Exhibit 10.15
AGREEMENT
This Agreement ("AGREEMENT") is made and entered into as of the 5th day
of December, 2001, by and among Argonaut Technologies, Inc. a Delaware
corporation (the "COMPANY"), and Xxxxx Xxxxxxx and Xxxxxxx Xxxxxxx, husband and
wife (collectively, the "BORROWER").
BACKGROUND
The Company and the Borrower have entered into a certain Promissory Note
Secured by Deed of Trust dated as of December 17, 1996, in the principal amount
of $200,000 (the "NOTE") and amended by the Amendment to Promissory Note dated
as of June 26, 2000 (the "AMENDMENT").
AGREEMENT
In consideration of the promises and conditions set forth in this
Agreement, the parties agree as follows:
1. Cancellation and Forgiveness of Interest Due.
The Company and Borrower hereby agree that upon the Company's receipt
from Borrower of a payment of $200,000.00, the principal amount of the Note,
then notwithstanding anything in the Note or the Amendment, the Company and
Borrower shall consider the Note fully paid and agree to cancel any and all
interest due under the Note, as amended. Upon the payment and receipt of such
principal amount, neither the Company nor the Borrower shall have any further
obligations under the Note or the Amendment.
2. Waiver and Amendment.
No waiver, amendment or modification of this Agreement shall be
effective unless in writing and signed by the Company and the Borrower.
3. Applicable Law.
This Agreement shall be construed in accordance with the laws of the
State of California without regard to its choice of law principles.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written
THE COMPANY BORROWER
By: _________________________________ ___________________________________
Xxxxx X. Xxxxx Xxxxx X. Xxxxxxx
Chairman, Compensation Committee
___________________________________
Xxxxxxx Xxxxxxx
