FORM OF TERM NOTE
NOTE DATE:
________________
$1,058,219.44
LOAN NO. 8558911
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 $1,058,219.44, or
the amount shown on Bank’s records to be outstanding, plus
interest (calculated on the basis of actual days elapsed in a
360-day year) accruing each day on the unpaid principal balance at
the annual interest rates defined below. Absent manifest
error, Bank’s records shall be conclusive evidence of the
principal and accrued interest owing hereunder.
This Term 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 Term Note shall have the meanings provided in the
Loan Agreement.
Interest Accrual
. Interest on the principal amount
outstanding shall accrue at a variable rate equal to the greater of
the floating Prime Rate as published in the Wall Street Journal
(the “National Prime Rate”), plus 50 basis
points or 4.50% prior to the Term Loan Termination Date. After the
Term Loan Termination Date, interest on the principal amount
outstanding shall accrue at a variable rate equal to the floating
National Prime Rate plus 6.00%. Interest shall be calculated
on the basis of a 360-day year, counting the actual number of days
elapsed.
Repayment Terms
. Beginning on the 24 th
day of the month immediately following the date of this Term Note,
and on the 24 th day of each and every month thereafter
until the Term Lo
