Loan Repayment and Forgiveness Agreement between Gordon Link and NewLink Genetics Corporation
This agreement documents the terms of a $500,000 loan from NewLink Genetics Corporation to executive Gordon Link, including interest rates, repayment schedule, and subsequent modifications. The loan was extended, partial repayments were made, and a bonus was applied to the principal. The remaining balance was repaid, and the company forgave $10,052.34 in interest. Both parties acknowledge the accuracy of these terms as of November 24, 2010.
Exhibit 10.27
The undersigned executive and NewLink Genetics Corporation (the “Company”) hereby acknowledge and agree that the description below is true and correct in all respects.
On July 28, 2008, Gordon Link borrowed $500,000.00 from the Company, at an interest rate of 2.42% per annum, with all accrued interest and principal due January 28, 2010 (18 months from the date of issuance). All principal and interest not paid by January 28, 2010 accrued interest at a rate of 12% per annum.
On January 1, 2010, the Company agreed to extend the loan to June 30, 2010 at the IRS minimum interest rate, adjusted on a monthly basis. On January 21, 2010, the Company granted Mr. Link a bonus of $34,751.85, of which $34,751.85 was applied to the principal due on the loan and $0 was applied to the interest. On April 14, 2010, Mr. Link made a $65,248.00 payment on the loan, of which $65,248.00 was applied to the principal and $0 was applied to the interest. On May 11, 2010, Mr. Link repaid the remainder of the loan with a $400,000.00 payment, of which $400,000.00 was applied to the principal and $0 was applied to the interest. On May 10, 2010, the Company forgave $10,052.34 of interest due on the loan.
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| NEWLINK GENETICS CORPORATION | |||
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| /s/ Gordon Link |
| /s/ Charles Link | |||
| Gordon Link |
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| Date: | 11/24/10 |
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