Modification Agreement #3 to Promissory Note Between Infinite Group, Inc. and Donald W. Reeve (June 30, 2022)

Summary

Infinite Group, Inc. and Donald W. Reeve have agreed to modify the terms of a $328,000 promissory note originally dated December 30, 2020. This agreement changes the due date for a $100,000 balloon payment from June 1, 2022, to September 1, 2022. All other terms of the original note remain unchanged. Both parties have signed the agreement, which is effective as of June 30, 2022.

EX-10.1 2 imci_ex101.htm MODIFICATION AGREEMENT TO PROMISSORY NOTE ORIGINALLY DATED DECEMBER 30, 2020 BETWEEN THE COMPANY AND DONALD REEVE DATED JUNE 30, 2022 imci_ex101.htm

EXHIBIT 10.1

MODIFICATION AGREEMENT #3 TO

PROMISSORY NOTE

This MODIFICATION AGREEMENT is made as of June 30, 2022 between Infinite Group, Inc., a Delaware corporation with offices at 175 Sully’s Trail Suite 202, Pittsford, NY 14534 (“Borrower”) and Donald W. Reeve, an individual residing at 7 Cross Meadow Lane, Pittsford, NY 14534 (“Lender”).

WHEREAS, the Borrower has issued to Lender a promissory note in the principal amount of $328,000 dated December 30, 2020, which note has a principal balance of $328,000.00 at June 1, 2022 (the “Reeve Note”); and

WHEREAS, the parties desire to modify the terms and conditions of the Reeve Note as follows:

NOW, THEREFORE, the parties agree as follows:

1) The Note is modified to provide that the time at which the first balloon payment of $100,000 which was due on the modified date of June 1, 2022 shall be due and payable on September 1, 2022.

2) Except as modified by this Agreement, all of the terms, covenants and conditions of the Notes shall remain the same.

In witness whereof, Borrower and Lender have executed this Agreement under the day and year first written above.

INFINITE GROUP, INC.

/s/ James A. Villa
By: James A. Villa, CEO
Date: 6/30/2022

Donald W. Reeve

/s/ Donald W. Reeve
By: Donald W. Reeve
Date: 6/30/2022