Consent Letter Agreement Regarding Release of Lock-Up Shares – Hypertension Diagnostics, Inc. and The Anthony D. and Leslie T. Altavilla Revocable Trust, Jens Dalsgaard, and Jeff Lamberson (March 15, 2002)

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Summary

This agreement is between Hypertension Diagnostics, Inc. and The Anthony D. and Leslie T. Altavilla Revocable Trust, Jens Dalsgaard, and Jeff Lamberson. It provides the company's written consent for the phased release and sale of a total of 60,000 previously restricted shares (“Lock-Up Shares”) by the Trust, Dalsgaard, and Lamberson, according to a set schedule from March 15 to June 15, 2002. All other restrictions from the original agreement remain in effect for the remaining shares.

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EX-10.2 3 c68229ex10-2.txt LETTER AGREEMENT DATED AS OF 3/15/02 EXHIBIT 10.2 HYPERTENSION DIAGNOSTICS, INC. 2915 Waters Road, Suite 108 Eagan, MN 55121-1562 THE ANTHONY D. AND LESLIE T. ALTAVILLA REVOCABLE TRUST (THE "TRUST") Anthony D. and Leslie T. Altavilla, Trustees 102 Neider Lane Mill Valley, CA 94941 JENS DALSGAARD ("DALSGAARD") 171 Del Oro Lagoon Novato, CA 94949 JEFF LAMBERSON ("LAMBERSON") 330 San Carlos Way Novato, CA 94949 Dated as of March 15, 2002 Re: Consent under Letter Agreement dated as of October 19, 2001 Ladies and Gentlemen: This letter is being delivered pursuant to that certain letter agreement dated as of October 19, 2001 by and between Hypertension Diagnostics, Inc. (the "Company") and the Trust, Dalsgaard and Lamberson (the "Letter Agreement"). All capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Letter Agreement. This letter constitutes Company's written consent to the offer, sale, contract to sell, grant of option to purchase, or disposition of, or arrangement for the contingent disposition of an aggregate of 60,000 Lock-Up Shares by the Trust, Dalsgaard and Lamberson, but only in the following amounts with respect to each of the Trust, Dalsgaard and Lamberson and only from and after the date specified below (the "Release Date"):
RELEASE DATE ------------------------------------------------------------------------------------------- MARCH 15, 2002 APRIL 15, 2002 MAY 15, 2002 JUNE 15, 2002 ----------------- -------------- ------------ ------------------ The Trust 10,500 3,500 3,500 3,500 Dalsgaard 10,500 3,500 3,500 3,500 Lamberson 9,000 3,000 3,000 3,000
The remainder of the Lock-Up Shares shall continue to be subject to the terms and conditions of the Letter Agreement. This Agreement is made as of the date written above. HYPERTENSION DIAGNOSTICS, INC. By: /s/ James S. Murphy ------------------------------------------------ Its: Its Senior Vice President, Finance and Administration and Chief Financial Officer
Acknowledged and agreed to this 15th day of March, 2002. /S/ ANTHONY D. ALTAVILLA - -------------------------------------------- ANTHONY D. ALTAVILLA, TRUSTEE THE ANTHONY D. AND LESLIE T. ALTAVILLA REVOCABLE TRUST /S/ JENS DALSGAARD - -------------------------------------------- JENS DALSGAARD /S/ JEFF LAMBERSON - -------------------------------------------- JEFF LAMBERSON