Greystone Logistics, Inc. – ‘10KSB’ for 5/31/02 – EX-10.22

On:  Friday, 9/13/02, at 3:38pm ET   ·   For:  5/31/02   ·   Accession #:  1072613-2-1462   ·   File #:  0-26331

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Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       Palweb Corporation Form 10-Ksb                        72    297K 
 2: EX-10.19    Assumption Agreement                                   6     19K 
 3: EX-10.21    License Agreement                                      7     27K 
 4: EX-10.22    Unsecured Subordinated Promissory Note                 2     10K 
 5: EX-10.23    Non Exclusive Distribution Agreement                   6     20K 
 6: EX-10.30    Indemnity Agreement                                   10     57K 
 7: EX-10.32    Amended and Restated Stock Option Plan                 9     45K 
 8: EX-10.36    Incentive Stock Option Agreement                       7     34K 
 9: EX-10.37    Consulting Agreement                                   2     12K 
10: EX-10.38    Settlement Agreement                                   6     30K 
11: EX-10.39    Assignment and Indemnity Agreement                     2      9K 
12: EX-21.1     Subsidiaries of Palweb Corporation                     1      5K 
13: EX-23.1     Independent Auditors' Consent                          1      7K 
14: EX-99.3     Miscellaneous Exhibit                                  1      7K 

EX-10.22   —   Unsecured Subordinated Promissory Note

EX-10.22
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                                                                   EXHIBIT 10.22
                                                                   -------------

UNSECURED SUBORDINATED PROMISSORY NOTE

$1,000,000.00                                                       May 31, 2002

     FOR VALUE RECEIVED, the undersigned, Palweb Corporation ("Debtor"),
promises to pay to the order of Paul A. Kruger, individually ("Lender"), the    
principal sum of up to One Million Dollars ($1,000,000.00) together with        
interest thereon at the fixed rate of six percent (6 %) per annum. The loan will
be funded by Lender in traunches of not less than $250,000 each. The first      
traunche of $500,000 will be funded on May 31, 2002, or within two business days
thereof. This Debtor then will have up to two remaining traunches, totaling     
$500,000 available to it. This Note shall be unsecured and subordinated to any  
and all bank debt or other third party institutional debt of PalWeb Corporation 
past, present or future.                                                        

       Any sums advanced to Debtor against the Note shall be due and payable
with interest as a balloon payment on June 1, 2003.                             

         If this Note is not paid when due and Debtor fails to cure such default
within ten (10) days of receiving written notice thereof from Lender, then      
Lender may, at its option, declare this Note immediately due and payable in     
full.                                                                           

    If the Debtor is dissolved, makes an assignment for the benefit of
creditors, or institutes or has instituted against it any insolvency or         
bankruptcy proceeding, this Note shall become immediately due and payable at the
option of the holder, and notice of the election of this option is expressly    
waived.                                                                         

        If this Note or any portion of the principal due hereunder is not paid
when due, and is given to an attorney for collection, or suit is filed hereon,  
and as often as any of such events occur, the prevailing party in such          
litigation shall be entitled to recover reasonable attorneys' fees and court    
costs.                                                                          

EX-10.22
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         The Debtor hereof may prepay all or any portion of the principal hereof
at any time without prepayment penalty or premium. Any and all principal        
prepayments made hereby must be accompanied by full payment of all interest     
accrued on the amount of principal so prepaid.                                  

    The Debtor undertakes to prepay Lender in the event Debtor obtains
additional financing, which gives the Debtor the financial capacity to prepay   
the Lender.                                                                     
"Debtor"                                                                        

PALWEB CORPORATION                                                              

By: /s/ Greg Trickel                                                            
--------------------                                                    
Greg Trickel                                                            

AGREED AND ACCEPTED:                                                            

/s/ Paul A. Kruger                                                              
------------------------                                                        
Lender, Paul A. Kruger                                                          

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10KSB’ Filing		Date		First		Last			Other Filings
		6/1/03		1
Filed on:		9/13/02
For Period End:		5/31/02		1					NT 10-K
									List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/23/22  Greystone Logistics, Inc.         10-K/A      5/31/22   79:5.1M                                   M2 Compliance LLC/FA
 8/19/22  Greystone Logistics, Inc.         10-K        5/31/22   79:5.1M                                   M2 Compliance LLC/FA
 8/20/21  Greystone Logistics, Inc.         10-K        5/31/21   79:3.8M                                   M2 Compliance LLC/FA
 8/24/20  Greystone Logistics, Inc.         10-K        5/31/20   81:4M                                     M2 Compliance LLC/FA