James Miscioscia: Promissory Note - $390,000.00 - November 20, 2006
OCR transcript of text - Plasticon Letterhead omitted
MOST RECENT AGREEMENT
Promissory Note
$390,000.00
November 20, 2006
This is an agreement between James Miscioscia residing at 89 Crest Road, Lynnfield, Massachusetts and James N. Turek representing Plasticon international Inc., 3288 Eagle View Lane, Lexington, Kentucky. The following is a mutually agreed payment plan concerning the listed notes below:
Promissory Note dated March 31, 2005 - $150,000.00
Promissory Note dated May 11, 2005 - $100,000.00
Promissory Note dated June 7, 2005 - $90.000.00
Repayment of the above listed three (3) Promissory Notes made to Plasticon International Inc. by James Miscioscia (via Bill Howe) to Plasticon International agrees to repay James Miscioscia $340,000.00 in Principal and $50,000.00 in bonus compensation according to the following terms listed below:
1. 125,026,888 of restricted Plasticon stock convertible to free trading shares of Plasticon International Inc. in accordance with SEC law have been delivered to James Miscioscia prior to the signing of this new Promissory Note and liquidated at his discretion over a period of 12 months. Proceeds from these shares will be used as partial payment of this note.
2. Monthly cash minimum payments of $1,000.00 starting January 16, 2007 and continuing for twelve (12) consecutive months and to be used as partial payment of this note. From loan proceeds received by Plasticon.
3. Balance of this note will be reviewed quarterly by both parties. A final payment in additional shares or cash if shares are not available to be paid at the end of one (/) year from the date of this Promissory Note to satisfy balance.
4. If all terms of this agreement are not met and the note goes into default, or is not renegotiated to extend the payment of the note Plasticon and James Miscioscia are each responsible for their own legal expenses.
Signature of James N. Turek
Signature of James Miscioscia |
