Document:

Unassociated Document

    MODIFICATION
AGREEMENT No. 1 TO

    PROMISSORY
NOTE

    

    This
MODIFICATION AGREEMENT No. 1 is made as of December 31, 2009 between Infinite
Group, Inc., a Delaware corporation with offices at 60 Office Park Way,
Pittsford, NY 14534 (“Borrower”) and Dan Cappa, an individual residing
at 150 Dozier Lane, Rochester, NY 14622 (the “Lender”).

    

    WHEREAS,
the Lender is the holder of a Promissory Note in the principal amount of
$200,000 dated June 13, 2008 issued by the Borrower to the Lender (the “Note”);
and

    

    WHEREAS,
the parties desire to modify the terms and conditions of the Note as
follows:

    

    NOW,
THEREFORE, the parties agree as follows:

    

    
      	
              1)  

            	
              The
      Note is modified to provide that the holder shall have the right in its
      sole discretion upon written notice to the Borrower at any time after that
      date which is 60 days after the Borrower, following the approval of the
      Borrower’s shareholders, authorizes a sufficient number of shares of
      common stock to permit such conversion, to convert all or part of the
      principal amount of the Note for common stock of the Borrower at the
      conversion rate of $.25 per share, as adjusted to reflect stock splits,
      distributions, recapitalizations,
etc.

            

    

    

    
      	
              2)  

            	
              The
      conversion of the principal amount of the Note thereon to common stock
      shall be limited such that the Borrower incurs no limitation of the use of
      its net operating loss carryforwards, which may be triggered by a change
      of control involving one or more 5% shareholders.  The Borrower
      shall provide Lender with sufficient information, including the opinion of
      an accountant or attorney, prior to completing the conversion to document
      that a change of control will not occur as a result of Lender’s request to
      convert all of part of the principal amount of the
  Note.

            

    

    

    If one or
more holders of convertible promissory notes exist with conversion rights that
may result in ownership of 5% or more of the common stock of Borrower, then
Borrower shall provide timely notification to all other such promissory note
holders of Lender’s request for conversion of promissory notes to common
stock.  Such notice shall provide the other such note holders an
opportunity to request a conversion within ten business days of
notification.  The Borrower shall include all such conversion requests
in aggregate and document that a change of control has not occurred prior to
completing each note holder’s conversion.  Lender agrees to adjust its
request for conversion on a pari passu basis with each other note holder’s
request so that a change of control does not occur when all notes
holder’s conversion requests are considered in aggregate.

    

    If the
Borrower closes a transaction with another third party or parties that results
in a change of control that triggers limitations of its net operating loss
carryforwards, then the provisions of this section 2) shall no longer be in
effect.

    

    
      	
              3)  

            	
              The
      principal amount of the Note shall be reduced from $200,000 to
      $175,000.

            

    

    

    
      	
              4)  

            	
              The
      principal amount of the Note including accrued interest shall be due on
      January 1, 2011.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
              5)  

            	
              Except
      as modified by this Agreement, all of the terms, covenants and conditions
      of the Note shall remain the same.

            

    

    

    In
witness whereof, Borrower and the Lender have executed this Agreement under the
day and year first written above.

     

    

    
      
        
          	
                  INFINITE
      GROUP, INC.

                	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  /s/
      Michael S. Smith

                	 
      	 
      
	
                  By:
      Michael S. Smith, President

                	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  /s/
      Dan Cappa

                	 
      	 
      
	
                  By:
      Dan CappaExhibit
10.7

    

    EMPLOYMENT
AGREEMENT

    

    THIS
EMPLOYMENT AGREEMENT ("Agreement") shall be effective on the 11th day of
February 2010 ("Effective Date") between Shiner International, Inc., (the
“Company") and Jeffrey T. Roney ("Roney").

    

    RECITALS

    

    WHEREAS,
the Company has determined that Roney's services to the Company will be of value
to the Company, and accordingly, the Company desires to enter into this
Agreement with Roney as set forth herein in order to secure such
services;

    

    WHEREAS,
the Company is the leading provider of coated films in China and an emerging
global developer of anti-counterfeit and flexible packaging products supplying a
wide range of multi-national customers;

    

    WHEREAS,
Roney desires to serve as an employee of the Company pursuant to the terms set
forth herein;

    

    NOW
THEREFORE, for and in consideration of Roney's employment by the Company, the
promises and the mutual agreements set forth herein, Roney and the Company
agrees as follows:

    

    1.
Employment Duties.

    

    (a) 
The Company agrees to employ Roney and Roney agrees to serve as Chief Financial
Officer to manage and direct the activities of the Company, and such other
reasonable additional responsibilities as may be added to Roney's duties. Roney
shall report directly to Qingtao Xing Shiner’s Chief Executive Officer and to
Mr. Yuet Ying Chairman of the Board of Directors.

    

    (b) 
Roney shall diligently follow and implement all policies and decisions
communicated by the C.E.O. and the Company will provide all required resources
that will enable Roney to represent the Company in a professional
manner.

    

    (c)  The
work product to be produced hereunder by Roney shall be considered a work made
for hire as defined in the Copyright Act of 1976, and is therefore owned
exclusively by the Company which vests copyright ownership of works for hire in
the Company for whom the work is prepared. If any works hereunder shall be found
not to be works made for hire, or ownership does not otherwise automatically
vest in the Company, Roney shall immediately disclose and assign to Company any
right, title and interest in any inventions, models, processes, patents,
copyrights and improvements thereon relating to services or processes or
products of Company that Roney conceives or acquires during the employment
relationship with Company or that Roney may conceive or acquire, during the
period of (1) one year after termination of this Agreement.

    

    2.
Term.

    

    The
initial term of employment shall be twelve months (12) ("Initial Term"). The
Initial Term shall begin February 11th, 2010
and shall have four (4) automatic twelve (12) month renewal periods; however,
the terms shall not renew in the event that either party gives the other party
written notice of non-renewal ("Notice") at least ninety (90) days prior to the
end of the then-current term.

    

    3.
Compensation.

    

    (a)  Roney
shall be paid a monthly compensation of $ 9,000.00 USD/month plus expenses.
Roney will work at various Company facilities as appropriate. The monthly salary
will by paid on the 15th of the
month, commencing march 15th 2010,
or the last business prior to the 15th of the
month.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)  Roney
will have the opportunity to earn a variable bonus up to his 33% of his base
annual salary, or $ 3,000.00 USD/month, based on meeting objectives established
annually between Roney and the C.E.O. The bonus, if earned, will be paid within
seven business days of the expiration of this contract.

    

    (c)  Throughout
the term of the Agreement, Roney will in addition be entitled to related
benefits as provided by the Company such as:

    

    (i) Roney
shall, upon submission of written documentation of business related expenses
incurred, be reimbursed for any and all necessary, customary and usual expenses,
as approved by the C.E.O. and incurred by Roney on behalf of Company in the
normal course of business. The annual budget will be $50,000.00 USD. The amount
can be revised subject to approval by C.E.O.

    

    4.
Termination.

    

    This
Agreement and Roney's employment can be terminated by the Board of Directors
or  CEO immediately if Roney does not meet our work expectations, or
can be terminated by the company under section (a) below during the 12 months
covered by this contract.

    

    (a) For
Cause immediately and without notice. Cause means either the joint or several
conduct of Roney which amounts to (i) fraud, dishonesty or breach of fiduciary
duty against the Company; (ii) willful misconduct, insubordination, repeated
refusal to follow the reasonable directions of the Board of Directors; (iii)
intoxication with alcohol or drugs while on the Company's premises during
regular business hours.

    

    5.
Notices.

    

    Except as
otherwise specifically provided herein, any notice required or permitted to be
given by, or to, either party pursuant to this Agreement shall be given in
writing, and shall be personally delivered, or mailed by certified mail, return
receipt requested, or provided by electronic transmission with a copy sent
contemporaneously by certified mail, return receipt requested, at the address
set forth below or at such other address as either party shall designate by
written notice to the other given in accordance with this Section. Any notice
complying with their Section shall be effective immediately upon personal
delivery or electronic transmission, and if mailed only, on the third business
day after mailing.

    

    6.
Governing Law.

    

    This
Agreement shall be governed by and construed in accordance with the laws of the
State of Virginia. The parties agree that jurisdiction and venue for any matter
arising out of or pertaining to this Agreement shall be proper only in the state
courts located in Albemarle County, Virginia, and the federal courts having
jurisdiction over the Western District of Virginia, and the parties hereby
consent to such venue and jurisdiction. Both parties accept Arbitration. In
agreeing to Arbitration, we both acknowledge that in event of a dispute, each
party has waived their rights to have the dispute decided in a court of law
before a judge or jury and instead is accepting the use of arbitration for
resolution. Arbitration does not change the Venue for resolution of a dispute,
if one arises.

    

    7. Entire
Agreement.

    

    This
Agreement executed contemporaneously herewith embodies the entire agreement of
the parties on the subject matter stated in the Agreement. No amendment or
modification of this Agreement shall be valid or binding upon the Company or
Employee unless made in writing and signed by both parties. All prior
understandings and agreements relating to the subject matter of this Agreement
are hereby expressly terminated.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    8.
Confidentiality.

    

    The
terms, conditions and existence of this Agreement shall be
confidential.

    

    IN
WITNESS WHEREOF, Roney and the Company have executed and delivered this
Agreement as of the date first shown above.

    

    
      
        
          	 
      	
                  EMPLOYEE:

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Jeffrey T. Roney

                	 
      
	 
      	
                  Printed
      Name: Jeffrey T. Roney

                
	 
      	
                  Title:
      Chief Financial Officer

                
	 
      	 
      
	 
      	
                  THE
      COMPANY:

                
	 
      	
                  Shiner
      International, Inc.

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Qingtao Xing

                	 
      
	 
      	
                  Printed
      Name: Qingtao Xing

                
	 
      	
                  Title:
      Chief Executive
Officer

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