[Letterhead of Ovid Technologies, Inc.]
Xxxx X. Xxxxxx
President and CEO
Ovid Technology, Inc.
June 15, 1998
Dear Xxxx,
The following sets forth the agreement between you and Ovid Technologies, Inc.
(the Company):
As of May 1, 1998 there was a balance outstanding due by you to the company of
$146,914.86 representing amounts loaned to you. During May, additional loans
and interest charges of $76,244.05 were added bringing the May 31, 1998 balance
to $223,158.91. Interest is being charged at a rate of 8% per annum on the
outstanding principal balance. Interest will be calculated monthly and added to
the balance outstanding at the end of each month. Loans extended to you during
the month will be charged interest only for the days outstanding during that
month.
Borrowing under this agreement shall not exceed $2.0 million dollars. The
Company may demand repayment of all balances outstanding at any time. If
repayment has not been demanded previously, all outstanding balances are due
the Company on December 31, 1999.
Periodic repayments can be made at your discretion and will be credited to the
amount outstanding on the date received, and reduce the amount on which
interest is charged from that date.
A statement updating you on the balance of the amount owed the Company,
interest charges, current month's advances and repayments made will be sent you
after the end of each month.
For our records, please sign this letter where indicated below in
acknowledgement of these terms.
Thank you,
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
Chief Financial Officer
Accepted:
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
President and CEO
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