Exhibit 10.3
June 6, 2007
Halifax Corporation
5250 Cherokee Avenue
Halifax Corporation
5250 Cherokee Avenue
Pursuant to a subordination agreement dated March 6, 2002 between Provident Bank and the subordinated debt holders, Research Industries, further assigned on June 29, 2005 to the Arch C. Scurlock Children’s Trust, the maturity date of the remaining principal balance of $500,000 on the 8% promissory notes plus accrued interest thereon are extended to July 1, 2009.
All other terms and conditions of the notes remain the same.
Dated this 6th day of June 2007
The Arch C. Scurlock Children’s Trust
/s/ Nancy M. Scurlock | ||||
| Nancy M. Scurlock, Trustee | Arch C. Scurlock, Jr., Trustee | |||
| /s/ Mary Scurlock Adamson | ||||
| Mary Scurlock Adamson, Trustee | John H. Grover Trustee | |||
| /s/ Joseph Sciacca | 6/29/07 | |||
| HALIFAX CORPORATION | DATE | |||
| Joseph Sciacca, CFO |
June 6, 2007
Halifax Corporation
5250 Cherokee Avenue
Halifax Corporation
5250 Cherokee Avenue
Pursuant to a subordination agreement dated March 6, 2002 between Provident Bank and the subordinated debt holders, Research Industries, further assigned on June 29, 2005 to the Arch C. Scurlock Children’s Trust, the maturity date of the remaining principal balance of $500,000 on the 8% promissory notes plus accrued interest thereon are extended to July 1, 2009.
All other terms and conditions of the notes remain the same.
Dated this 29th day of June 2007
The Arch C. Scurlock Children’s Trust
| /s/ Arch C. Scurlock | ||||
| /s/ John H. Grover | ||||
| Mary Scurlock Adamson, Trustee | John H. Grover Trustee | |||
| /s/ Joseph Sciacca | 6/29/07 | |||
| HALIFAX CORPORATION | DATE | |||
| Joseph Sciacca, CFO |