Tofutti – Security Agreement (January 7th, 2016)
This Security Agreement (the "Agreement") is made as of this 6th day of January, 2016 by and between Tofutti Brands Inc., a Delaware corporation, having a place of business at 50 Jackson Drive, Cranford, New Jersey 07016 ("Grantor") and David Mintz ("Secured Party"), having a place of business at 50 Jackson Drive, Cranford, New Jersey 07016.
Tofutti – PROMISSORY NOTE Cranford, New Jersey January 6, 2016 (The "Effective Date") (January 7th, 2016)
Tofutti Brands Inc., a Delaware corporation (the "Maker"), for value received, hereby promises to pay to the order of David Mintz (the "Holder"), the principal amount of $500,000, on December 31, 2017 (the "Maturity Date"), subject to prepayment under Section 2 below, together with interest as set out in Section 1 below. Principal and interest are payable at the Holder's office at c/o Tofutti Brands Inc., 50 Jackson Drive, Cranford, NJ 07016, or at such other location as the Holder may designate.