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February 11,
2009
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$1,000,000
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Hopkinton,
Massachusetts
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FOR
VALUE RECEIVED, Neurobiologics, Inc. (the “Maker”), in
keeping with a resolution of its Board of Directors adopted on even
date herewith and approving the making of this Promissory Note,
promises to pay to Robert L Gipson, or order, at the offices of
Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this
Note may designate, the principal sum of $1,000,000, together with
interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All
principal and accrued interest shall be due and payable on demand
of the Holder.
Interest
on this Note shall be computed on the basis of a year of
365 days for the actual number of days elapsed. All payments
by the Maker under this Note shall be in immediately available
funds.
Every
amount overdue under this Note shall bear interest from and after
the date on which such amount first became overdue at an annual
rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest
on overdue amounts under this Note shall be payable on demand and
shall accrue and be compounded monthly until the obligation of the
Maker with respect to the payment of such interest has been
discharged (whether before or after judgment).
In no
event shall any interest charged, collected or reserved under this
Note exceed the maximum rate then permitted by applicable
law
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