Attached files
file | filename |
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S-1/A - FORM S-1/A - XSTREAM SYSTEMS INC | g23788a9sv1za.htm |
EX-23.1 - EX-23.1 - XSTREAM SYSTEMS INC | g23788a9exv23w1.htm |
EX-24 - EX-24 - XSTREAM SYSTEMS INC | g23788a9exv24.htm |
EXHIBIT 10.32
FORM OF PROMISSORY NOTE
Principal Amount: $25,000
|
Issue Date: July 31, 2010 |
FOR VALUE RECEIVED, XStream System, Inc., a Delaware corporation (the Borrower), with principal
offices at 10305 102nd Terrace, Suite 101, Sebastian, Florida 32958, hereby promises to pay to the
order of , an individual, residing at
(the Lender), on order, without demand, the
principal sum of twenty-five thousand dollars and 00/100 ($25,000.00)(the Loan) together with
interest payable as set forth hereunder until all sums due hereunder are paid in full. Unless
retired earlier, this Promissory Note (the Note) shall mature and the principal sum due
hereunder, together with all accrued and unpaid interest thereon and other sums due hereunder, if
any, shall become due and payable in full on the closing date of the Borrowers initial public
offering (the Maturity Date).
1. Interest Rate. The aggregate unpaid principal balance of the Loan shall bear
interest at a fixed rate equal to the ten percent (10.00%), until all sums due hereunder are paid
in full.
2. Interest Payments. All interest hereunder shall be due and payable on the Maturity
Date.
3. Prepayment. This Note may be prepaid in full or in part at any time without notice
or penalty to the Borrower, in its sole discretion.
4. Service Charge. If any payment of principal is not made when due, the Borrower will
automatically owe the Lender a service charge equal to five percent (5%) of any payment of
principal not paid on the date when due. The Borrower acknowledges that the aforesaid late payment
fees are not imposed as a charge for the use of money, but rather are imposed to permit the Lender
to recoup administrative charges, additional overhead and other costs in dealing with loans not
paid on time, and the late payment fees provided for hereunder shall in no way be deemed an
interest charge.
5. Successors and Assigns. All of the terms and provisions of this Note shall be
binding upon, inure to the benefit of and be enforceable by each of the parties hereto, and their
respective successors, heirs, personal representatives, and permitted assigns.
6. Severability. If any part of this Note is adjudged illegal, invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provision of this
Note that can be given effect without such provision.
7. Governing Law. This Note shall be governed by, and construed in accordance with,
the laws of the State of Florida.
8. Amendments. This Note may not be varied, amended or modified except in writing
signed by the Borrower and the Lender.
[Signature Page Follows]
[Signature Page XStream Systems, Inc. Promissory Note]
IN WITNESS WHEREOF, this Note has been executed and delivered by the Borrower as of the date
and year first above written.
XSTREAM SYSTEMS, INC. |
||||
By: | ||||
Name: | James J. Lowrey | |||
Title: | Co-Chief Executive Officer and Chairman | |||
2
Schedule to Exhibit 10.32
The following promissory notes are substantially identical in all material respects to the
representative note to which this schedule is attached and which is filed as an exhibit to XStream
Systems, Inc. registration statement on Form S-1 (Reg. No. 333-163046) (the Registration
Statement), except as to the parties thereto and dates of issuance. These other promissory notes
are not being filed with the Registration Statement, pursuant to Instruction 2 to Item 601 of
Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.
Principal | ||||||
Holder | Date of Issuance | Amount | ||||
James J. Lowrey
|
July 20, 2010 | $ | 25,000 | |||
Joseph Melone
|
July 19, 2010 | $ | 25,000 | |||
Anthony R. Chidoni
|
July 21, 2010 | $ | 25,000 | |||
Geoffrey Stringer
|
July 19, 2010 | $ | 25,000 | |||
Michael Haley
|
July 20, 2010 | $ | 25,000 | |||
Robert Kennedy
|
July 22, 2010 | $ | 25,000 | |||
Robert Girling
|
July 20, 2010 | $ | 25,000 | |||
Philip Odeen
|
July 20, 2010 | $ | 25,000 | |||
Thomas Cook
|
July 22, 2010 | $ | 25,000 | |||
Simon Irish
|
July 21, 2010 | $ | 25,000 | |||
Dennis K. Cummings
|
July 22, 2010 | $ | 25,000 | |||
Walter Lovejoy
|
July 30, 2010 | $ | 25,000 | |||
William Jennings
|
July 28, 2010 | $ | 25,000 |