SECOND AMENDMENT TO PROMISSORY NOTE

Contract Categories: Business Finance - Note Agreements
EX-10.17 5 v306924_ex10-17.htm EXHIBIT 10.17

 

SECOND AMENDMENT TO PROMISSORY NOTE

 

This Second Amendment to Promissory Note dated and made effective as of March 26, 2012 (the “Amendment”) amends that certain Promissory Note dated February 23, 2010 in the original principal amount of $1,000,000.00 as amended on February 22, 2011 (the “Promissory Note”), pursuant to which the Borrower is MathStar, Inc. (n/k/a Sajan, Inc.), a Delaware corporation, and the Lenders are Shannon Zimmerman and Angel Zimmerman.

 

Paragraph 1 of said Promissory Note currently reads as follows:

 

1. Principal and accrued interest on this Note from and after February 23, 2011 shall be due and payable on August 23, 2012. Interest hereunder shall be computed on the basis of a year of three hundred sixty-five (365) days but charged for actual days principal is unpaid.

 

This Second Amendment modifies and restates paragraph 1 of said Promissory Note in its entirety to read as follows:

 

1. Principal and accrued interest on this Note from and after February 23, 2011 shall be due and payable on August 23, 2013. Interest hereunder shall be computed on the basis of a year of three hundred sixty-five (365) days but charged for actual days principal is unpaid.

 

Effective as of the date set forth above.

 

BORROWER:   LENDERS:
       
Sajan, Inc. (f/k/a Mathstar, Inc.)   Shannon Zimmerman
       
       
By /s Timothy Clayton   /s/ Shannon Zimmerman
  Timothy Clayton    
  Its Chief Financial Officer    
      Angel Zimmerman
       
       
      /s/ Angel Zimmerman