Promissory Note between M-Tron Industries, Inc. and Yankton Area Progressive Growth, Inc. dated October 21, 2002

Summary

M-Tron Industries, Inc. agrees to pay Yankton Area Progressive Growth, Inc. $250,000, with no interest for 30 months. Payments are scheduled as $100,000 on November 1, 2003, $100,000 on November 1, 2004, and $50,000 on April 21, 2005. If any payment is missed or any agreement in the note is not met, the full amount becomes immediately due. The note also allows for payment extensions without notice and waives certain formalities. The agreement is signed by M-Tron Industries, Inc.'s President.

EX-10.(II) 4 b49004lcexv10wxiiy.txt EX-10.(II) PROMISSORY NOTE DATED 11-21-02 Exhibit 10 (ii) PROMISSORY NOTE October 21, 2002 FOR VALUE RECEIVED, the undersigned promises to pay to the order of Yankton Area Progressive Growth, Inc. of P. O. Box 588, Yankton, SD 57078, the principal sum of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), with no interest thereon for thirty (30) months with principal payments due as follows: November 1, 2003, the sum of $100,000; November 1, 2004, the sum of $100,000; and April 21, 2005, the sum of $50,000. The maker, surety, endorser and guarantor of this Note hereby waives presentment for payment, notice of nonpayment, protest, and notice of protest, and consent that time of payment may be extended without notice thereof. In the event a default should occur in the payment of any installment due under this Note, or in the performance of any other agreement in this Note, then and in any such event, this Note shall become immediately due and payable at the option of the holder hereof. M-Tron Industries, Inc. By: /s/ Robert Zylstra --------------------------- Robert Zylstra Its President