Exhibit 10(f)
DIVERSIFAX, INC.
00 Xxxxxxxxx Xxxxxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
December 18, 1996
Xx. Xxxxx X. Xxxxxxxx
c/o Diversifax, Inc.
00 Xxxxxxxxx Xxxxxx
Valley Stream, New York 11580
Dear Xx. Xxxxxxxx:
Diversifax, Inc. (the "Company") and you hereby confirm and agree that the
loans made by you through November 30, 1996 totalling approximately $1,063,000
shall remain interest free and shall not become due and payable until December
2, 1997, at which time such loans shall become due and payable on demand.
In consideration therefor, the exercise price of the warrants to purchase
427,520 shares of the Common Stock, par value $.001 per share, of the Company
("Common Stock") granted to you on August 16, 1996, as well as of the options to
purchase 750,000 shares of Common Stock granted to you pursuant to your
employment agreement with the Company, have been reduced to $2.375 per share. In
addition, in consideration therefore, the Company granted to you, on December
17, 1996, incentive options to purchase 38,270 shares of Common Stock,
exercisable at $2.613 per share, and non-incentive options to purchase 711,730
shares of Common Stock, exercisable at $2.375 per share.
To the extent that this agreement is inconsistent with that letter
agreement between you and the Company, dated August 15, 1996, the terms of this
agreement shall supersede such prior agreement.
Very truly yours,
DIVERSIFAX, INC.
By: /s/ Xxxxxxx Xxxx Xxxxx
----------------------
Title: Secretary
Agreed to and accepted
as of the date first
set forth above:
/s/ Xxxxx X. Xxxxxxxx
---------------------
Xxxxx X. Xxxxxxxx
