AMENDMENT NO.1 TO EXECUTIVE AGREEMENTExecutive Agreement • May 11th, 2012 • Sono Tek Corp • Miscellaneous electrical machinery, equipment & supplies
This Amendment No. 1 to Executive Agreement made as of March 8, 2012 by and between Sono-Tek Corporation, a New York corporation with its principal office at 2012 Route 9W, Building 3, Milton, NY 12547 (the “Company”), and R. Stephen Harshbarger, residing at 13 Banks Hill, Pawling NY 12564, (“Executive”), who are parties to that certain Executive Agreement dated as of March 5, 2008 (the “Agreement”).
TERM NOTETerm Note • May 11th, 2012 • Sono Tek Corp • Miscellaneous electrical machinery, equipment & supplies
For value received, the undersigned SONO-TEK CORPORATION, a New York corporation, with an address of 2012 Route 9W , Milton, New York 12547 (the "Borrower"), promises to pay to the order of Manufacturers and Traders Trust Company, a New York banking corporation with an address of One M&T Plaza (Attn: Office of General Counsel), Buffalo, New York 14203 (together with its successors and assigns, the "Bank"), the principal amount of Two Hundred Thirty-Seven Thousand Dollars and Zero Cents ($237,000.00) on or before June 17, 2015 (the "Maturity Date"), as set forth below, together with interest from the date hereof on the unpaid principal balance from time to time outstanding until paid in full. The Borrower shall pay consecutive monthly installments of principal and interest, as follows: $5,304.08 commencing on July 17, 2011, and the same amount (except the last installment which shall be the unpaid balance) on the 17 of each month thereafter. The aggregate principal balance outstanding s
