INRAD, Inc. 181 Legrand Avenue Northvale, NJ 07647 Exhibit 10.21 Mr. Peter Turnquest December 31, 1998 Clarex Limited P.O. Box N3016 Nassau, BahamasDebt Settlement Agreement • March 31st, 1999 • Inrad Inc • Miscellaneous electrical machinery, equipment & supplies
This letter is written to evidence the agreement between Inrad, Inc. (the "Company") and you, with respect to your $1,000,000 principal sum plus $200,000 of accrued interest to December 31, 1998 which the company presently owes you (the Indebtedness) on your subordinated convertible note of December 15, 1993.
