Amendment to Crestmark Loan and Security Agreement between Crestmark Bank and Somanetics Corporation (April 24, 2003)

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Summary

This letter agreement between Crestmark Bank and Somanetics Corporation requires Somanetics to pay a $5,000 renewal commitment fee to maintain its lending relationship with the bank for the remainder of 2003. If Somanetics wishes to continue the relationship into 2004, it must contact the bank before year-end to negotiate new terms. The bank will stop performing month-end reconciliations unless Somanetics notifies the bank of its intent to use its line of credit, which requires 30 days' advance notice.

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EX-10.1 3 k78049exv10w1.txt AMENDMENT TO CRESTMARK LOAN AND SECURITY AGREEMENT EXHIBIT 10.1 [Crestmark Bank Letterhead] April 24, 2003 Bruce J. Barrett, President Somanetics Corporation 1652 E. Maple Road Troy, Michigan 48083-4208 RE: Renewal Commitment Fee Dear Mr. Barrett: Pursuant to our conversation, if Somanetics Corporation ("Borrower") wishes to maintain its lending relationship with Crestmark Bank (the "Bank"), we hereby request that Borrower remit to the Bank a renewal commitment fee in the amount of $5,000, which fee shall be applicable for the remainder of the 2003 calendar year. If Borrower would like to continue the lending relationship into 2004, please contact us prior to year-end so that we can negotiate the terms of a new lending relationship. Further, please be advised that the Bank will no longer perform month-end reconciliations on behalf of Borrower, unless Borrower informs the Bank that it intends to draw on its line of credit. If Borrower wishes to use its line of credit, please inform the Bank at least thirty (30) days in advance. If you have any questions concerning the renewal commitment fee, please do not hesitate to contact me. Please acknowledge your receipt and understanding of this correspondence by signing below and returning an executed copy to me. Sincerely, /s/ Thomas Frattini - ------------------- Thomas Frattini Assistant Vice President THE FOREGOING IS ACCEPTABLE: SOMANETICS CORPORATION By:/s/ Bruce J. Barrett - ----------------------- Bruce J. Barrett Its: President