SEC Contract Filing

Filing Date: 2019-07-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.44
<SEQUENCE>6
<FILENAME>imci_ex1044.htm
<DESCRIPTION>MODIFICATION #1 TO LINE OF CREDIT NOTE AND AGREEMENT BETWEEN HARRY HOYEN AND THE COMPANY DATED DECEMBER 28, 2017
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">EXHIBIT
10.44</font></div>
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Modification #1 to</font></div>
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LINE OF CREDIT NOTE AND AGREEMENT</font></div>
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Between Infinite Group, Inc. and Harry A. Hoyen</font></div>
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Dated December 28, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
MODIFICATION AGREEMENT is made as of December 28, 2017 between
Infinite Group, Inc., a Delaware corporation with offices at 175
Sully&#x2019;s Trail, Suite 202, Pittsford, NY 14534
(&#x201C;Borrower&#x201D;) and Harry A. Hoyen, an individual with an
address at 12608 Cedar Road, Cleveland Heights, OH
44106<font style="color: #000000">&#xA0;</font>(the
"Lender"<font style="color: #000000">).</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">WHEREAS,
the Borrower and Lender have executed a line of credit note and
agreement in the principal amount of up to $75,000 dated September
21, 2017 (&#x201C;Note&#x201D;); and</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">WHEREAS,
the parties desire to modify the terms and conditions of the Note
as follows:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NOW,
THEREFORE, the parties agree as follows:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Note dated
September 21, 2017 is modified to delete the section <font style="font-weight: bold">FEE</font>,<font style="font-weight: bold">&#xA0;</font>with the effect that the shares
stated in this section shall never have been issued by the
Borrower;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Further the section
<font style="font-weight: bold">FEE</font> dated September 21, 2017
shall be replaced as follows.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">FEE:</font> In consideration for providing this
financing, Borrower shall grant to Lender a stock option to
purchase a total of 400,000 shares of the Company's Common Stock,
par value $.001 per share at $.04 (four cents) per share. Such
option shall become fully vested and exercisable on the grant date,
December 28, 2017. This option shall expire on January 2,
2023.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">This Agreement
shall be governed by, and construed in accordance with, the laws of
the State of New York without reference to conflicts of law
principles. With respect to any matters that may be heard before a
court of comp