Extension Agreement for $1,250,000 Note between Nutrition 21, Inc. and Mark Stenberg
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Summary
Nutrition 21, Inc. and Mark Stenberg have agreed to extend the maturity date of a $1,250,000 promissory note originally dated August 25, 2006, to September 14, 2009. All other terms of the note and its security remain unchanged, including provisions for early repayment if certain events occur. The extension is only valid if Arnold Blair, another noteholder, signs an identical extension agreement. The agreement does not waive any rights under the original note or related security agreement.
EX-10.03 3 v159946_ex10-3.htm
EXTENSION AGREEMENT
Mark Stenberg holds a $1,250,000 note made by Nutrition 21, Inc. dated August 25, 2006. The maturity date of the note is extended through September 14, 2009.
Nutrition 21, Inc. confirms all other provisions of the note and of the security for the note, including provisions for accelerated maturity on certain events.
Nutrition 21, Inc. further confirms that the granting of this extension is not a waiver of any rights under the note or a related security agreement or otherwise available to you at law or in equity.
This extension is effective only if and when Arnold Blair signs an identical extension agreement for a $1,250,000 note by Nutrition 21, Inc. that he holds.
Dated: September 1, 2009
| /s/ Mark Stenberg |
Mark Stenberg
NUTRITION 21, INC.
| By | /s/ Benjamin Sporn | |
| Benjamin Sporn | ||
| Vice President |
