THIRD AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENTTerm Loan Agreement • March 28th, 2003 • Mfic Corp • Laboratory apparatus & furniture
This Third Amendment to Revolving Credit and Term Loan Agreement (the "Amendment") is made as of the 19th day of February, 2003 by and among
Dear Mr. Gruverman: This will confirm our Agreement concerning your compensation as Chairman and CEO of MFIC.Mfic Corp • March 28th, 2003 • Laboratory apparatus & furniture
Subject to approval by the Board, we will pay you at a base rate of $95,000 per year, beginning January 1, 2003. You will participate in a bonus pool, if any, for management employees, and the Board will consider a Special Bonus if financial results and stock performance warrant it. You agree that MFIC will withhold money from your compensation to pay appropriate taxes. You will be included in MFIC's insurance and medical programs as in past years, at no cost to you, as part of your compensation.
