FORM OF REVOLVING NOTE
NOTE DATE:
_________________
$4,000,000
LOAN NO. 8558931
FOR VALUE RECEIVED, M-tron Industries,
Inc., a Delaware corporation, and Piezo Technology, Inc., a Florida
corporation (collectively, the “Borrowers”), jointly
and severally promise to pay to the order of First National Bank of
Omaha, a national banking association (the “Bank”), at
its principal office or such other address as Bank or holder may
designate from time to time, the principal sum of $4,000,000, or
the amount shown on Bank’s records to be outstanding, plus
interest. The annual interest rate for this note is computed
on actual 360 basis; that is, by applying the ratio of the annual
interest rate over a year of 360 days multiplied by the outstanding
principal amount, multiplied by the actual number of days the
principal balance is outstanding. Absent manifest error,
Bank’s records shall be conclusive evidence of the principal
and accrued interest owing hereunder.
This Revolving Note is executed pursuant
to that certain Amended & Restated Loan Agreement, of even date
herewith, between Borrowers and Bank (the “Loan
Agreement”). All capitalized terms not otherwise
defined in this Revolving Note shall have the meanings provided in
the Loan Agreement.
The interest rate on this Revolving Note
is subject to change from time to time based on changes in the
LIBOR Rate (as hereinafter defined), adjusted and determined,
without notice to Borrower, as of the date of this Revolving Note
and on the first (1 st ) day of each calendar month
hereafter (“Interest Rate Change Date”). The
“LIBOR Rate” shall mean the London Interbank Offered
Rate of Interest for an interest period of one (1) month, on the
day that is two London Business Days preceding each Interest Rate
Change Date (the “Reset Date”). “London
Business Day” shall mean any day on which commercial banks in
London, England are open for general business (the
“Index”). The Index is currently 0.273% per
annum. The interest rate to be applied to the unpaid
principal balance un
