 90 days of the date hereof, the $100,000 being advanced today
is prepaid in full, together with interest accrued thereon, and the Company
is otherwise in compliance with all terms and conditions of the Agreement
and the Note, then: a) the Note shall revert to $450,000, b) the scheduled
prepayment amounts shall revert to $12,500, and c) the Warrant Shares shall
revert to 1,100,000.
g. All other terms and conditions of the Agreement, Note, and other Closing
Documents remain in full force and effect.
If this letter correctly states our agreement in all respects, please sign
below, fax back a copy, and return one original.
Very truly yours,
/s/ Xxxx X. Xxxxxxx
MRL.hmf
Agreed:
Sono-Tek Corporation
By: /s/ Xxxxx X. Xxxxx
Title: Chairman and CEO
Date: December 22, 2000
Xxxxxxx Venture Corporation April 30, 2001
Sono-Tek Corporation
0000 Xxxxx 0X, Xxxxxxxx 0
Xxxxxx, XX 00000
Attention: Xx. Xxxxxxxxxxx X. Xxxxxx, President and Chief Executive Officer
Subject: Note and Warrant Purchase Agreement dated September 29, 1999(the
"Agreement") the 12% Note dated September 30, 1999 (the "Note"), and the
First
Amendment dated December 22, 2000.
Gentlemen:
In response to your request, Xxxxxxx is lending, on the date hereof,
an additional $300,000 to Sono-Tek, of which $216,667 will be funded through
participations in Xxxxxxx'x loan by certain other lenders. Of such
$216,667, $50,000 shall be credited through the cancellation of obligations
due from the Company to certain of these lenders. As such, the Agreement
and the Note are hereby amended (the "Second Amendment"), as follows
(capitalized terms having the same meaning as in the Agreement).
a. The Note is increased to $850,000, from $550,000.
b. Section 1.1 of the Agreement is modified such that the Note is $850,000,
and the prepayment amounts are increased to $23,612 from $15,278.
c. Section 1.1 is amended further such that the Warrant Shares are increased
to 2,077,777 from 1,344,444, and the exercise price of the incremental
733,333 Warrant Shares is $.10 per share, The Company will issue a
replacement Warrant on or prior to May 31, 2001.
d. Section 1.3 of the agreement continues in effect, and the Security
Agreement secures all of the Company's obligations under the Agreement and
the Note, as amended.
e. The funds advanced pursuant to this letter will be used for working
capital and to reduce accounts payable.
f. If within 90 days of the date hereof, the $300,000 discussed herein is
prepaid in full, together with interest accrued thereon, and the Company is
otherwise in compliance with all terms and conditions of the Agreement and
the Note, then: a) the Note shall revert to $550,000, b) the scheduled
prepayment amounts shall revert to $15,278, and c) the incremental $.10
Warrant Shares shall be reduced to 366,667 (total Warrant Shares then being
1,711,111).
g. If the $300,000 discussed herein is not prepaid in full, together with
interest accrued thereon, within 90 days of the date hereof, then the
exercise price of the incremental 733,333 Warrant Shares discussed herein
shall be the lesser of: a) $.10 per share, or b) the average daily closing
price for the Company's Common Stock during the six month period from July
1, 2001 through December 31, 2001.
h. All other terms and conditions of the Agreement, Note, and other Closing
Documents remain in full force and effect.
If this letter correctly states our agreement in all respects, please sign
below, fax back a copy, and return one original.
Very truly yours,
/s/ Xxxx X. Xxxxxxx
MRL.hmf
Agreed:
Sono-Tek Corporation
By: /s/Xxxxxxxxxxx X. Xxxxxx
Title: CEO and President
Date: April 30, 2001
