Addendum to Promissory Note between MicroHelix, Inc. and Marti D. Lundy dated August 5, 2005

Summary

This addendum amends a previous promissory note between MicroHelix, Inc. and Marti D. Lundy. It changes the payment schedule so that the first six payments, due monthly from May to October 2005, will be interest-only payments of $10,416.67 each. All other terms of the original note remain unchanged. The agreement is signed by both parties and confirms the continued validity of the original note except for the revised payment terms.

EX-10.1 2 v022698_ex10-1.txt Exhibit 10.1 ADDENDUM TO PROMISSORY NOTE THIS ADDENDUM TO PROMISSORY NOTE (this " Addendum") is dated August 5, 2005, between MICROHELIX, INC., an Oregon corporation (the "Borrower"), and MARTI D. LUNDY (the "Lender"). A. Borrower made a Promissory Note dated April 8, 2005 (the "Note") in favor of the Lender in the principal amount of $1,250,000.00; and B. The parties desire to amend the Note pursuant to the terms of this Addendum. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Continuing Effectiveness. Except as modified herein, all of the terms, conditions, covenants, and restrictions set forth in the Note shall remain in full force and effect among the parties. 2. Payment. The second sentence of Section 1 of the Note shall be amended to read as follows: "The first six payments are due on May 8, 2005, June 8, 2005, July 8, 2005, August 8, 2005, September 8, 2005, and October 8, 2005, and these payments shall be interest-only payments in the amount of $10,416.67 each." Except as modified in the preceding sentence, Section 1 of the Note shall remain in full force and effect among the parties. BORROWER: MICROHELIX, INC., an Oregon corporation By: /s/ Tyram H. Pettit --------------------------------------- Tyram H. Pettit President and Chief Executive Officer LENDER: /s/ Marti D. Lundy --------------------------------------- Marti D. Lundy