Letter Agreement for Conversion of Service Fees to Equity between Murdock Communications Corporation and Dave Kirkpatrick

Summary

Murdock Communications Corporation and Dave Kirkpatrick have agreed that any unpaid compensation owed to Kirkpatrick for his services will be converted into shares of company common stock at the time of a proposed merger with Polar Molecular Corporation. Amounts owed for services before July 31, 2002, will convert at a rate of $3.03 per share, and amounts after that date at $1.00 per share, with fractional shares rounded up. The agreement is confirmed by Kirkpatrick's acknowledgment and signature.

EX-10.24 16 dex1024.txt LETTER AGREEMENT BTW MURDOCK & DAVE KIRKPATRICK Exhibit 10.24 [LOGO] Murdock Communications Corporation PO Box 412 Marion IA ###-###-#### January 27, 2003 Mr. Dave Kirkpatrick 346 Piney Point Houston TX 77024 FAX: 713 ###-###-#### RE: Conversion of Service Fees to Equity Dear Dave: This letter memorializes your oral agreement to convert any unpaid compensation for your services to the Company into Company common stock at the effective time of the proposed merger with Polar Molecular Corporation. For all services rendered on or prior to July 31, 2002, all unpaid amounts shall be converted into the number of shares of Company common stock as determined by dividing the amount due for such services by $3.03, rounding up any fractional shares to the nearest whole share. The amount which would be converted through July 31, 2002, is $17,000.00 which will convert to 5,611 shares of Company common stock. For all services rendered after July 31, 2002, all unpaid amounts shall be converted into the number of shares of Company common stock as determined by dividing the amount due for such services by $1.00, rounding up any fractional shares to the nearest whole share. For purposes of illustration only, should the merger become effective on March 31, 2003, you would be due approximately $8,000 for post-July 31, 2002, services. This would result in a conversion of the amount due you into 8,000 shares of Company common stock. Please acknowledge below, that you are in complete agreement with the terms of this letter, and return an executed copy to me. Sincerely, Nancy Davis Staff Accountant ACKNOWLEDGEMENT I, Dave Kirkpartrick, a Director of Murdock Communications Corporation, acknowledge that I understand and agree to the terms of the attached letter. - ---------------- Dave Kirkpatrick