Promissory Note between Margo Caribe, Inc. and Michael J. Spector & Margaret D. Spector dated September 30, 2004

Summary

Margo Caribe, Inc. has agreed to repay Michael J. Spector and Margaret D. Spector a loan of $375,000 by February 1, 2005. The loan accrues interest at the prevailing Citibank N.Y. prime rate, with interest payments due monthly. The company may repay the loan in full or in part at any time without penalty. The agreement is governed by the laws of Puerto Rico.

EX-10.C 4 margocaribe10q093004ex10c.txt EXHIBIT 10(C) PROMISORY NOTE -------------- Principal: $375,000.00 Date: September 30, 2004 ---------- ----- Interest: Prevailing Prime Rate Place: Vega Alta, Puerto Rico --------- ------ FOR VALUE RECEIVED, the undersigned, Margo Caribe, Inc., (the "maker") a Puerto Rico Corporation, at Road 690, KM 5.8, Vega Alta, Puerto Rico 00692, acting and represented by its Senior Vice President and Cheif Financial Officer, Juan B. Medina, married and resident of Bayamon, Puerto Rico, who has been duly authorized to appear herein by Resolution of the Board of Directors, hereby promises to pay to Michael J. Spector and Margaret D. Spector, (the "holders"), both of legal age, married to each other and resident of Dorado, Puerto Rico, the exact principal sum of Three Hundreds Seventy-Five Thousand Dollars ($375,00.00) lawful money of the United States of America. The Note shall be payable not later than February 1, 2005. Interest shall be based on the prevailing prime rate (Citibank N.Y. Prime Rate). Interest shall be paid monthly. This Note may be repaid in whole or in part at any time without premium or penalty. This note shall be governed by, and construed in accordance with the laws of the Commonwealth of Puerto Rico without regard to principles of conflict of laws. MAKER: MARGO CARIBE, INC. By: /s/ Juan B. Medina -------------------- Juan B. Medina