Promissory Note between Kenergy Scientific, Inc. and Charles M. Basner dated August 2, 2012
Kenergy Scientific, Inc. (formerly SpeechSwitch, Inc.) has borrowed $35,000 from Charles M. Basner. The company agrees to repay the full amount plus 7% annual interest by February 2, 2013. If the company fails to pay by that date, the lender can take legal action to recover the debt, and interest will continue to accrue at 7% per year, along with attorney’s fees. The agreement is signed by the company’s CEO, Kenneth Glynn.
Exhibit 10.4
PROMISSORY NOTE
August 2, 2012 $ 35,000.00
Whereas Charles M. Basner, (“Lender”), having an address of 10 Orchard Blossom Rd., Windham, NH 03087, has loaned $ 35,000.00 to Kenergy Scientific, Inc., formerly SpeechSwitch, Inc. (“Borrower”), a New Jersey corporation, having an address of 6 Minneakoning Rd., Flemington, NJ 08822 on this 2nd day of August, 2012, receipt of which is acknowledged;
Now, Therefore, the parties agree as follows:
Borrower shall pay Lender the full sum of $ 35,000.00, plus 7 % per annum interest on or before February 2, 2013. In the event that Borrower fails to make payment in full on that date, then this Note shall automatically become a default instrument and Lender may take whatever action he may elect to recover his loss, including legal action, with continuing accrual of 7 % per annum interest, and attorney’s fees.
| Date:Auguat 2, 2012 | Kenergy Scientific, Inc.(formerly SpeechSwitch, Inc.) |
| By: /s/ Kenneth Glynn | |
| Kenneth Glynn Chief Executive Officer |
