Waiver Agreement Regarding Interest Payment on 10% Convertible Debenture – Pharmos Corporation
This agreement is between Pharmos Corporation and a holder of its 10% Convertible Debenture due November 1, 2012. The debenture holder agrees to waive their right to receive the July 15, 2008 interest payment in cash. Instead, they will accept shares of Pharmos Corporation common stock, with the number of shares determined by the conversion rate specified in the debenture. This waiver only applies to the specified interest payment date.
Pharmos Corporation
99 Wood Avenue South, Suite 311
Iselin, New Jersey 08830
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| Re: | 10% Convertible Debenture Due November 1, 2012 |
Ladies and Gentlemen:
The undersigned, a Holder of a 10% Convertible Debenture Due November 1, 2012 of Pharmos Corporation (the “Debenture”), hereby waives the right under the Debenture to receive an interest payment in the form of cash on July 15, 2008, and, in lieu of such cash interest payment, agrees to receive the interest payment due on July 15, 2008 in the form of shares of Common Stock of Pharmos Corporation, with the number of such shares calculated according to the Interest Conversion Rate as set forth in the Debenture.
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