# EDGAR Filing Document

**Accession Number:** 0000884650
**File Stem:** 0001654954-23-004116
**Filing Date:** 2023-3
**Character Count:** 26486
**Document Hash:** 0b8c07b4bceaa392682aff0d7e8d579b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-004116.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001654954-23-004116

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230317

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INFINITE GROUP INC
- **CENTRAL INDEX KEY:** 0000884650
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 521490422
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41542
- **FILM NUMBER:** 23788920

**BUSINESS ADDRESS:**
- **STREET 1:** 80 OFFICE PARK WAY
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534
- **BUSINESS PHONE:** 5853850610

**MAIL ADDRESS:**
- **STREET 1:** 80 OFFICE PARK WAY
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFINITE MACHINE CORP
- **DATE OF NAME CHANGE:** 19971015

?xml version="1.0" encoding="utf-8"?igi_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **March 17, 2023**

---

| |
|:---|
| **Infinite Group, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-21816** | **52-1490422** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **175 Sully's Trail, Suite 202, Pittsford, New York** | **14534** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(585) 385-0610**

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading <br>Symbol(s) | Name of each exchange on which registered |
| **N/A** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

On March 17, 2023, Infinite Group, Inc. (the "Company"), as borrower, entered into an Amended and Restated Line of Credit Note and Agreement (the "New Note") effective as of October 1, 2022, which amended and restated that certain Line of Credit Note and Agreement dated March 14, 2016 (the "Original Note") by and between the Company and James V. Leonardo (the "Holder," together with the Company the "Parties"). The New Note has a principal amount of $250,000 (the 'Principal Amount") and accrues interest on the unpaid Principal Amount at a rate of ten percent (10%) per annum. Also on March 17, 2023, James Villa, the Company's Chief Executive Officer, entered into a personal guarantee with the Holder to personally guarantee the obligations of the Company under the New Note.

Under the terms of the New Note, the Company has agreed to make a one-time payment of $16,667 for interest accrued on the Original Note for the four-month period covering June 2022 through September 2022. The Company has also agreed to make quarterly interest payments of $6,250, commencing on December 31, 2022, and continuing through and including September 30, 2023.

The Company has the right to prepay amounts due under the New Note, in whole or in part, at any time, and from time to time, without premium or penalty. If an Event of Default (as defined in the New Note) occurs, the Company shall have 30 days to cure from the date on which the Holder has provided the Company with written notice specifying the Event of Default. Should the Company fail to cure such default, the Holder may declare all or any part of the unpaid Principal Amount, unpaid interest, or any other amounts owing under the New Note to be immediately due and payable.

For consideration received by the Parties for entry into the New Note, the Parties, along with James Villa and RES Exhibit Services, LLC ("RES"), an entity owned by the Holder, entered into a Letter Agreement (the "Agreement") on March 17, 2023. Under the terms of the Agreement, all prior amounts owed to the Company by RES were set off against amounts owed by the Company to the Holder under the Original Note.

The foregoing summary of the New Note and Agreement is qualified in its entirety by reference to the New Note and Agreement, which are attached as Exhibit 10.1 and Exhibit 10.2 hereto.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-balance Sheet Arrangement of a Registrant.**

The information set forth above under Item 1.01 relating to the New Note and Agreement is incorporated by reference into this Item 2.03.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](igi_ex101.htm) | [Amended and Restated Line of Credit Note and Agreement, dated March 17, 2023, by and between Infinite Group, Inc. and James V. Leonardo](igi_ex101.htm) |
| [10.2](igi_ex102.htm) | [Letter Agreement, dated March 17, 2023, by and among Infinite Group, Inc., James Villa, James V. Leonardo and RES Exhibit Services, LLC](igi_ex102.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

2<br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Infinite Group, Inc.** | **Infinite Group, Inc.** |
| Date: March 31, 2023 | By:  | /s/ James Villa |
|  |  | James Villa |
|  |  | Chief Executive Officer |

---

3<br>

## Exhibit 10.1

**EXHIBIT 10.1**

**AMENDED AND RESTATED LINE OF CREDIT NOTE AND AGREEMENT**

---

| | |
|:---|:---|
| $250000.00 | Effective as of October 1, 2022 |

---

Pursuant to the Letter Agreement effective as of October 1, 2022 (the "**Agreement**"), the parties to that certain Line of Credit Note and Agreement dated March 14, 2016 (the "**Original Note**") seek to restate in its entirety the Original Note and reflect the set-off described in the Agreement.

**THEREFORE, FOR VALUE RECEIVED**, **INFINITE GROUP, INC.**, a Delaware corporation with an address at 80 Office Park Way, Pittsford, NY 14534 (the "**Borrower**") promises to pay to the order of **JAMES V. LEONARDO**, an individual with an address at 435 Smith Street, Rochester, NY 14608 (the "**Holder**") the principal amount of TWO HUNDRED FIFTY THOUSAND AND 00/100 Dollars ($250,000.00) (the "**Principal Amount**") in lawful money of the United States of America plus interest, subject to the terms set forth in this Amended and Restated Line of Credit Note and Agreement (this **"Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Interest Rate</u>**. Commencing per annum on the date hereof, interest shall accrue on the unpaid principal balance due under this Note at Ten Percent (10%) per annum (the "**Interest Rate**") subject to Section 2(b) below. All computations of interest and other fees, to the extent applicable, shall be based on a 365-day year and the number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Payment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Quarterly Payments</u>. Commencing on December 31, 2022 and continuing on a quarterly basis through and including September 30, 2023 (the "**Maturity Date**"), Borrower shall make equal payments of interest in the amount of six thousand two hundred fifty Dollars and zero Cents ($6,250). The entire unpaid principal sum then outstanding together with all accrued and unpaid interest and all other charges and fees due from Borrower to Holder under the Note, if any, shall be due and payable on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options to Extend Term of Payments</u>. The Borrower shall be entitled to extend the Maturity Date for up to four (4) one (1) year extensions; provided that (i) no Event of Default then exists, and (ii) the Borrower gives the Holder, at least ninety (90) days prior to the initial Maturity Date, the First Extension Maturity Date, the Second Extension Maturity Date, the Third Extension Maturity Date or the Fourth Extension Maturity Date, as the case may be, written notice of such extension. The Borrower's delivery of written notice to extend shall be irrevocable. In connection with any such extension, the parties hereto shall execute any documents reasonably requested in connection with or to evidence such extension. If the Borrower elects to exercise its options to extend the term of payments as set forth hereunder, the interest that shall accrue on the unpaid principal balance due under this Note shall be as follows, as the case may be: (i) October 1, 2023 - September 30, 2024 - Ten Percent (10%) interest rate per annum, (ii) October 1, 2024 - September 30, 2025 - Eleven Percent (11%) interest rate per annum, (iii) October 1, 2025 - September 30, 2026 - Eleven Percent (11%) interest rate per annum, and (iv) October 1, 2026 - September 30, 2027 - Twelve Percent (12%) interest rate per annum. For purposes of this Note, the term "First Extension Maturity Date" means September 30, 2024, the term "Second Extension Maturity Date" means September 30, 2025, the term "Third Extension Maturity Date" means September 30, 2026 and the term "Fourth Extension Maturity Date" means September 30, 2027. If Borrower extends the Maturity Date as set forth in this Section 2(b), the payments shall continue to be made quarterly by the Borrower and the Borrower shall execute and deliver any and all documents requested by the Holder to reflect the updated quarterly payment amounts hereunder and the interest rate accrual percentage(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making of Payments</u>. Borrower shall make payments hereunder to Holder on or before the due dates for such payments as set forth in Section 2(a) and Section 2(b), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Permissive Prepayments</u>. Borrower shall have the right to prepay amounts due hereunder, in whole or in part, at any time, and from time to time, without premium or penalty. Each such prepayment shall first be applied against Expenses (as defined below), then against accrued but unpaid interest, and finally against the outstanding principal balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Change of Control</u>. The entire unpaid principal balance of this Note, together with all accrued interest thereon, shall accelerate and become immediately due and payable to Holder in the event of a Change of Control of Borrower. For purposes of this Note, "**Change of Control**" shall mean (i) any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Borrower, (ii) any reorganization, merger or consolidation of the Borrower, other than a transaction or series of related transactions in which the holders of the voting securities of the Borrower outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, own at least a majority of the total voting power represented by the outstanding voting securities of the Borrower or such other surviving or resulting entity, or (iii) a sale or other disposition of all or substantially all of the assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Events of Default</u>**. Unless Holder shall otherwise consent in writing, any of the following events or conditions shall constitute an "**Event of Default**": (a) failure by the Borrower to pay when due (whether at the stated maturity dates, by acceleration, or otherwise) any amount due and owing under this Note; (b) Borrower defaults in the performance of any obligation, condition, covenant, or other provision of this Note; or (c) Borrower commences (or has commenced against it and not dismissed or stayed within forty-five (45) days) any proceeding or request for relief under any bankruptcy, insolvency, or similar laws now or hereafter in effect. Borrower shall have thirty (30) days from the date on which Holder has provided Borrower with written notice specifying the Event(s) of Default to cure any such Event(s) of Default (the "**Cure Period**"). If Borrower fails to cure any Event(s) of Default during the Cure Period, Holder without demand of performance or other demand, presentment, protest, advertisement, or notice of any kind (except any notice required by law) to or upon the Borrower or any other person (all and each of which demands, presentments, protests, advertisements, and notices are hereby waived), may declare all or any part of the unpaid Principal Amount, unpaid interest, or any other amounts owing under this Note to be immediately due and payable without demand or notice of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Expenses</u>**. In addition to all other amounts payable under this Note, Borrower shall on demand pay all costs and expenses of Holder (including reasonable attorneys' fees) incurred in connection with collecting any overdue amounts under this Note, or otherwise enforcing any right of Holder as a result of a breach under this Note (collectively the "**Expenses**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Governing Law; Venue</u>**. This Note shall be governed by, and construed in accordance with, the laws of the State of New York. Holder and Borrower hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the federal courts of the United States of America, in each case located in Monroe County, in respect of the interpretation and enforcement of the provisions of this Note, and each of Holder and Borrower hereby waives, and agrees not to assert, as a defense in any action, suit, or proceeding for the interpretation or enforcement hereof, that it is not subject thereto or that such action, suit, or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Note may not be enforced in or by such courts. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING (I) TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THIS NOTE OR ANY AMENDMENT, INSTRUMENT, DOCUMENT, OR AGREEMENT DELIVERED IN CONNECTION HEREWITH, OR (II) ARISING FROM ANY DISPUTE OR CONTROVERSY RELATED TO THIS NOTE, OR ANY SUCH AMENDMENT, INSTRUMENT, DOCUMENT, OR AGREEMENT, AND THE PARTIES AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No amendment, modification, or waiver of any provision of this Note, or any consent to any departure by Borrower therefrom, shall be effective unless set forth in a writing duly executed by Holder, and any such waiver or consent shall only be effective in the specific instance given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Note shall be binding upon Borrower and his successors and permitted assigns, and shall inure to the benefit of Holder and its successors and assigns, including, without limitation, subsequent holders of this Note. Notwithstanding the immediately preceding sentence, Borrower shall not assign this Note without the prior written consent of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices, requests, consents, and demands by the parties hereunder shall be delivered by hand or by recognized national overnight courier service, addressed to the party to be notified at the addresses set forth on the first page above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices shall be effective immediately upon delivery. Any party hereto may change the address specified herein by written notice to the other party hereto. A party may from time-to-time update its notice information by providing notice pursuant to this Section 6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If after receipt of any payment of all, or any part of, any amount under this Note, Holder is, for any reason, compelled to surrender such payment to any person or entity because such payment is determined to be void or voidable as a preference, an impermissible setoff, or a diversion of trust funds, or for any other reason, this Note shall continue in full force and Borrower shall be liable, and shall indemnify and hold Holder harmless for, the amount of such payment surrendered. The immediately preceding sentence shall be and remain effective notwithstanding any contrary action which may have been taken by Holder in reliance upon such payment, and any such contrary action so taken shall be without prejudice to Holder's rights under this Note and shall be deemed to have been conditioned upon such payment having become final and irrevocable. The provisions of this Section shall survive the termination of this Note.

[*Signature page follows*]

**IN WITNESS WHEREOF,** Borrower has executed this Note effective on the date first written above.

**BORROWER:**

**Infinite Group, Inc.** 

By: **<u>/s/ James A. Villa</u>**

Name: James A. Villa

Title: President

## Exhibit 10.2

**EXHIBIT 10.2**

**LETTER AGREEMENT**

Effective as of October 1, 2022

James Leonardo

435 Smith Street

Rochester, New York 14608

RES Exhibit Services, LLC

c/o James Leonardo

435 Smith Street

Rochester, New York 14608

Re: Settlement of Debts

Dear Mr. Leonardo:

This Letter Agreement (this "**Agreement**") is to evidence our collective agreement regarding the amendment and restatement of that certain Line of Credit Note and Agreement, dated March 14, 2016 (the "**Original Note**"), by and between Infinite Group, Inc. (the "**Corporation**"), James Villa ("**Mr. Villa**") and James Leonardo ("**Mr. Leonardo**").

1. On the date of execution and delivery by the Corporation of the Amended Note (as such term is hereafter defined), all amounts owed by RES Exhibit Services, LLC ()"**RES** "), an entity owned by Mr. Leonardo, to the Corporation will be, and will be deemed, set off (the "**Set Off**") against amounts owed by the Corporation to Mr. Leonardo under the Original Note.

2. The Original Note will be amended and restated in substantially the form of <u>Exhibit A</u> hereto (the "**Amended Note**") with a principal amount of $250,000, which both parties acknowledge represents the total principal amount owed by the Corporation to Mr. Leonardo under the Original Note after giving effect to the Set Off, and no other amounts of any kind are owed by RES to the Corporation or by the Corporation to Mr. Leonardo except as expressly set forth in this Agreement.

3. In addition to the amounts due and owing under the Amended Note to Mr. Leonardo, the Corporation acknowledges and agrees that it will make a one-time payment of $16,667, representing interest accrued over 4 months (i.e., June, July, August and September of 2022) at a rate of 10% per annum, that is due and owing to Mr. Leonardo pursuant to the Amended Note transaction and separate stock purchase transactions by and between the Corporation, Mr. Villa, Mr. Leonardo and Andrew Hoyen.

4. The parties hereto agree that each party shall execute a Mutual Release in substantially the form of <u>Exhibit B</u> hereto.

By signing below, you acknowledge your agreement to the above.

*[Signature page follows.]*

Please indicate your agreement with the foregoing by executing and returning a copy of this Agreement to us.

---

| | |
|:---|:---|
| INFINITE GROUP, INC. | INFINITE GROUP, INC. |
| By: | /s/ James Villa |
|  | James Villa, Chief Executive Officer |
| /s/ James A. Villa | /s/ James A. Villa |
| James A. Villa | James A. Villa |

---

**Acknowledged and Agreed:**

RES Exhibit Services, LLC

---

| | |
|:---|:---|
| By: | /s/ James Leonardo |
|  | James Leonardo, Member of RES Exhibit Services, LLC |
| /s/ James Leonardo | /s/ James Leonardo |
| James Leonardo | James Leonardo |

---

[Signature page to Letter Agreement]

<u>Exhibit A</u>

<u>Amended Note</u>

<u>Exhibit B</u>

**<u>MUTUAL RELEASE</u>**

WHEREAS, RES Exhibit Services, LLC and James V. Leonardo (collectively "Leonardo Parties"), on the one hand, and Infinite Group, Inc. and James A. Villa (collectively, the "Villa Parties"), on the other hand, have agreed to mutually release each other from any and all claims that could be asserted against the other by reason of any matter, cause, or thing whatsoever from the beginning of the world to the date this Mutual Release. Leonardo Parties and Villa Parties are collectively the "Parties"; and

NOW THEREFORE, the Parties hereby agree as follows:

Leonardo Parties ("Releasor"), for good and valuable consideration received from Villa Parties ("Releasee"), the receipt whereof is hereby acknowledged, for themselves, and their successors, heirs, assigns, executors and administrators, does hereby release and forever discharge the Releasee, and their successors, heirs, assigns, executors and administrators of and from any and all manner of action and actions, cause and causes of action, suits, crossclaims, counterclaims, debts, sums of money, accounts, bonds, bills, covenants, contracts, controversies, agreements, promises, damages, judgments, claims and demands whatsoever, in law or in equity ("Claims"), which Releasor ever had or now has against the Releasee for, upon, or by reason of any matter, cause, or thing whatsoever, known or unknown, from the beginning of the world to the date this Mutual Release is fully executed by both Parties; and

Villa Parties ("Releasor"), for good and valuable consideration received from Leonardo Parties ("Releasee"), the receipt whereof is hereby acknowledged, for themselves, and their successors, heirs, assigns, executors and administrators, does hereby release and forever discharge the Releasee, and their successors, heirs, assigns, executors and administrators of and from any and all manner of action and actions, cause and causes of action, suits, crossclaims, counterclaims, debts, sums of money, accounts, bonds, bills, covenants, contracts, controversies, agreements, promises, damages, judgments, claims and demands whatsoever, in law or in equity ("Claims"), which Releasor ever had or now has against the Releasee for, upon, or by reason of any matter, cause, or thing whatsoever, known or unknown, from the beginning of the world to the date this Mutual Release is fully executed by both Parties; and

Notwithstanding the foregoing and to clarify any possible doubt, this Mutual Release is not intended to apply to rights, if any, concerning the enforcement of the terms of the Mutual Release, any claims based on transactions, occurrences or events transpiring subsequent to the date of the Mutual Release, and shall not, remise, release, or extend to the Parties' agreements, covenants, representations, and obligations under or in the Stock Purchase Agreement, effective as of October 1, 2022 and the Amended and Restated Line of Credit Note and Agreement, effective as of October 1, 2022.

This Mutual Release may be signed in multiple originals or counterparts, each of which shall be deemed an original.

IN WITNESS WHEREOF, this Mutual Release being sworn to and effective as of the 1st day of October.

---

| | |
|:---|:---|
| **/s/ James A. Villa** | **/s/ James L. Leonardo** |
| James A. Villa | James L. Leonardo |
| **Infinite Group, Inc.**  | **RES Exhibit Services, LLC**  |
| **/s/ James A. Villa** | **/s/ James L. Leonardo** |
| James A. Villa, President of <br> Infinite Group, Inc. | James L. Leonardo, Member of<br> RES Exhibit Services, LLC  |

---