Exhibit 10(aa)
ADDENDUM TO NOTE PAYABLE DATED 9/15/96
This agreement is hereby amended January 20, 1997. Xxxxxxx X. and Xxxx X. Xxxx
agree to extend the the due date on ELEVEN THOUSAND FiVE HUNDRED ($11,500.00)
DOLLARS of the Note Payable from Sytron, Inc. to Xxxxxxx X. and Xxxx X. Xxxx for
a period of one year with interest accruing at the rate of TWELVE (12.00%)
PERCENT per annum.
/s/ Xxxxxxx X. Xxxx /s/ Xxxx X. Xxxx
-------------------------------- -----------------------------------
Xxxxxxx X. Xxxx Xxxx X. Xxxx
Sytron, Inc.
/s/ Xxxxxx Xxxxxx
--------------------------------
Xxxxxx Xxxxxx, President
MUNDIX CONTROL SYSTEMS, INC.
000 X. Xxxxxx Xxxxxx . Xxxxxxxx, Xxxxxxxx 00000-0000 XXX
Voice: (000) 000-0000 FAX: (000)000-0000
In agreement between Xxxxxxx and Xxxx Xxxx and Mundix Control Systems, Inc., it
is understood that the amount due Mr. and Xxx. Xxxx prior to September 1, 1996
shall be paid as follows:
Notes and accounts payable owed several Mundix creditors which the Munzs
assurnea personally shall be treated as follows:
A. the accrued interest (approx. $ 8,203) to date shall be paid in full
on or about October 15th.
B. $ 11,500 cash to be paid by December 31, 1996.
C. the balance shall be converted into 2 Sytron, Inc. common stock
certificates:
9,125 shares to be included in Sytron, Inc.'s NSOP with no additonal
restrictions once the plan has been registered and the underlying
stock is freely trading.
23,639 shares which will be 144 restricted stock per the rules and
regulations governing its sale and transfer.
Agreed this day: September 15, 1996.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxx
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Xxxxxx X. Xxxxxx, President Xxxxxxx X. Xxxx
MUNDIX CONTROL SYSTEMS, INC.
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
Specialists in Industrial Control Since 1962
