Promissory Note Clarification Agreement between Millennium Cell Inc. and GP Strategies Corporation (May 24, 2000)

Summary

Millennium Cell Inc. and GP Strategies Corporation clarify the terms of a $250,000 loan originally agreed upon in 1998. The note carries a 6% interest rate, retroactive to September 25, 1998, with interest accruing semiannually. The loan matures in three years, on September 25, 2001, at which time Millennium Cell will repay the principal plus any accrued, unpaid interest. Both parties have agreed to these updated terms by signing the agreement.

EX-10.9 8 ex10-9.txt GPS NOTE 1 Exhibit 10.9 May 24, 2000 Scott N. Greenberg GP Strategies 9 West 57th Street Suite 4170 New York, NY 10019 Dear Scott: With respect to the letter dated September 25, 1998, in which Millennium Cell agreed to repay GP Strategies $250,000, we wish to clarify the terms of that note. The interest rate is 6%, retroactive to September 25, 1998, and will accrue interest semiannually. The maturity of this note will be three years, or September 25, 2001, and the redemption will include the principal amount plus the accrued, unpaid interest. If you are in agreement with these terms, please sign and date in the appropriate space below. Thank you. Sincerely, Millennium Cell Inc. /s/ G. Chris Andersen - --------------------- G. Chris Andersen Chairman GP Strategies Corporation By: /s/ Scott N. Greenberg ------------------------------ Name: Scott N. Greenberg Title: Chief Financial Officer