First Amendment to Secured Promissory Notes between Interlink Electronics, Inc. and Individual Borrowers (June 11, 2002)
This amendment is an agreement between Interlink Electronics, Inc. and five individual borrowers—George Gu, Merritt M. Lutz, Michael Thoben, Paul D. Meyer, and Michael W. Ambrose. It extends the due date for repayment of certain secured promissory notes from the original date to November 1, 2006. All other terms of the original notes remain unchanged. The amendment is effective as of June 11, 2002.
Exhibit 10.23
FIRST AMENDMENT TO
SECURED PROMISSORY NOTES
This First Amendment to Secured Promissory Notes (this Amendment) is made and entered into as of June 11, 2002 by and between Interlink Electronics, Inc. (the Company) and George Gu, Merritt M. Lutz, Michael Thoben, Paul D. Meyer and Michael W. Ambrose (the Borrowers).
Recitals
A. Messrs. Gu, Lutz, Meyer and Ambrose each executed and delivered to the Company a Secured Promissory Note dated as of May 1, 2001 in principal amount equal to $42,892 and Mr. Thoben executed and delivered to the Company a Secured Promissory Note dated as of May 1, 2001 in the principal amount equal to $42,936 (each, a Note, and collectively, the Notes).
B. The Borrowers have requested, and the Company has agreed, to extend the payment dates under the Notes until November 1, 2006.
Amendment
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Borrowers agree to amend the Notes as follows:
1. Amendment of Note. The second sentence of Section 2 of each Note is amended to read in its entirety as follows:
If not sooner paid, the unpaid principal balance and all accrued interest shall be due and payable at or before the close of business, Pacific time, on November 1, 2006.
2. No Other Effect. Except as expressly provided in this Amendment, the Notes are not otherwise modified and remains in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this First Amendment to Secured Promissory Notes as of the date first written above.
COMPANY: | INTERLINK ELECTRONICS, INC. | |||||||
By: | /s/ PAUL D. MEYER | |||||||
Name: | Paul D. Meyer | |||||||
Title: | CFO & Secretary | |||||||
BORROWERS: | ||||||||
By: | /s/ GEORGE GU | |||||||
George Gu | ||||||||
By: | /s/ MERRITT M. LUTZ | |||||||
Merritt M. Lutz | ||||||||
By: | /s/ MICHAEL THOBEN | |||||||
Michael Thoben | ||||||||
By: | /s/ PAUL D. MEYER | |||||||
Paul D. Meyer | ||||||||
By: | /s/ MICHAEL W. AMBROSE | |||||||
Michael W. Ambrose |