Loan Forgiveness and Bonus Agreement between BioProtection Systems Corporation and Dr. Charles Link
This agreement documents the terms under which Dr. Charles Link borrowed $75,000 from BioProtection Systems Corporation in 2006 at a 5.01% interest rate. The Company forgave $30,000 of the principal and $13,517 in interest in 2010, and paid Dr. Link bonuses totaling $65,000, some of which was used to cover tax liabilities and reduce the loan balance. Dr. Link repaid the remaining loan balance in November 2010, settling all obligations. Both parties acknowledge these terms as accurate and complete.
Exhibit 10.28
The undersigned executive and BioProtection Systems Corporation (the “Company”) hereby acknowledge and agree that the description below is true and correct in all respects.
In 2006, Dr. Charles Link borrowed $75,000.00 from the Company, at an interest rate of 5.01% per annum. On March 3, 2010 and May 11, 2010, the Company forgave a total of $30,000.00 of the principal amount of the loan plus $13,517.00 of interest accrued on the loan. On March 3, 2010, the Company paid Dr. Link a cash bonus of $15,000.00 to cover the resulting tax liability. On October 31, 2010, the Company paid Dr. Link a bonus of $50,000.00 gross, of which $33,775.00 was net and was applied to the principal due on the loan and $0 was applied to the interest. On November 17, 2010, Dr. Link repaid the remainder of the loan with a $12,466.52 payment, of which $11,225.00 was applied to the principal and $1,241.52 was applied to the interest.
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| BIOPROTECTION SYSTEMS CORPORATION | |||
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| /s/ Charles Link |
| /s/ Gordon Link | |||
| Charles Link |
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| Date: | 11/24/10 |
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