BOARD ADVISORY AGREEMENT ------------------------ PARTIES:Board Advisory Agreement • March 26th, 1999 • Optical Sensors Inc • Surgical & medical instruments & apparatus • Minnesota
OSI LETTERHEAD] September 15, 1998 Mr. Sam B. Humphries 7913 Wyoming Court Bloomington, MN 55438 Dear Sam: This letter will confirm the agreement between Optical Sensors Incorporated ("OSI") and you regarding the Non-Recourse Promissory Note, dated...Non-Recourse Promissory Note • March 26th, 1999 • Optical Sensors Inc • Surgical & medical instruments & apparatus
This letter will confirm the agreement between Optical Sensors Incorporated ("OSI") and you regarding the Non-Recourse Promissory Note, dated September 1, 1995, in the original principal amount of $245,000 executed by you in favor of OSI (the "Note"). OSI hereby forgives $36,750 principal amount of the Note. Accordingly, the new principal balance due under the Note is $208,250. On or before September 30, 1998, you will pay in full the new principal amount of the Note of $208,250, plus accrued interest. As of August 31, 1998, accrued interest under the Note was $9,639.81, and interest will accrue thereafter at the rate of $39.76 per day. Upon receipt of such payment, OSI will deliver to you the original Note.
