Loan Forgiveness Letter Agreement between Conor Medsystems, Inc. and John F. Shanley
Conor Medsystems, Inc. has agreed to forgive the outstanding balance of $111,073.63 owed by John F. Shanley under a Secured Promissory Note dated August 2, 2002. The forgiven amount will be reported as income on Mr. Shanley's Form W-2. Mr. Shanley is required to acknowledge receipt of this letter and the cancelled note by signing and returning the letter to the company.
Exhibit 10.24
September 14, 2004
John F. Shanley
| Re: | Debt Forgiveness |
Dear Mr. Shanley,
On August 2, 2002, you executed a Secured Promissory Note in favor of Conor Medsystems, Inc. (the “Company”), in the principal amount of $100,000.00 (the “Note”). The outstanding balance on the Note as of the date hereof is $111,073.63 (the “Balance”). This letter serves to notify you that the Company is hereby canceling the Balance, and $111,073.63 will be reported on Form W-2 as cancellation of indebtedness income.
Enclosed herewith is the cancelled Note. We have retained a copy for our records. Please sign and date this letter to acknowledge your receipt of the same, and return it to me at your earliest convenience.
Sincerely,
| CONOR MEDSYSTEMS, INC. | ||
| By: | /s/ FRANK LITVACK | |
| FRANK LITVACK, M.D. CHIEF EXECUTIVE OFFICER | ||
Acknowledged:
| /s/ John F. Shanley | September 15, 2004 | |||||||
| Signature | Date | |||||||
