Document:

Exhibit
10.2

 

PROMISSORY
NOTE

 

	$75,000.00	 	September
    16, 2022
	 	 	Miami,
    FL

 

FOR
VALUE RECEIVED, the undersigned, Non-Invasive Monitoring Systems, Inc., a Florida corporation with its principal place of business at
4400 Biscayne Blvd., Miami, FL 33137 (“Maker”), promises to pay to the order of Jane Hsiao of 4400 Biscayne Blvd.,
15th Floor Miami, FL 33137 (“Payee”), at such place as may be designated in writing by Payee, the principal sum
of SEVENTY-FIVE THOUSAND AND 00/XX ($75,000.00) (this “Note”).

 

1.
The principal amount of the loan evidenced hereby, together with any accrued and unpaid interest, and any and all unpaid costs, fees
and expenses accrued, shall be due and payable on October 4, 2023 (the “Maturity Date”).

 

2.
All amounts outstanding from time to time hereunder shall bear interest at the rate of eleven percent (11%) per annum until such amounts
are paid.

 

3.
This Note may be prepaid in whole or in part without penalty or premium. All payments of principal shall be made in lawful money of the
United States which shall be legal tender in payment of all debts, public and private, at the time of payment.

 

4.
The Maker agrees to pay all costs of collection incurred in enforcing this Note, including attorneys’ fees and costs at both trial
and appellate levels and in any bankruptcy action. In the event any legal proceedings are instituted in connection with, or for the enforcement
of, this Note, Payee shall be entitled to recover its costs of suit, including attorneys’ fees and costs, at both trial and appellate
levels and in any bankruptcy action.

 

5.
Each maker, endorser and guarantor or any person, firm or corporation becoming liable under this Note hereby consents to any extension
or renewal of this Note or any part hereof, without notice, and agrees that they will remain liable under this Note during any extension
or renewal hereof, until the debts represented hereby are paid in full.

 

6.
All persons now or at any time liable for payment of this Note hereby waive presentment, protest, notice of protest and dishonor. The
Maker expressly consents to any extension or renewal, in whole or in part, and all delays in time of payment or other performance which
Payee may grant at any time and from time to time without limitation and without any notice or further consent of the undersigned. The
remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singularly, successively or together, at the
sole discretion of Payee, and may be exercised as often as the occasion therefor shall arise.

 

7.
This Note is to be governed by and construed in accordance with the applicable laws of the State of Florida. Any action brought upon
the enforcement of this Note is hereby authorized to be instituted and prosecuted in the state and federal courts located in Miami-Dade
County, Florida, at the election of Payee.

 

8.
This Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought. This Note shall not be assignable or transferable by Maker without the express written consent
of Payee.

 

9.
No delay on the part of Payee in exercising any right or remedy hereunder shall operate as a waiver of such right or remedy. No single
or partial exercise of a right or remedy shall preclude other or further exercise of that or any other right or remedy. The failure of
Payee to insist upon strict performance of any term of this Note, or to exercise any right or remedy hereunder, shall not be construed
as a waiver or relinquishment by the Payee for the future use of that term, right or remedy. No waiver of any right of the Payee is effective
unless in writing executed by the Payee.

 

10.
The unenforceability or invalidity of any provision of this Note as to any person or circumstances shall not render that provision or
those provisions unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof, in all other respects,
shall remain valid and enforceable.

 

NIMS
Promissory Note in Favor of Jane Hsiao – September 16, 2022

 

    	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Note on the date specified below.

 

	DATE:
    September 16, 2022	MAKER:
	 	 
	 	NON-INVASIVE
    MONITORING SYSTEMS, INC.
	 	 	 
	 	By:	/s/ James J. Martin
	 	Name:
    	James
    Martin
	 	Its:
    	Chief
    Financial Officer

 

NIMS
Promissory Note in Favor of Jane Hsiao – September 16, 2022Exhibit 10.1

		

			EXHIBIT 10.1

		

		
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			SIGMATRON INTERNATIONAL, INC.
		

		
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			EMPLOYEE BONUS PLAN FOR FISCAL YEAR 2023
		

		
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				 1.
			

			
	
			
			PURPOSE.  The purpose of the Employee Bonus Plan for Fiscal Year 2023 of SigmaTron International, Inc., a Delaware Corporation (the “Company”) is to align stockholder and employee objectives, motivate employees, and increase stockholder value.  

		
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				 2.
			

			
	
			
			DEFINITIONS.  Capitalized terms shall have the meanings ascribed in this Section 2 or as otherwise defined in this Plan:

		
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				 a.
			

			
	
			
			“Award Year” shall mean the Company’s fiscal year to which bonuses under this Plan relate.

			
	
			
				 b.
			

			
	
			
			“Board” shall mean the Board of Directors of the Company.

			
	
			
				 c.
			

			
	
			
			“CEO” shall mean the Chief Executive Officer of the Company.

			
	
			
				 d.
			

			
	
			
			“CFO” shall mean the Chief Financial Officer of the Company.

			
	
			
				 e.
			

			
	
			
			“Committee” shall mean the Compensation Committee of the Company.

			
	
			
				 f.
			

			
	
			
			“Executive Officer” shall mean any employee designated by the Company as an executive officer pursuant to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.   

			
	
			
				 g.
			

			
	
			
			“GAAP” shall mean U.S. Generally Accepted Accounting Principles.

			
	
			
				 h.
			

			
	
			
			“Pre-Tax Income” shall mean income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

			
	
			
				 i.
			

			
	
			
			“Officer” shall mean any full-time Company employee with a corporate ranking of Vice-President or higher who is not designated as an Executive Officer.

			
	
			
				 j.
			

			
	
			
			“Participant” shall mean any U.S. payroll employee, Officer, or Executive Officer, except for employees under a collective bargaining agreement, who are not covered by this Plan.

			
	
			
				 k.
			

			
	
			
			“Plan” shall mean this Employee Bonus Plan for Fiscal Year 2023.

		
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				 3.
			

			
	
			
			ADMINISTRATION.  The Board shall have the power to adopt, modify and revoke such rules for the administration, interpretation and application of the Plan as are consistent therewith.  Except as otherwise directed herein, the Board shall administer and interpret the Plan in accordance with its provisions.

		
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				 4.
			

			
	
			
			TIMING AND ELIGIBILITY REQUIREMENTS FOR BONUS PAYOUTS.

		
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				 a.
			

			
	
			
			Bonuses pursuant to this Plan shall be determined at the end of the Award Year and paid as soon as practicable after the Bonus Pool is calculated and awards under the Plan are approved.  

		
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				 b.
			

			
	
			
			To be eligible for a bonus pursuant to this Plan, each Participant must be on the Company’s payroll on the last day of the Award Year, absent special circumstances approved by the Board.

		
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				 5.
			

			
	
			
			BONUS POOL; DETERMINATION AND CALCULATION OF BONUS AWARDS.

		
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				 a.
			

			
	
			
			The aggregate bonus pool fund from which bonuses shall be awarded under this Plan (“Bonus Pool”) shall be calculated as a percentage of Pre-Tax Income pursuant to a graduated scale as further stated in Exhibit A attached hereto and incorporated herein, which shall not exceed $1,500,000 without the approval of the Board.

			
	
			
				 b.
			

			
	
			
			The Committee, in its sole discretion, may recommend to the Board for its approval adjustments to the calculation of Pre-Tax Income.  Any such adjustments to the calculation of Pre-Tax income recommended by the Committee and subsequently approved by the Board will be made no later than the end of the Award Year.

			
	
			
				 c.
			

			
	
			
			Prior to any Bonus Pool awards to Executive Officers, the CEO shall identify and submit orally or in writing to the Committee for its recommendation to the Board for the Award Year an assessment of the performance for each Executive Officer (“Assessment”).  The CEO’s Assessment shall be identified by mutual agreement of the Committee and CEO which the Committee shall then recommend to the Board for approval.  The bonus amount awarded to an Executive Officer shall be based, in part and at the sole discretion of the Board, after receiving the recommendation of the Committee, on such Executive Officer achieving his/her Assessment during the Award Year.  

		 

		

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			EXHIBIT 10.1

		

			
	
			
				 d.
			

			
	
			
			During any Award Year, the CEO may recommend to the Committee, the Committee may recommend to the Board and the Board may approve changes to the Assessment.

			
	
			
				 e.
			

			
	
			
			As soon as reasonably practicable after the Bonus Pool is calculated, the CEO shall recommend and submit to the Committee for its recommendation to the Board a percentage or dollar allocation of the Bonus Pool for: (1) each Executive Officer and Officer, individually; and (2) all other Participants, in the aggregate.  The total allocation to Participants will in no event be less than 100% of the Bonus Pool.

			
	
			
				 f.
			

			
	
			
			Awards shall be granted and paid to the Participants only upon satisfaction of the following condition:

		
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				 i.
			

			
	
			
			At the end of the Award Year, the Company is in compliance with all covenants under its primary credit facility (currently with JPMorgan Chase Bank, N.A.), or has obtained a waiver of covenant compliance from the bank.

		
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				 6.
			

			
	
			
			RESTATEMENT OF FINANCIAL STATEMENTS FOR A FISCAL YEAR TO WHICH A BONUS RELATES.  

		
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				 a.
			

			
	
			
			CLAWBACK.  If the Company is required to restate all or a portion of its financial statements (“Restated Financial Statements”) due to material non-compliance with financial reporting requirements under securities laws for a fiscal year to which bonuses were previously awarded (“Awarded FY”), and the amount of the Bonus Pool for the Awarded FY (“Awarded Bonus Pool”) would have been lower had the financial results been properly reported, the Board shall require reimbursement from each Executive Officer who received a bonus from the Awarded Bonus Pool (“Awarded Bonus”) equal to the difference between the amount of the Awarded Bonus and the bonus that would have been paid if calculated according to the Restated Financial Statements. 

		
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				 b.
			

			
	
			
			CLAWBACK LIMITATIONS.  The clawback provisions of paragraph 6(a) of this Plan shall be limited to 3 years from the date on which the Company is required to prepare the Restated Financial Statements.

		
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				 c.
			

			
	
			
			CLAWBACK NOTICE.  In the event of any such required reimbursement, the Company shall give written notice thereof to each Executive Officer stating the amount of the required reimbursement and the reasons therefor.  Each Executive Officer shall make such reimbursement within 45 days from the date notice is delivered.

		
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				 d.
			

			
	
			
			RESTATED FINANCIAL STATEMENTS RESULTING IN HIGHER BONUS POOL.  If the Company restates all or a portion of its financial statements for an Awarded FY, and the amount of the Awarded Bonus Pool would have been greater had the financial results been properly reported, the Board may add the difference between the amount of the bonus pool calculated according to the Restated Financial Statements and Awarded Bonus Pool to the Bonus Pool for the fiscal year in which the Restated Financial Statements are completed.  Bonus awards pursuant to this subparagraph 6(d) shall be awarded pursuant to paragraph 5 of this Plan. 

		
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				 7.
			

			
	
			
			EMPLOYMENT AND PLAN RIGHTS.  This Plan shall neither be deemed to give any Participant the right to be employed by the Company, nor impair the Company’s right to discharge any Participant at any time, subject to the terms of an employment agreement between a Participant and the Company, if any.  

		
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				 8.
			

			
	
			
			AMENDMENT, SUSPENSION OR TERMINATION.  This Plan may be amended, suspended, or terminated, at any time or from time to time, by the Board of Directors.

		
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