Document:

Exhibit 10.2

    
      

    

    Exhibit
      10.2

    Southwest
      Bank

    PROMISSORY
      NOTE

    

    
      	
              Principal

              $1,500,000.00

            	
              Loan
                Date

              1-01-2007

            	
              Maturity

              04-01-2007

            	
              Loan
                No

              12030954-22003

            	
              Call
                / Coll

               

            	
              Account

              00000122565

            	
              Officer

              32405

            	
              Initials

            
	
              References
                in
                the shaded area are for Lender’s use only and do not limit the
                applicability of this document to any particular loan or
                item.

              Any
                item
                above containing “***” has been omitted due to text length
                limitations.

            

    

    

    
      	
              Borrower:

            	
              Siboney
                Learning Group Inc

              Siboney
                Corporation

              325
                Kirkwood Rd #300

              St
                Louis, MO 63122

            	
              Lender:

            	
              Southwest
                Bank of St. Louis

              St.
                Louis Region Commercial Lending

              13205
                Manchester Road

              Des
                Peres, MO 63131

            
	
               

            	
               

            	
               

            
	
              Principal
                Amount: $1,500,000.00

            	
              Initial
                Rate: 8.250%

            	
              Date
                of Note: January 1, 2007    
                

            

    

    

    PROMISE
      TO
      PAY. Siboney
      Learning
      Group Inc and Siboney Corporation (“Borrower”) jointly and severally promise to
      pay to Southwest Bank of St. Louis (“Lender”), or order, in lawful money of
      the United States of America, the principal amount of One Million Five Hundred
      Thousand & 00/100 Dollars ($1,500,000.00) or so much as may be
      outstanding, together with interest on the unpaid outstanding principal balance
      of each advance. Interest shall be calculated from the date of each advance
      until repayment of each advance.

     

    PAYMENT.
      Borrower
      will pay
      this loan in one payment of all outstanding principal plus all accrued unpaid
      interest on April 1, 2007. In addition, Borrower will pay regular monthly
      payments of all accrued unpaid interest due as of each payment date, beginning
      February 1, 2007, with all subsequent interest payments to be due on
      the same day of each month after that. Unless otherwise agreed or required
      by applicable law, payments will be applied to Accrued Interest, Credit Life
      Premiums, Principal, Late Charges, and Escrow. The annual interest rate for
      this
      Note is computed on a 365/360 basis; that is, by applying the ratio of the
      annual interest rate over a year of 360 days, multiplied by the outstanding
      principal balance, multiplied by the actual number of days the principal balance
      is outstanding. Borrower will pay Lender at Lender’s address shown above or at
      such other place as Lender may designate in writing.

     

    VARIABLE
      INTEREST RATE.
      The interest rate
      on this Note is subject to change from time to time based on changes in an
      index
      which is Lender’s Prime Rate (the “Index”). This is the rate Lender charges, or
      would charge, on 90-day unsecured loans to the most creditworthy corporate
      customers. This rate may or may not be the lowest rate available from Lender
      at
      any given time. Lender will tell Borrower the current Index rate upon Borrower’s
      request. The interest rate change will not occur more often than each Index
      rate
      change and will become effective without notice to the Borrower. If the Index
      becomes unavailable during the term of the Note, the Lender may substitute
      a
      comparable Index. Borrower understands that Lender may make loans based on
      other
      rates as well. The Index currently is 8.250% per annum. The interest rate to
      be
      applied to the unpaid principal balance during this Note will be at a rate
      equal to the index, resulting in an initial rate of 8.250% per
      annum.NOTICE:
      Under no
      circumstances will the interest rate on this Note be more than the maximum
      rate
      allowed by applicable law.

     

    PREPAYMENT.
      Borrower may pay
      without penalty all or a portion of the amount owed earlier than it is due.
      Early payments will not, unless agreed to by Lender in writing, relieve Borrower
      of Borrower’s obligation to continue to make payments of accrued unpaid
      interest. Rather, early payments will reduce the principal balance due. Borrower
      agrees not to send Lender payments marked “paid in full”, “without recourse”, or
      similar language. If Borrower sends such a payment, Lender may accept it without
      losing any of Lender’s rights under this Note, and Borrower will remain
      obligated to pay any further amount owed to Lender. All written communications
      concerning disputed amounts, including any check or other payment instrument
      that indicates that the payment constitutes “payment in full” of the amount owed
      or that is tendered with other conditions or limitations or as full satisfaction
      of a disputed amount must be mailed or delivered to: Southwest Bank of St.
      Louis, St. Louis Region Commercial Lending, 13205 Manchester Road, Des Peres,
      MO
      63131.

     

    LATE
      CHARGE.
      If a payment is
      more than 10 days late, Borrower will be charged 5.000% of the unpaid portion
      of
      the regularly scheduled payment.

     

    INTEREST
      AFTER DEFAULT.
      Upon default,
      including failure to pay upon final maturity, the interest rate on this
      Note  shall be increased by adding a 3.000 percentage point margin
      (“Default
      Rate
      Margin”).
      The Default Rate
      Margin shall also apply to each succeeding interest rate change that would
      have
      applied had there been no default. However, in no event will the interest rate
      exceed the maximum interest rate limitations under applicable law.

     

    DEFAULT.
      Each of the
      following shall constitute an event of default (“Event of Default”) under this
      Note.

     

    Payment
      Default.
      Borrower fails to
      make any payment when due under this Note.

     

    Other
      Defaults.
      Borrower fails to
      comply with or to perform any other term, obligation, covenant or condition
      contained in this Note or in any of the related documents or to comply with
      or
      to perform any term, obligation, covenant or condition contained in any other
      agreement between Lender and Borrower.

     

    Default
      in
      Favor of Third Parties.
      Borrower or any
      Grantor defaults under any loan, extension of credit, security agreement,
      purchase or sales agreement, or any other agreement, in favor of any other
      creditor or person that may materially affect any of Borrower’s property or
      Borrower’s ability to repay this Note or perform Borrower’s obligations under
      this Note or any of the related documents.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

      
        

      

    

    PROMISSORY
      NOTE

    
      	
              Loan
                No: 12030954-22003-

            	
              (Continued)

            	
              Page 2 

            

    

    

     

    False
      Statements.
      Any warranty,
      representation or statement made or furnished to Lender by Borrower or on
      Borrower’s behalf under this Note or the related documents is false or
      misleading in any material respect, either now or at the time made or furnished
      or becomes false or misleading at any time thereafter.

     

    Insolvency.
      The dissolution or
      termination of Borrower’s existence as a going business, the insolvency of
      Borrower, the appointment of a receiver for any part of Borrower’s property, any
      assignment for the benefit of creditors, any type of creditor workout, or the
      commencement of any proceeding under any bankruptcy or insolvency laws by or
      against Borrower.

     

    Creditor
      or
      Forfeiture Proceedings.
      Commencement of
      foreclosure or forfeiture proceedings, whether by judicial proceeding,
      self-help, repossession or any other method, by any creditor of Borrower or
      by
      any governmental agency against any collateral securing the loan. This includes
      a garnishment of any of Borrower’s accounts, including deposit accounts, with
      Lender. However, this Event of Default shall not apply if there is a good faith
      dispute by Borrower as to the validity or reasonableness of the claim which
      is
      the basis of the creditor or forfeiture proceeding and if Borrower gives Lender
      written notice of the creditor or forfeiture proceeding and deposits with Lender
      monies or a surety bond for the creditor or forfeiture proceeding, in an amount
      determined by Lender, in its sole discretion, as being an adequate reserve
      or
      bond for the dispute.

     

    Events
      Affecting Guarantor.
      Any of the
      preceding events occurs with respect to any guarantor, endorser, surety, or
      accommodation party of any of the indebtedness or any guarantor, endorser,
      surety, or accommodation party dies or becomes incompetent, or revokes or
      disputes the validity of, or liability under, any guaranty of the indebtedness
      evidenced by this Note. In the event of a death, Lender, at its option, may,
      but
      shall not be required to, permit the guarantor’s estate to assume
      unconditionally the obligations arising under the guaranty in a manner
      satisfactory to Lender, and, in doing so, cure any Event of
      Default.

     

    Change
      In
      Ownership.
      Any change in
      ownership of twenty-five percent (25%) or more of the common stock of
      Borrower.

     

    Adverse
      Change.
      A material adverse
      change occurs in Borrower’s financial condition, or Lender believes the prospect
      of payment or performance of this Note is impaired.

     

    Insecurity.
      Lender in good
      faith believes itself insecure.

     

    LENDER’S
      RIGHTS.
      Upon default,
      Lender may declare the entire unpaid principal balance under this Note and
      all accrued unpaid interest immediately due, and then Borrower will pay that
      amount.

     

    ATTORNEYS’
      FEES; EXPENSES.
      Lender may hire or
      pay someone else to help collect this Note if Borrower does not pay. Borrower
      will pay Lender that amount. This includes, subject to any limits under
      applicable law, Lender’s attorneys’ fees and Lender’s legal expenses whether or
      not there is a lawsuit, including attorneys’ fees and expenses for bankruptcy
      proceedings (including efforts to modify or vacate any automatic stay or
      injunction), and appeals. If not prohibited by applicable law, Borrower also
      will pay any court costs, in addition to all other sums provided by
      law.

     

    GOVERNING
      LAW.
      This Note will be
      governed by federal law applicable to Lender and, to the extent not preempted
      by
      federal law, the laws of the State of Missouri without regard to its conflicts
      of law provisions. This Note has been accepted by Lender in the State of
      Missouri.

     

    CHOICE
      OF
      VENUE.
      If there is a
      lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of
      the courts of St Louis County, State of Missouri.

     

    DISHONORED
      ITEM FEE.
      Borrower will pay
      a fee to Lender of $15.00 if Borrower makes a payment on Borrower’s loan and the
      check or preauthorized charge with which Borrower pays is later
      dishonored.

     

    RIGHT
      OF
      SETOFF.
      To the extent
      permitted by applicable law, Lender reserves a right of setoff in all Borrower’s
      accounts with Lender (whether checking, savings, or some other account). This
      includes all accounts Borrower holds jointly with someone else and all accounts
      Borrower may open in the future. However, this does not include any IRA or
      Keogh
      accounts, or any trust accounts for which setoff would be prohibited by law.
      Borrower authorizes Lender, to the extent permitted by applicable law, to charge
      or setoff all sums owing on the debt against any and all such accounts, and,
      at
      Lender’s option, to administratively freeze all such accounts to allow Lender to
      protect Lender’s charge and setoff rights provided in this
      paragraph.

     

    LINE
      OF
      CREDIT.
      This Note
      evidences a revolving line of credit. Advances under this Note, as well as
      directions for payment from Borrower’s accounts, may be requested orally or in
      writing by Borrower or by an authorized person. Lender may, but need not,
      require that all oral requests be confirmed in writing. Borrower agrees to
      be
      liable for all sums either: (A) advanced in accordance with the instructions
      of
      an authorized person or (B) credited to any of Borrower’s accounts with Lender.
      The unpaid principal balance owing on this Note at any time may be evidenced
      by
      endorsements on this Note or by Lender’s internal records, including daily
      computer print-outs. Lender will have no obligation to advance funds under
      this
      Note if: (A) Borrower or any guarantor is in default under the terms of this
      Note or any agreement that Borrower or any guarantor has with Lender, including
      any agreement made in connection with the signing of this Note;
      (B) Borrower or any guarantor ceases doing business or is insolvent; (C)
      any guarantor seeks, claims or otherwise attempts to limit, modify or revoke
      such guarantor’s guarantee of this Note or any other loan with Lender; (D)
      Borrower has applied funds provided pursuant to this Note for purposes other
      than those authorized by Lender; or (E) Lender in good faith believes itself
      insecure.

     

    SUCCESSOR
      INTERESTS.
      The terms of this
      Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
      representatives, successors and assigns, and shall inure to the benefit of
      Lender and its successors and assigns.

     

    GENERAL
      PROVISIONS.
      If any part of
      this Note cannot be enforced, this fact will not affect the rest of the Note.
      Lender may delay or forgo enforcing any of its rights or remedies under this
      Note without losing them. Each Borrower understands and agrees that, with or
      without notice to Borrower, Lender may with respect to any other Borrower (a)
      make one or more additional secured or unsecured loans or otherwise extend
      additional credit; (b) alter, compromise, renew, extend, accelerate, or
      otherwise change one or more times the time for payment or other terms of any
      indebtedness, including increases and decreases of the rate of interest on
      the
      indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not
      to
      perfect, and release any security, with or without the substitution of new
      collateral; (d) apply such security and direct the

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      
        

      

    

    PROMISSORY
      NOTE

    
      	
              Loan
                No: 12030954-22003-

            	
              (Continued)

            	
              Page 3 

            

    

     

    order
      or manner of
      sale thereof, including without limitation, any non-judicial sale permitted
      by
      the terms of the controlling security agreements, as Lender in its discretion
      may determine; (e) release, substitute, agree not to sue, or deal with any
      one
      or more of Borrower’s sureties, endorsers, or other guarantors on any terms or
      in any manner Lender may choose; and (f) determine how, when and what
      application of payments and credits shall be made on any other indebtedness
      owing by such other Borrower. Borrower and any other person who signs,
      guarantees or endorses this Note, to the extent allowed by law, waive
      presentment, demand for payment, and notice of dishonor. Upon any change in
      the
      terms of this Note, and unless otherwise expressly stated in writing, no party
      who signs this Note, whether as maker, guarantor, accommodation maker or
      endorser, shall be released from liability. All such parties agree that Lender
      may renew or extend (repeatedly and for any length of time) this loan or release
      any party or guarantor or collateral; or impair, fail to realize upon or perfect
      Lender’s security interest in the collateral; and take any other action deemed
      necessary by Lender without the consent of or notice to anyone. All such parties
      also agree that Lender may modify this loan without the consent of or notice
      to
      anyone other than the party with whom the modification is made. The obligations
      under this Note are joint and several.

     

    ORAL
      AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FOREBEAR FROM
      ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
      ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED
      THAT
      IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S))
      AND
      US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH
      COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE
      AND
      EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER
      AGREE IN WRITING TO MODIFY IT.

    

    JURY
      WAIVER.
      Lender and
      Borrower hereby waive the right to any jury trial in any action, proceeding,
      or
      counterclaim brought by either Lender or Borrower against the
      other.

    

    PRIOR
      TO
      SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
      THIS
      NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES
      TO
      THE TERMS OF THE NOTE.

    

    BORROWER
      ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY
      NOTE.

    

    BORROWER:

    

    SIBONEY
      LEARNING
      GROUP INC

    

    
      	
              By: /s/ William
                D.
                Edwards                            
                                                   
                

              William
                D.
                Edwards, President of

              Siboney
                Learning Group Inc.

            	
              By:
                /s/ Rebecca
                Braddock                         
                                                  
                

              Rebecca
                Braddock, Secretary of 

              Siboney
                Learning Group Inc.

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
              SIBONEY
                CORPORATION

            	
               

            
	
               

            	
               

            
	
              By: /s/ William
                D.
                Edwards                            
                                                   
                

              William
                D.
                Edwards, Executive Vice

              President
                of
                Siboney Corporation

            	
              By:
                /s/ Rebecca
                Braddock                        
                                                

                
Rebecca
                Braddock, Secretary of

              Siboney
                CorporationUnassociated Document

    EXHIBIT
      4.1

     

    CONSENT
      OF MAJORITY HOLDERS OF 15% SECURED CONVERTIBLE 

    PROMISSORY
      NOTES DATED JANUARY 13, 2006

    

    This
      Consent is executed and delivered on this 12th day of January 2007 by the
      undersigned holders of at least a majority in outstanding principal amount
      of
      those certain 15% Secured Convertible Promissory Notes issued by Matritech,
      Inc.
      (the “Borrower”)
      on
      January 13, 2006 (the “Series
      A Notes”)
      pursuant to the Securities Purchase Agreement, dated as of January 13, 2006,
      by
      and among the Borrower and the purchasers party thereto (the “Series
      A Purchase Agreement”).
      The
      undersigned holders of at least a majority in outstanding principal amount
      of
      the Series A Notes shall be referred to as the “Majority
      Holders.”
All
      capitalized terms used in this Consent but not otherwise defined herein shall
      have the meanings ascribed to such terms in the Series A Notes.

    

    WHEREAS,
      the
      parties have determined that it is in the best interests of the Borrower and
      all
      the Holders of the Series A Notes that the following consent be
      made.

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and legal sufficiency of which
      is
      hereby acknowledged, the parties agree as follows:

    

    1. 
For
      purposes of making the principal and/or interest payments on the Series A Notes
      due on January 13, 2007, the following clause (iv) of Article XI.T of the Series
      A Notes is hereby waived in its entirety:

    

    “(iv)
      the
      number of Installment Conversion Shares to be paid in the aggregate to all
      Holders in respect of any Installment Amount shall not exceed ten percent (10%)
      of the trading volume (as reported by Bloomberg) of the Common Stock for the
      period of twenty (20) consecutive trading days ending on the trading day
      immediately prior to such payment without the prior written consent within
      five
      (5) days of such payment of the Holder to receive its portion of the Installment
      amount in stock (it being acknowledged and agreed that if the Holder does not
      so
      consent to receiving such payment in Installment Conversion Shares, that payment
      may be deferred by the Holder, at its option, until the next scheduled
      Installment Date or any other mutually agreed upon date), provided, however,
      that the amount of deferred shares shall not be included in the calculation
      of
      the number of Installment Conversion Shares to be paid in respect of the
      subsequent Installment Amount for the purposes of this clause
      (iv);”.

    

    2. 
Except
      as
      expressly set forth herein, (a) the original terms and conditions of the Series
      A Notes shall remain in full force and effect; (b) this Consent shall not be
      deemed to be a waiver, amendment or modification of, or consent to or departure
      from, any provision of the Series A Notes or to be a waiver of any Event of
      Default whether arising before or after the date hereof or as a result of the
      transactions contemplated hereby (except for the specific consents referenced
      above, which shall be limited to their express terms and effective only for
      the
      specific instance and for the specific purpose specified herein); and (c) this
      Consent shall not preclude the future exercise of any right, remedy, power
      or
      privilege available to the Holders whether under the Series A Notes or
      otherwise, and shall not be construed or deemed to be a satisfaction, novation,
      cure, modification, amendment or release of the Series A Notes.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. 
This
      Consent may be executed in multiple counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument, and by facsimile transmission, which facsimile signatures shall
      be
      considered original executed counterparts.

     

    
 

    [Remainder
      of Page Intentionally Left Blank]

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      undersigned Borrower and the Majority Holders have caused this Consent to be
      executed as of the day first above written.

    

    Borrower:

    

    Matritech,
      Inc.

    

    By:
      /s/
      Stephen D.
      Chubb                                  
  

    Name: Stephen
      D. Chubb

    Title:  
      Chief
      Executive Officer

     

     

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      undersigned Borrower and the Majority Holders have caused this Consent to be
      executed as of the day first above written.

    

    Holders:

    

    SDS
      Capital Group SPC, Ltd.,
      on
      behalf of its Class D segregated portfolio

    

    By:
      /s/
      Steven
      Derby                                            

    Name:
      Steven Derby

    Title:
       Director

    Value
      of
      Series A Note: $1,740,000

    

    

    ProMed
      Partners, L.P.

    

    By:
      /s/
      David B.
      Musket                  
                   

    Name:
       David
      B.
      Musket

    Title:
       Managing
      Director

    Value
      of
      Series A Note: $166,075

    

    

    ProMed
      Offshore Fund, Ltd.

    

    By:
      /s/
      David B.
      Musket                                      

    Name:
       David
      B.
      Musket

    Title:
       Managing
      Director

    Value
      of
      Series A Note: $28,470

    

    

    ProMed
      Offshore Fund II, Ltd.

    

    By:
      /s/
      David B.
      Musket                                      

    Name:
       David
      B.
      Musket

    Title:
       Managing
      Director

    Value
      of
      Series A Note: $1,055,455

    

    

    
 

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    H&Q
      Life Sciences Investors

    

    By:
      /s/
      Kathleen M.
      Eckert                                  

    Name: Kathleen
      M. Eckert

    Title: Treasurer

    Principal
      Amount of Series A Note: 

    $2,000,000

    

    Address:
      30 Rowes Wharf, Suite 4300

     
      Boston, MA 02110-3328

    Fax:
              
      (617) 772-8577 

    

    

    The
      term
      H&Q Life Sciences Investors is the designation of the Trustees for the time
      being under a Declaration of Trust dated February 20, 1992, as amended, and
      all
      persons dealing with H&Q Life Sciences Investors must look solely to the
      trust property for the enforcement of any claims against H&Q Life Sciences
      Investors, and neither the Trustees, officers nor shareholders assume any
      personal liability for the obligations entered into on behalf of H&Q Life
      Sciences Investors.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        5

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