EXHIBIT 1
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LOAN AGREEMENT
This loan agreement is made this 11th day of August, 1998 whereby Xxxxxxx X.
Xxxx, Xx. agrees to lend Xxxxxxx X. Xxxx, Xx. Five Hundred Twelve Thousand
Seventy Two Dollars and Fifty Cents ($512,072.50) to exercise 1,764,750 options
of Avesis Incorporated common stock.
The terms of this agreement shall be 5% interest over a fifteen (15) year period
and the payments shall be $49,334.24 per year. The payments shall begin one year
from today on August 11, 1999.
The stock will be held in escrow until the loan is fully repaid.
AGREED AND ACCEPTED
/s/ XXXXXXX X. XXXX, Xx. 8/11/98
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Xxxxxxx X. Xxxx, Xx. Date
/s/ XXXXXXX X. XXXX, Xx. 8/11/98
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Xxxxxxx X. Xxxx, Xx. Date
State of Maryland
County of Xxxxxxx
On this 11TH day of AUGUST, 1998, before me, the undersigned, personally
appeared XXXXXXX X. XXXX, XX., who acknowledged himself as the lender, and
personally appeared XXXXXXX X. XXXX, XX., who acknowledged himself as the
borrower, in the foregoing instrument for the purposes contained therein by
signing his name.
In witness whereof I hereunto set my hand and official seal.
/s/ XXX XXXXXXX
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Notary Public
12/27/98
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My commission expires
