DEBT REPAYMENT AGREEMENT
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THIS DEBT REPAYMENT AGREEMENT is made effective November 20, 1998, by and
between Hemtech ("Borrower") and Jericho II, L.L.C. ("Lender") and is based upon
the following facts and circumstances:
1. Borrower is indebted to Lender in the principal amount of $2,200,000.00
plus accrued interest of $336,335.65 under the terms of Borrower's Promissory
Note payable to Lender dated April 4, 1997 (the "Indebtedness").
2. Borrower and Lender desire to satisfy the Indebtedness in full by the
transfer from Borrower to Lender of 1,231,231 shares of the common capital stock
of BigMar, Inc., a Delaware corporation (the "BigMar Shares").
Borrower and Lender agree as follows:
1. Borrower shall transfer the BigMar Shares to Lender on the date of this
Agreement. However, Borrower and Lender acknowledge that the BigMar Shares are
first to be transferred to Borrower by Xxxx Xxxxxxxxxx in satisfaction of an
obligation of his to Borrower and that Borrower may cause Xxxx Xxxxxxxxxx to
transfer the BigMar Shares directly to Lender in order to satisfy Borrower's
obligation to Lender under this Agreement.
2. Upon receipt by Lender of the BigMar Shares the Indebtedness shall be
considered paid in full.
Borrower and Lender have executed this Debt Repayment Agreement effective
on the date first above written.
JERICHO II, L.L.C.
BY: /s/ Xxxxxxx X. May
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ITS: Member
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HEMTECH
BY:
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ITS:
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