Exhibit 10.7
[UROLOGIX LETTERHEAD]
August 4, 1999
Xx. Xxxxx X. Xxx
Xxxxxxxx Xxxxx Center
Mayo Clinic Rochester
000 - 0/xx/ Xx. XX
Xxxxxxx Xxxxxxxx - Xxxxx 00
Xxxxxxxxx, XX 00000
Dear Xx. Xxx:
Urologix previously entered into a Consulting Agreement with you beginning
September 1, 1993, and extended through August 31, 1998. We have mutually
agreed to extend the term of that Consulting Agreement for an additional period
of one year, commencing September 1, 1999, and ending on August 31, 2000.
During this extension period, your consulting arrangement with Urologix will
continue to be governed by the terms of our original Consulting Agreement with
you, except with respect to compensation. Compensation will be as follows:
1. Urologix will compensate you for your services at the rate of $2,000
per month commencing with the month of September 1999, and ending with
the month of August 2000; and
2. Urologix will grant you an option for the purchase of 1000 shares of
the common stock of Urologix at the current fair market value of the
common stock of Urologix. Your right to exercise this option as to
these 1000 shares will vest in equal quarterly installments of 250
shares each as of November 30, 1999, February 28, 2000, May 30, 2000,
and August 31, 2000. After August 31, 2000, your right to exercise
this option with respect to all 1000 shares shall be fully vested. The
term of this option will be ten years. The other terms of your stock
option shall be as set forth in the stock option plan itself and in
the written stock option agreement between Urologix and you.
3. You shall be reimbursed for all reasonable, necessary and authorized
expenses incurred by you in connection with the performance of your
duties, but only upon presentation of receipts detailing such
expenses.
If this letter accurately describes the terms upon which we have extended your
Consulting Agreement with Urologix for this additional one year period, please
so indicate by signing one copy of this letter where indicated below, and
returning that copy to me for our files. The second copy is for your records.
We are delighted that you will be available to consult with us for another year.
Best Personal Regards,
/s/ Xxxxxxx X. Xxxxxx, Xx.
Xxxxxxx X. Xxxxxx, Xx.
President & CEO
MMS:cgn
Read and agreed this 10th day of August, 1999
/s/ Xxxxx X. Xxx
----------------------------------
Xx. Xxxxx X. Xxx
