Document:

Exhibit 10.3

 

PROMISSORY NOTE

 

	
  $250,000.00

  	
   

  	
  Norwood, Massachusetts

  
	
   

  	
   

  	
  May 25, 2005

  

 

FOR VALUE RECEIVED, Apogee Technology, Inc.,
a Delaware corporation (the “Borrower”‘), hereby promises to pay to Herbert M.
Stein (“Lender”), at such place as the holder of this Note may from time to
time designate in writing, the principal sum of

 

Two hundred fifty thousand AND 00/100 DOLLARS ($250,000.00)

 

with interest on the outstanding balance thereof from the date hereof
at an annual rate which is equal to six percent (6%) per annum, (such interest
to be paid monthly in arrears).

 

The outstanding principal balance and any
accrued and unpaid interest thereon shall be due and payable UPON DEMAND.

 

Interest shall be calculated on the basis of
a three hundred sixty (360) day year, but interest shall accrue and be payable
on the actual number of days in each month. 
Interest after maturity shall be payable on demand at an annual rate
(the “Default Rate”) which shall be equal to four (4) percentage points
above the rate of interest payable during the term of this Note, compounded
monthly and otherwise payable in the manner hereinabove set forth.

 

This Note may be prepaid in whole or in part
without premium or penalty.

 

The Borrower agrees to pay all costs of suit
and other expenses of collection, including reasonable fees and expenses of
attorneys, in the event that this Note is placed in the hands of any attorney
for collection or suit is brought thereon.

 

The Borrower hereby waives presentment,
protest and demand, notice of protest, demand and dishonor and non-payment of
this Note, and to the extent permitted by law, waives and releases all rights
of redemption, valuation, appraisement, notice of election to mature or to
declare due the whole of the indebtedness evidenced hereby, and to the extent
permitted by law, errors, defects and imperfections in any proceedings
instituted by the holder under the terms of this Note, or providing for any
stay of execution, exemption from civil process, or extension of time for
payment.  Further, Borrower agrees that
its liability hereunder shall remain unimpaired, notwithstanding any extension
of the time of payment or other indulgence granted by the holder, or the
release of all or any part of such security for the liability of any party which
may assume the obligation to make payment of the indebtedness evidenced hereby,
or the performance and the obligations of the Borrower hereof under this
Note.  In no event shall the holder, by
any act of omission or commission, be deemed to waive any of its rights or
remedies hereunder unless such waiver shall be in writing and signed by the
holder, and then only to the extent specifically set forth therein; and a
waiver of any one event shall not be 

 

 

construed as continuing or as a bar to or waiver of such right or
remedy on a subsequent event.  The
Borrower further acknowledges that this Note represents an independent
obligation and shall not be subject to setoff, reduction or deduction on
account of any claims, liabilities, obligations or debts of the holder to the
Borrower.

 

If any provisions hereof or the application
thereof to any person or circumstances shall to any extent be invalid or
unenforceable, the remainder hereof, or the application of such provision to
persons, or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each provision hereof shall
be valid and enforced to the fullest extent permitted by law.  If at any time during the term of this Note
or after maturity the effective interest rate hereunder is greater than the
maximum interest rate permitted by applicable law, the interest rate hereunder
shall automatically be such maximum interest rate permitted by applicable law.
This Note is unsecured.

 

As used herein, the word “holder” shall mean
Lender as payee of the Note, or any endorsee of this Note in possession hereof,
or the bearer hereof if this Note is at the time payable to the bearer.

 

This Note, being executed and delivered in
Norwood, Massachusetts, is to be construed according to and governed by the law
of The Commonwealth of Massachusetts.

 

Borrower
represents that this note as well as the execution and delivery thereof has
been 

authorized
by all necessary actions of the borrower.

 

 

EXECUTED as a sealed instrument, as of the day and year first above
written.

 

	
   

  	
  APOGEE TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  //s//

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  //s//

  	
   

  
	
   

  	
  Herbert M. SteinExhibit 10.27

 

THIRD AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

THIS
THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (“Third Amendment”) is made and
entered into as of this 12th day of August, 2005 by and among CENTENNIAL
SPECIALTY FOODS CORPORATION, a Delaware corporation, and STOKES CANNING
COMPANY, a Colorado corporation (collectively, the “Borrower”), and HEARTLAND
BANK, a federal savings bank (“Lender”).

 

W1TNESSETH:

 

WHEREAS,
pursuant to that certain Loan and Security Agreement dated as of March 15,
2004, by and between Borrower and Lender, and Amendment No. 1 thereto
dated March 26, 2004, and a Second Amendment dated March 21, 2005 (as
amended, the “Credit Agreement”), Lender has made a Loan available to Borrower
in an aggregate principal amount not to exceed $4,000,000.00 (or $5,000,000 if
certain conditions are met); and

 

WHEREAS,
pursuant to the terms of the Credit Agreement, the Borrower executed a
Revolving Credit Note; and

 

WHEREAS,
the Borrower has proposed certain modifications of the provisions contained in
the Credit Agreement, and Lender is willing to agree to same on the terms and
conditions hereafter set forth.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
mutuality, receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

 

1.             Definitions. All capitalized terms not otherwise defined herein shall have the
meanings given to such terms in the Credit Agreement.

 

2.             Amendments to Credit Agreement. The Credit Agreement is hereby amended as
follows:

 

(a)           Section 10.1(a) of the Credit Agreement is hereby
deleted in its entirety and is hereby replaced with the following:

 

“(a) Minimum Consolidated Net Worth. As of the last day of
each fiscal quarter of Borrower commencing with the fiscal quarter of Borrower
ending March 31, 2004, and continuing to the fiscal quarter of Borrower
ending December 31, 2004, permit the sum of Borrowers’ Consolidated Net
Worth to be less than $6,700,000; from and after January 1, 2005, and as
of any date thereafter continuing through June 30, 2005, permit the sum of
Borrowers’ Consolidated Net Worth to be less than $6,400,000; and from and
after July 1, 2005, and as of any date thereafter, permit the sum of Borrowers’
Consolidated Net Worth to be less than $5,700,000.”

 

1

 

3.             Conditions to Effectiveness. This Third Amendment shall become effective
when and only when the Lender shall have received (i) this Third Amendment
duly executed by the Borrower, (ii) the payment to Lender of an amendment
fee of $2,500, (iii) payment of all outstanding legal fees and costs of
Lender, including those incurred in connection with this Third Amendment, and (iv) such
other certificates, instruments, documents and agreements as may be required by
Lender or its counsel, each of which shall be in form and substance
satisfactory to Lender and its counsel.

 

4.             Representations and Warranties. The Borrower hereby represents and warrants
as follows:

 

(a)           This Third Amendment and the Credit
Agreement, as amended hereby, constitute legal, valid and binding obligations
of the Borrower and arc enforceable against the Borrower in accordance with
their respective terms.

 

(b)           Upon the effectiveness of this Third
Amendment, the Borrower hereby reaffirms all covenants, representations and
warranties made in the Credit Agreement to the extent the same are not amended
hereby and agrees that all such covenants, representations and warranties shall
be deemed to have been remade as of the effective date of this Third Amendment.

 

(c)           No Event of Default or Default has occurred
and is continuing or would exist after giving effect to this Third Amendment.

 

(d)           The Obligors have no defense, counterclaim or
offset with respect to the Credit Agreement or any of the other Loan Documents.

 

5.             Effect on the Loan Documents.

 

(a)           Upon the effectiveness of this Third
Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean and be a reference to the
Credit Agreement, as amended hereby.

 

(b)           Except as specifically amended herein, the
Credit Agreement, the Loan Documents, and all other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed.

 

(c)           The execution, delivery and effectiveness of
this Third Amendment shall not operate as a waiver of any right, power or
remedy of Lender, nor constitute a waiver of any provision of the Credit
Agreement, the Loan Documents, or any other documents, instruments or
agreements executed and/or delivered under or in connection therewith.

 

6.             Governing Law. This Third Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns and shall be governed by and construed in accordance with the laws
of the State of Missouri.

 

2

 

7.             Headings. Section headings in this Third Amendment are included herein for
convenience of reference only and shall not constitute a part of this Third
Amendment for any other purpose.

 

8.             Counterparts. This Third Amendment may be executed by the
parties hereto in one or more counterparts, each of which taken together shall
be deemed to constitute one and the same instrument.

 

IN
WITNESS WHEREOF, this Third Amendment has been duly executed as of the day and
year first written above.

 

	
  HEARTLAND BANK, Lender

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Theodore H. Kraizer

  	
   

  
	
  Name:

  	
  Theodore H. Kraizer

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  
	
   

  
	
  CENTENNIAL SPECIALTY FOODS

  
	
  CORPORATION, Borrower

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Douglas L. Evans

  	
   

  
	
  Name:

  	
  Douglas L. Evans

  	
   

  
	
  Title:

  	
  Chief Financial Officer

  	
   

  
	
   

  
	
   

  
	
  STOKES CANNING COMPANY,
  Borrower

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Douglas L. Evans

  	
   

  
	
  Name:

  	
  Douglas L. Evans

  	
   

  
	
  Title:

  	
  Chief Financial Officer

  	
   

  
											

 

3

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