Loan Forgiveness and Repayment Agreement between Dr. Nicholas Vahanian and BioProtection Systems Corporation
This agreement documents the terms of a $20,000 loan made by BioProtection Systems Corporation to Dr. Nicholas Vahanian in 2006. The Company forgave $8,000 of the principal and $3,604 of accrued interest in 2010, and paid Dr. Vahanian a $15,000 cash bonus, part of which covered tax liabilities. Dr. Vahanian repaid the remaining loan balance with a $12,303.07 payment on October 31, 2010. Both parties acknowledge these terms as accurate and complete.
Exhibit 10.29
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. Nicholas Vahanian borrowed $20,000.00 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 $8,000.00 of the principal amount of the loan plus $3,604.00 of interest accrued on the loan and paid Dr. Vahanian a cash bonus of $15,000.00, a portion of which was used to cover the resulting tax liability. On October 31, 2010, Dr. Vahanian repaid the remainder of the loan with a $12,303.07 payment, of which $12,000.00 was applied to the principal and $303.07 was applied to the interest.
| EXECUTIVE |
| BIOPROTECTION SYSTEMS CORPORATION | |||
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| /s/ Nicholas Vahanian |
| /s/ Gordon Link | |||
| Nicholas Vahanian |
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| Date: | 11/23/10 |
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