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Exhibit
10.2
PROMISSORY
NOTE
$3,000,000.00
Sharon Hill, Pennsylvania
FOR VALUE RECEIVED, the undersigned, Purchaser,
a Delaware corporation (“Maker”), hereby promises to
pay to Raymond A. Mirra, Jr., an individual with business offices
located at 1974 Sproul Road, Suite 204, Broomall, PA 19008
(“Payee”), the principal sum of Three Million Dollars
($3,000,000.00), together with simple interest at a rate of six
percent (6%) per annum calculated on the basis of a 365/6 day
calendar year, on the dates and in the manner set forth herein (the
“Note”).
So long as no default in payment shall have
occurred hereunder and so long as any amount due hereunder shall
remain outstanding, such principal and interest shall be due and
payable as follows:
Principal shall be payable in full upon the
formal written demand of Payee, together with all unpaid interest
accrued prior to such payment date.
All payments of principal and interest shall be
made to Payee at the address set forth above or at such other
address as Payee shall direct. If any payment or action to be made
or taken hereunder shall be stated to be or become due on a
Saturday, Sunday or on any other day which is a legal bank holiday
under the laws of the Commonwealth of Pennsylvania, such payment or
action shall be or become due on the next succeeding business day
and such extension of time shall be included in computing the
interest due in connection with such payment.
This Note has been issued pursuant to the terms
of that certain Stock Purchase Agreement
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