(December 28, 2009)
WHEREAS, GlynnTech, Inc. of 24 Mine Street, Flemington, New Jersey has sold patent rights and technology relating to cancer drug delivery systems to SpeechSwitch, Inc. of 6 Minneakoning Rd., Flemington, New Jersey 08822, under an Agreement of June 18, 2009, and a portion of the purchase price in the amount of $ 125,000.00 was contingent upon a pending patent application successfully issuing into a United States issued patent; and,
WHEREAS, said pending patent application did issue on December 28, 2009 into United States Patent Number US 7,637,889 B2 entitled “ Drug Delivery Device With Sliding Valve And Methodology” , causing the incurrence of the remaining obligation of $ 125,000.00 to become due one year from the issue date of said patent, to be secured by Note(s) in that amount upon issuance of said patent with a one year due date, by mutual agreement to be in the form of two notes for $ 50,000.00 each (designated as Notes 006 and 007), and one note for $ 25,000.00 (designated as Note 008), this being Note 007 for $ 50,000.00, and SpeechSwitch, Inc. has agreed to make payment on said Notes one year henceforth, now, therefore,
SpeechSwitch, Inc. agrees to pay GlynnTech, Inc. a sum of $ 50,000.00 on or before December 29, 2010, at no interest. This Note shall be in default if not paid in full within 5 days from the due date. No interest shall accrue during the term hereof. However, GlynnTech, Inc, reserves the right to statutory interest after default, at its option.