Promissory Note Between Mark Lortz and Therasense, Inc. for $62,650 Secured by Common Stock

Summary

Mark Lortz promises to repay Therasense, Inc. $62,650 with no interest. The full amount is due by December 1, 2001, or earlier if Mark Lortz leaves the company. If legal action is needed to collect the debt, reasonable attorney fees may be added. The loan is secured by 895,000 shares of Therasense common stock. Therasense can seek repayment directly from Mark Lortz without first using the stock as collateral.

EX-10.22 27 dex1022.txt PROMISSORY NOTE FOR PRINCIPAL AMOUNT OF $62,650.00 EXHIBIT 10.22 EXHIBIT A --------- PROMISSORY NOTE $62,650 December 1, 1997 For value received, the undersigned promises to pay to Therasense, Inc., a California corporation (the "Company"), or order, at its principal office the principal sum of $62,650 without interest. Said principal shall be due on the earlier of (i) December 1, 2001, or (ii) the undersigned's termination of employment with or services to the Company. Should suit be commenced to collect this Note or any portion thereof, such sum as the Court may deem reasonable shall be added hereto as attorneys' fees. The maker waives presentment for payment, protest, notice of protest, and notice of non-payment of this Note. This Note is secured by a pledge of 895,000 shares of Common Stock of the Company, pursuant to the provisions of the Restricted Common Stock Purchase Agreement between the Company and the undersigned executed contemporaneously with this Note. The holder of this Note shall have full recourse against the maker, and shall not be required to proceed against the Shares or other collateral securing this Note in the event of default. /s/ W. Mark Lortz --------------------------- Mark Lortz