Promissory Note Extension Agreement between Photonic Products Group, Inc. and Welland, Ltd.

Contract Categories: Business Finance Note Agreements
Summary

Photonic Products Group, Inc. (formerly INRAD, Inc.) and Welland, Ltd. have agreed to extend the maturity date of a $1,000,000 promissory note from December 31, 2008 to April 1, 2009. The noteholder, Welland, Ltd., may choose to receive repayment of the principal and accrued interest in cash, company common stock, or warrants, as specified in the original note. Interest payments can also be requested in cash or securities, provided the issuer receives 45 days' notice. The agreement is signed by the issuer's Chief Financial Officer.

EX-4.11 3 a08-2661_1ex4d11.htm EX-4.11

 

Exhibit 4.11

 

PROMISSORY NOTE EXTENSION

 

Principal Amount:

$1,000,000

 

 

Original Note dated December 31, 2002

 

 

FOR VALUE RECEIVED, PHOTONIC PRODUCTS GROUP, INC., a New Jersey corporation (formerly INRAD, INC., hereinafter called "Issuer"), hereby promises to pay to the order of WELLAND, LTD. and its successors and assigns (hereinafter called the "Holder"), at such address as the Holder may designate in writing to Issuer, the principal sum of ONE MILLION DOLLARS ($1,000,000) plus all accrued interest owing hereunder in lawful money of the United States of America on or before the Maturity Date (as defined below).  For purposes of this Note, "Maturity Date" shall be extended from December 31, 2008 to April 1, 2009.

 

At the option of Holder, WELLAND, LTD., the note and all accrued interest owing at the time of maturity may be repaid in lawful money of the United States of America and/or a combination of shares of the Common Stock of, and Warrants to purchase the Common Stock of, Photonic Products Group, Inc., as proscribed under the terms of the Note.

 

Holder shall be entitled to payment of any or all accrued interest, upon request, in cash or securities at the option of the Holder, provided notice of such request is delivered to the issuer with in 45 days prior to the request date.

 

IN WITNESS WHEREOF, Issuer has caused this Note Extension to be signed in its name by its duly authorized officer and its corporate seal to be affixed hereto.

 

 

 

PHOTONIC PRODUCTS GROUP, INC.

 

 

 

 

 

 

 

 

 

 

By:

/s/William J. Foote

 

 

 

Chief Financial Officer

 

 

 

 

 

 

Date:

February 15, 2008