Line of Credit Note Agreement between the Company and Donald W. Reeve dated December 1, 2014 LINE OF CREDIT NOTE AGREEMENT Dated December 1, 2014Credit Note Agreement • December 5th, 2014 • Infinite Group Inc • Services-computer programming, data processing, etc. • New York
FOR VALUE RECEIVED, Infinite Group, Inc., a Delaware corporation whose address is 80 Office Park Way, Pittsford, NY 14534, ("Borrower") promises to pay to the order of Donald W. Reeve, an individual whose address is 7 Cross Meadow Lane, Pittsford, NY 14534 ("Lender"), the principal sum of up to Four Hundred Thousand Dollars ($400,000.00), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender (“the “Note”). The Borrower and Lender hereunder create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $400,000.00 from Lender; provided, however, that Lender must approve the use of proceeds at the time of each borrowing.
Stock option agreement between the Company and Donald W. Reeve dated December 1, 2014 INFINITE GROUP, INC. Stock Option Agreement (This “Agreement”)Stock Option Agreement • December 5th, 2014 • Infinite Group Inc • Services-computer programming, data processing, etc. • New York
WHEREAS, Infinite Group, Inc., a Delaware corporation (the “Company”), hereby desires to compensate Donald W. Reeve (the “Optionee”) with an origination fee pursuant to the Company’s and the Optionee’s $400,000 line of credit note agreement which extends through December 31, 2017 (“Financing”); and
