Exhibit 10.1
PROMISSORY
NOTE
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$100,000.00
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Norwood,
Massachusetts
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February 21,
2008
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FOR
VALUE RECEIVED, Apogee Technology, Inc., a Delaware
corporation (the “Borrower”‘), hereby promises to
pay to Herbert M. Stein (“Lender”), at such place as
the holder of this Note may from time to time designate in writing,
the principal sum of:
One
hundred thousand AND 00/100 DOLLARS ($100,000.00)
with interest on the outstanding balance
thereof from the date hereof at an annual rate which is equal to
eight percent (8%) per annum, (such interest to be paid monthly in
arrears).
The
outstanding principal balance and any accrued and unpaid interest
thereon shall be due and payable on August 19,
2008.
Interest shall be calculated on the basis of a
three hundred sixty (360) day year, but interest shall accrue and
be payable on the actual number of days in each month. Interest
after maturity shall be payable on demand at an annual rate (the
“Default Rate”) which shall be equal to four
(4) percentage points above the rate of interest payable
during the term of this Note, compounded monthly and otherwise
payable in the manner hereinabove set forth.
This Note may be prepaid in whole or in part
without premium or penalty.
The Borrower agrees to pay all costs of suit
and other expenses of collection, including reasonable fees and
expenses of attorneys, in the event that this Note is placed in the
hands of any attorney for collection or suit is brought
thereon.
The Borrower hereby waives
presentment, protest and demand, notice of protest, demand and
dishonor and non-payment of this Note, and to the extent permitted
by law, waives and releases all rights of redemption, valuation,
appraisement, notice of election to mature or to declare due the
whole of the indebtedness evidenced hereby, and to the extent
permitted by
