MDS Nordion Letterhead] May 18, 2000 Mr. Pete Ellis President Food Technology Service, Inc. 502 Prairie Mine Road Mulberry, Florida 33860 USA Dear Mr. Ellis: Re: Amendment to Letter Agreement dated March 6, 2000, and Confirmation of Letter Agreement...Letter Agreement • May 25th, 2000 • MDS Nordion Inc • Services-business services, nec
On March 6, 2000, Food Technology Service, Inc. ("FTSI") and MDS Nordion Inc. ("Nordion") entered into a Letter Agreement providing for simplification of security interests. The parties desire to amend the Letter Agreement dated March 6, 2000 in order to confirm that the amount of indebtedness to Nordion as adjusted at February 4, 2000 is $963,194 US (the "Debt") which includes $22,114 US accrued interest that became payable on February 4, 2000. The parties agree that no further currency adjustments be effected to the Debt. The parties also agree that the Debt, interest accruing thereon and any future advances including payment of guarantees or indemnities to third parties made by Nordion to FTSI's benefit remain, at Nordion's option, convertible at any time into common shares of FTSI based on the conversion rate of 70% of the closing price of FTSI's shares listed on NASDAQ on the last trade date prior to the exercise of the conversion right.
