$200,000.00
June 20, 2014
For value received, HICKOK INCORPORATED (the “Company”) promises to pay
to the order of ROBERT L. BAUMAN, (the “Lender”), his successors and
assigns, on the date or dates and in the manner specified by Robert L
Bauman the aggregate principal amount of the Advances as shown on any
ledger or other record of the Lender, which shall be rebuttably
presumptive evidence of the principal amount owing and unpaid on this
Note.
The Company promises to pay to the order of the Lender interest on the
unpaid principal amount of this Advance Loan from the date of this Loan
until such principal amount is paid in full at 4% interest rate
computed monthly at the payback date as specified above. The Company
also agrees to pay any expenses of the Lender associated with this loan
up to a maximum of $50.
This Note is similar to the Revolving Credit Promissory Note referred
to in the Revolver Credit Agreement made with the Lender April 13,
2011, and is entitled to the benefits of, Section 2.1 of the Revolving
Credit Agreement dated by and between the Lender and the Company dated
April 13, 2011. This Note may be declared forthwith due and payable in
the manner and with the effect provided in the referenced Loan
Agreement, which contains provisions for acceleration of the maturity
hereof upon the happening of any Event of Default and also for
prepayment on account of principal hereof prior to the maturity hereof
upon the terms and conditions therein specified.
Each defined term used in this Note shall have the meaning ascribed
thereto in the Loan Agreement.
The Company expressly waives presentment, demand, protest, and notice
of dishonor.
The Company authorizes any attorney-at-law to appear in any court of
record in the State of Ohio or any other state or territory in the
United States after this Note becomes due, whether by lapse of time or
acceleration, waive the issuance and service of process, admit the
maturity of this Note, confess judgment against the Company in favor of
any holder of this Note for the amount then appearing due hereon
together with interest thereon and costs of suit, and thereupon release
all errors and waive all rights of appeal and stay of execution. The
foregoing warrant of attorney shall survive any judgment, and if any
judgment be vacated for any reason, the holder hereof nevertheless may
thereafter use the foregoing warrant of attorney to obtain any
additional judgment or judgments against the Company. Company agrees
that the holder’s attorney may confess judgment pursuant to the
foregoing warrant of attorney. Company further agrees that the attorney
confessing judgment pursuant to the foregoing warrant of attorney may
receive a legal fee or other compensation from the holder.
The Company acknowledges that this Note was signed in Cuyahoga County,
in the State of Ohio.
WARNING - BY SIGNING THIS PAPER YOU
GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME
A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE
AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF
ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED
GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.
FOR THE PURPOSES OF THIS NOTICE, “YOU” AND “YOUR” MEANS THE COMPANY,
AND “HIS” AND “CREDITOR” MEANS THE LENDER.
Lender: Robert L. Bauman
By:
/s/Robert L.
Bauman
HICKOK INCORPORATED
By:
/s/ Gregory M. Zoloty
Name: Gregory M. Zoloty
Title: CFO